Inhabitants' Willingness to Pay for Cultural Heritage: A Case Study in Valdivia, Chile, Using Contingent Valuation

Andrea Báez-Montenegro, Ana María Bedate, Luis César Herrero and Jose Ángel Sanz

Journal of Applied Economics, 2012, vol. 15, issue 2, 235-258

Abstract: We estimate the economic value of the urban cultural heritage of Valdivia, Chile, an emblematic historical city that comprises an ensemble of disperse cultural heritage elements. To derive its economic value we use the preferences stated by residents. The contingent valuation method with parametrical estimation (probit bivariate models) is applied, consisting of a survey employing double-bounded questions. The paper contributes to broadening the spectrum of case studies in this line of research in developing countries. It also seeks to determine which socioeconomic and demographical factors of interviewees prove significant when estimating willingness to pay (WTP). WTP is significant, although it reveals a slight drop as the degree of certainty of actually making a payment, in accordance with the hypothetical valuations that are stated, increases. WTP is positively related to educational qualifications and cultural habits, but there seem to be no major differences in terms of urban distribution.

Date: 2012
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Journal Article: Inhabitants’ willingness to pay for cultural heritage: a case study in Valdivia, Chile, using contingent valuation (2012)
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DOI: 10.1016/S1514-0326(12)60011-7

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