Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira

Saúl Torres-Ortega, Rubén Pérez-Álvarez, Pedro Díaz-Simal, Julio Manuel De Luis-Ruiz and Felipe Piña-García
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Saúl Torres-Ortega: Environmental Hydraulics Institute, University of Cantabria, 39011 Santander, Spain
Rubén Pérez-Álvarez: Cartographic Engineering and Mining Exploitation R+D+i Group, University of Cantabria, 39316 Torrelavega, Spain
Pedro Díaz-Simal: Environmental Hydraulics Institute, University of Cantabria, 39011 Santander, Spain
Julio Manuel De Luis-Ruiz: Cartographic Engineering and Mining Exploitation R+D+i Group, University of Cantabria, 39316 Torrelavega, Spain
Felipe Piña-García: Cartographic Engineering and Mining Exploitation R+D+i Group, University of Cantabria, 39316 Torrelavega, Spain

Sustainability, 2018, vol. 10, issue 7, 1-13

Abstract: The economic assessment of non-marketed resources (i.e., cultural heritage) can be developed with stated or revealed preference methods. Travel cost method (TCM) is based on the demand theory and assumes that the demand for a recreational site is inversely related to the travel costs that a certain visitor must face to enjoy it. Its application requires data about the tourist’s origin. This work aims to analyze the economic value of the National Museum and Research Center of Altamira, which was created to research, conserve, and broadcast the Cave of Altamira (UNESCO World Heritage Site since 1985). It includes an accurate replica known as the “Neocave”. Two different TCM approaches have been applied to obtain the demand curve of the museum, which is a powerful tool that helps to assess past and future investments. It has also provided the annual economic value estimate of the National Museum and Research Center of Altamira, which varies between 4.75 and 8.00 million € per year.

Keywords: economic valuation; travel cost method; Altamira; Neocave; UNESCO (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2018
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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