VALUATION OF CULTURAL HERITAGE ASSET: ISSUES AND CHALLENGES

AbstrakPenilaian hartanah warisan budaya adalah berbeza bila dibandingkan dengan aset atau hartanah lainkerana warisan budaya tidak dapat dijualbeli secara aktif dalam pasaran. Kebanyakan orang termasukprofesional dan orang awam beranggapan harta warisan budaya sangat bernilai dan tidak dapat dinilai.Keunikan harta warisan budaya ini menjadikannya sukar untuk dinilai dengan kaedah konvensional yangsedia ada. Kaedah-kaedah innovasi yang terkini yang digunakan dalam harta warisan budaya adalahStated Preference method dan Revealed Preference method. Kaedah ini adalah di bawah kategorikaedah penilain ekonomi bagi non-market goods. Pada asasnya, adalah sangat penting untuk menilaiharta warisan budaya kerana (1) untuk mengakui dan menghormati keseluruhan harta warisan budaya(2) untuk menghargai keperluan penyelenggaraan dan pemeliharaan harta warisan budaya dan (3) bagimembantu menjawab akauntabiliti bagi mengekalkan kegunaan harta warisan budaya yang berterusan.Disebabkan pemikiran lalu di mana kebanyakan orang beranggapan bahawa harta warisan budaya adalahnon-reproducible, non-economic commodity dan non-substitutable maka wujud cabaran dalam menilaiharta warisan budaya. Kajian ini menyenaraikan keperluan dan cabaran dalam menilai harta warisanbudaya. Abstract A valuation of cultural heritage asset is different from other kinds of asset or property because culturalheritage is not normally traded actively in the market. Most people including professional and the generalpublic think cultural heritage is priceless and cannot be valued. The uniqueness of cultural heritage assetsmakes it difficult to be valued using the existing conventional methods. The most recent innovative methodsused in valuing cultural heritage asset are Stated Preference method and Revealed Preference method.Both methods are under economic valuation method for non-market goods. Essentially, it is very importantto assess the cultural heritage asset value in order to 1) acknowledge and respect the full worth ofheritage asset, 2) appreciate the need for maintenance and preservation of cultural heritage asset and, 3)assist in responding to calls for more accountability for the sustained use of these assets. Because of pastthinking where people believe that cultural heritage asset is non-reproducible, non-economic commodityand non-substitutable there are challenges exist in valuing cultural heritage asset. This paper highlightsthe need and challenges in valuing cultural heritage asset.

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Joint Estimation of Revealed and Stated Preference Data: An Application to Recreational Red Snapper Valuation

Agricultural and Resource Economics Review ◽

10.1017/s1068280500005980 ◽

2003 ◽

Vol 32 (2) ◽

pp. 209-221 ◽

Cited By ~ 8

Author(s):

Dhazn Gillig ◽

Richard Woodward ◽

Teofilo Ozuna ◽

Wade L. Griffin

Keyword(s):

Stated Preference ◽

Contingent Valuation Method ◽

Revealed Preference ◽

Estimation Procedure ◽

Joint Estimation ◽

Red Snapper ◽

Preference Data ◽

Valuation Method ◽

Upper Limit ◽

Stated Preference Data

This study extends the joint estimation of revealed and stated preference data literature by accounting for truncation in the revealed preference data. The analytical model and estimation procedure are used to estimate the value of recreational red snapper fishing in the Gulf of Mexico. This recreational red snapper valuation is decomposed into its direct and indirect components. As expected, the value of recreational red snapper fishing using the joint revealed-stated preference model proposed in this analysis is bracketed on the upper limit by the value obtained using the contingent valuation method and on the lower limit by the travel cost method. The results also indicate that the joint model improves the precision of estimated recreational red snapper valuation.

