Application of Cost-Benefit Analysis to Evaluate the Efficiency of Cultural Heritage Preservation Projects in Historic Towns of Russia

Leonid Limonov, M. V. Nesena () and A. A. Semenov ()
Additional contact information
M. V. Nesena: National Research University Higher School of Economics
A. A. Semenov: St. Petersburg Foundation for Investment Construction Projects

Regional Research of Russia, 2020, vol. 10, issue 4, 530-537

Abstract: Abstract— The article is dedicated to the problems of justifying public investment in projects aimed at Russian cultural heritage preservation. The case study considered in the article is the project “Preservation and Development of Small Historic Towns and Settlements” (Project). The preparation of this Project involved evaluation of its economic net present value. The results of the evaluation were used to justify the feasibility of public funding of the Project. Performing an economic cost-benefit analysis required conducting surveys of different target groups of potential users of the Project’s results regarding their willingness to pay for the proposed improvements. The surveys were conducted using contingent valuation methods in two historic towns: Rostov and Chistopol. The article discusses the methodological aspects of evaluating the efficiency of public investment in Russia and other countries and presents the results of the conducted surveys and the performed calculations of the Project efficiency indicators. The calculations show that the Project is justified at the federal level from the society’s perspective, as it has a positive economic net present value and an economic internal rate of return that exceeds the social discount rate.

Keywords: cultural heritage preservation investment projects; financial analysis; economic analysis; willingness-to-pay estimation; contingent valuation method (search for similar items in EconPapers)
Date: 2020
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

Downloads: (external link)
http://link.springer.com/10.1134/S2079970520040164 Abstract (text/html)
Access to the full text of the articles in this series is restricted.

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:spr:rrorus:v:10:y:2020:i:4:d:10.1134_s2079970520040164

Ordering information: This journal article can be ordered from
https://www.springer ... cience/journal/13393

DOI: 10.1134/S2079970520040164

Access Statistics for this article

Regional Research of Russia is currently edited by Vladimir M. Kotlyakov and Vladimir A. Kolosov

More articles in Regional Research of Russia from Springer
Bibliographic data for series maintained by Sonal Shukla () and Springer Nature Abstracting and Indexing ().