Journal
JOURNAL OF CULTURAL HERITAGE
Volume 7, Issue 3, Pages 206-213Publisher
ELSEVIER FRANCE-EDITIONS SCIENTIFIQUES MEDICALES ELSEVIER
DOI: 10.1016/j.culher.2006.07.002
Keywords
bequest value; economic valuation; hedonic pricing; non-use value; recreation value; property value
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This paper shows that the economic benefits of conserving the most threatened types of cultural heritage surpass the costs. Conservation is a sound investment. For a case study in the Netherlands three different benefits are calculated: a housing comfort value, a recreation value and a bequest value. The housing comfort value is determined through the Hedonic Pricing method (HPM). It is the first time that this monetarisation technique is used to express the value of cultural heritage in Euro's. The results show that historical characteristics of buildings and their Surroundings account for almost 15% of property values. The recreation and bequest value are estimated by means of the more commonly used Contingent Valuation method (CVM). (c) 2006 Elsevier Masson SAS. All rights reserved.
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