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Economic Valuation for Cultural and Passive Ecosystem Services Using a Stated Preference (Contingent Valuation Method (CVM)) Case of the Elgeyo Watershed Ecosystem, Kenya

International Journal of Forestry Research ◽

10.1155/2021/5867745 ◽

2021 ◽

Vol 2021 ◽

pp. 1-12

Author(s):

Justus E. Eregae ◽

Paul Njogu ◽

Rebecca Karanja ◽

Moses Gichua

Keyword(s):

Ecosystem Services ◽

Stated Preference ◽

Contingent Valuation Method ◽

Economic Valuation ◽

Economic Value ◽

Valuation Method ◽

Significant Difference ◽

Use Values ◽

Ecological Conservation ◽

Passive Use Values

Valuation of ecosystem services (ESs) can be typical as use values and passive use values. However, the prevailing conventional markets provide economic instruments such as price tags to ecosystem use values, but rarely on passive use values. This is limited since it does not provide comprehensive ecological values that will adequately support rational decision-making processes regarding ecological conservation. The study adopted the contingency valuation method (CVM) where three hundred and eighty households of communities living within the Elgeyo watershed were sampled. The findings recorded 97% of the population was willing to pay for the ESs quoted. Individual maximum WTP ranged between 1 USD and 57.1 USD (cultural), 1 USD and 95.2 USD (bequest), and 1 USD and 76.2 USD (biodiversity conservation). The overall mean maximum WTP was 7.4 ± 0.34 USD, 9.1 ± 0.49 USD, and 11.1 ± 0.68 USD for the cultural, bequest, and biodiversity, respectively. The multivariate regression (maximum WTP as a function of administrative location, education, income, sex, age, and livestock number) exhibited a significant difference regardless of multivariate criteria used, where Wilks’ lambda has F (75,203) = 4.03, p < 0.001 . The findings provide an economic value for nonuse values that can be incorporated in total economic valuation (TEV) studies locally as well as provide an impetus on payment of ecosystem services (PES) in Kenya.

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Economic Valuation Methods for Non-market Goods or Services

Environmental Science ◽

10.1093/obo/9780199363445-0044 ◽

2015 ◽

Author(s):

Bengt Kriström ◽

Per-Olov Johansson

Keyword(s):

Stated Preference ◽

Economic Valuation ◽

Revealed Preference ◽

Private Goods ◽

Valuation Methods ◽

Continuous Type ◽

Goods And Services ◽

Trade Offs ◽

Starting Point ◽

Professional Acceptance

Economic valuation methods for non-market goods and services comprise a range of empirical approaches to estimate a monetary value for the trade-off a person would be willing to make to increase the amount or the quality of a good or service for which there exists no market. After a period of more than fifty years of improvement, the approaches have reached a certain degree of maturity and professional acceptance; for example, they are routinely used in US court cases as a starting point for oil-spill damage assessments (which can run into several billions of US dollars). There are probably more than 10,000 papers published, covering a range of issues about economic valuation methods. While environmental and health studies dominate, an increasing number of applications appear in, inter alia, cultural economics. Since the number of things people care about is virtually without limits, the set of applications for measuring these types of trade-offs is very large; e.g., how much would students be willing to pay to reduce campus crime risk? What is the value of telecare programs that make it possible for elderly people to live independently? Is there an extra-market value of the Tour des Flandres (a cycling race)? How much would you pay to avoid the consequences of spam mail? We will divide our exposition into two parts, covering the most used stated-preference and revealed-preference methods. The stated-preference methods are based on what respondents state in interviews/questionnaires, generally targeting a person’s choices for a proposed change in a well-defined object of choice (such as one’s health status or some aspect of environmental quality). A revealed-preference method uses observed decisions for private goods related to the non-market good and theoretical assumptions to create the equivalent of surrogate markets, such as property markets, to measure values. There are two general lines of development; an increased focus on heterogeneity and an increased understanding of how to deal with the discrete/continuous type of consumer behavior that is common in the cases studied.

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

Sustainability ◽

10.3390/su10072550 ◽

2018 ◽

Vol 10 (7) ◽

pp. 2550 ◽

Cited By ~ 4

Author(s):

Saúl Torres-Ortega ◽

Rubén Pérez-Álvarez ◽

Pedro Díaz-Simal ◽

Julio de Luis-Ruiz ◽

Felipe Piña-García

Keyword(s):

Cultural Heritage ◽

Demand Curve ◽

Economic Valuation ◽

Economic Value ◽

Revealed Preference ◽

Travel Cost ◽

World Heritage Site ◽

Research Center ◽

Travel Cost Method ◽

National Museum

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.

