Economic Valuation of cultural heritage sites: A choice modelling approach

Andy Choi, Brent Ritchie, Franco Papendrea, Jeff Bennett

    Research output: Contribution to journalArticle

    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.
    Original languageEnglish
    Pages (from-to)213-220
    JournalTourism Management
    Volume31
    Issue number2
    DOIs
    Publication statusPublished - 2010

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