Estimating the Public Good Value of Preserving a Local Historic Landmark: The Role of Non-substitutability and Citizen Information

Robert W. Kling, Charles F. Revier and Karin Sable
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Robert W. Kling: Department of Economics, Colorado State University, Campus Box 1771, Fort Collins, Colorado 80523-1771, USA, robert.kling@colostate.edu
Charles F. Revier: Department of Economics, Colorado State University, Campus Box 1771, Fort Collins, Colorado 80523-1771, USA, charles.revier@colostate.edu
Karin Sable: Department of Economics, University of Puget Sound, 1500 N. Warner St, Tacoma, Washington 98416 USA, ksable@ups.edu

Urban Studies, 2004, vol. 41, issue 10, 2025-2041

Abstract: This study applies stated-preference methods to estimate the public good values of preservation and restoration of a local historic landmark in a medium-sized US city. The survey device centres on a referendum-style dichotomous-choice question regarding city participation in a restoration partnership. Use of a double-split sample allows analysis of the effect on valuation of both heritage information and willingness-to-pay versus willingness-to-accept constructs, where the latter is approached by the method of paired comparison, allowing a non-substitutability effect to be separated from any endowment effect. Econometric analysis using a standard binary logit model indicates the existence of a strong non-substitutability effect and a significant information effect that further suggests the importance of non-substitutability in valuation.

Date: 2004
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Persistent link: https://EconPapers.repec.org/RePEc:sae:urbstu:v:41:y:2004:i:10:p:2025-2041

DOI: 10.1080/0042098042000256369

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