Economic valuation of cultural heritage sites: A choice modeling approach

Andy Choi (), Brent W. Ritchie, Franco Papandrea and Jeffrey Bennett

Tourism Management, 2010, vol. 31, issue 2, 213-220

Abstract: Despite growing attention by researchers and policy makers on the economic value of cultural heritage sites, debate surrounds the use of adequate methods. Although choice modeling techniques have been applied widely in the environmental economics field, their application in tourism and cultural economics has been much more limited. This paper contributes to the knowledge on the economic valuation of cultural heritage sites through a national choice modeling study of Old Parliament House, Australia. The study sought to value marginal changes in several attributes of this site and revealed that only some of them are valued positively: extending the period of temporary exhibitions, hosting various events, and having ‘shop and café’ and ‘fine dining’. Advantages of using a mixed logit model are provided and managerial and policy implications are discussed.

Keywords: Choice modeling; Cultural heritage site; Nonmarket valuation; Mixed logit (search for similar items in EconPapers)
JEL-codes: C51 Q51 (search for similar items in EconPapers)
Date: 2010
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Citations: View citations in EconPapers (62)

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Persistent link: https://EconPapers.repec.org/RePEc:eee:touman:v:31:y:2010:i:2:p:213-220

DOI: 10.1016/j.tourman.2009.02.014

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