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Economic valuation of resuscitating the Dead Sea

Water Policy ◽

10.2166/wp.2006.050 ◽

2006 ◽

Vol 8 (4) ◽

pp. 351-370 ◽

Cited By ~ 8

Author(s):

Nir Becker ◽

David Katz

Keyword(s):

Stated Preference ◽

Economic Valuation ◽

Economic Value ◽

Revealed Preference ◽

Dead Sea ◽

Dead Sea Basin ◽

Market Economic ◽

Study Results ◽

The Dead ◽

First Time

As a result of diversion of upstream waters and intensive mineral extraction along its shores, the level of the Dead Sea is dropping at a rate of almost one meter per year, causing the sea continuously to break its own record as the lowest place on earth. The loss of the sea and the accompanying ecological and cultural damage in the basin has traditionally been regarded as an unavoidable consequence of rational economic policy. This study investigates for the first time the non-market economic value of conservation of the Dead Sea basin using both contingent valuation (stated preference) and travel cost (revealed preference) studies. Study results indicate that all three local populations, Israeli, Jordanian and Palestinian, demonstrate a substantial willingness to pay to preserve the cultural and environmental heritage of the region. Such results strengthen the case for conservation of the region, which, heretofore, has relied strictly on ethical and ecological rationales.

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A Study on the Economic Valuation of the Cultural Heritage Sites in Nagan-eupseong Folk Village Using Contingent Valuation Method (CVM)

The Centre for Namdo Culture ◽

10.31929/namdo.2018.35.241 ◽

2018 ◽

Vol 35 ◽

pp. 241-267

Author(s):

Jeong Lee ◽

◽

Sa Rang Kim ◽

Byeog Bin Yoon ◽

Yong Hee Han ◽

...

Keyword(s):

Cultural Heritage ◽

Contingent Valuation ◽

Contingent Valuation Method ◽

Economic Valuation ◽

Heritage Sites ◽

Valuation Method

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A Study on the Economic Valuation of the Cultural Heritage Sites in Nagan-eupseong Folk Village Using Contingent Valuation Method (CVM)

The Centre for Namdo Culture ◽

10.31929/namdo.2018.34.241 ◽

2018 ◽

Vol 35 ◽

pp. 241-267

Author(s):

Jeong Lee ◽

◽

Sa Rang Kim ◽

Byeog Bin Yoon ◽

Yong Hee Han ◽

...

Keyword(s):

Cultural Heritage ◽

Contingent Valuation ◽

Contingent Valuation Method ◽

Economic Valuation ◽

Heritage Sites ◽

Valuation Method

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Gender Inequality in Safety and Security Perceptions in Railway Stations

Sustainability ◽

10.3390/su13074007 ◽

2021 ◽

Vol 13 (7) ◽

pp. 4007

Author(s):

Pierluigi Coppola ◽

Fulvio Silvestri

Keyword(s):

Gender Gap ◽

Public Transport ◽

Stated Preference ◽

Revealed Preference ◽

Behavioral Models ◽

Mobility Patterns ◽

Railway Stations ◽

Commercial Activities ◽

Transport Services ◽

Disaggregate Data

Recent studies have shown that gender is the personal aspect that mostly affects mobility patterns and travel behaviors. It has been observed, for instance, that female perception of unsafety and insecurity when traveling using public transport forces them to make unwanted travel choices, such as avoiding traveling at certain times of day and to specific destinations. In order to improve the attractiveness of public transport services, this gender gap must not be overlooked. This paper aims at contributing to research in gendered mobility by investigating differences in safety and security perceptions in railway stations, and by identifying which policies could be effective in bridging any existing gap. The methodology includes the collection of disaggregate data through a mixed Revealed Preference/Stated Preference survey, and the estimation of fixed and random parameters behavioral models. Results from a medium-sized Italian railway station show that female travelers feel safer in the presence of other people; they prefer intermodal infrastructures close to the entrance of the station and commercial activities in the internal premises. Moreover, unlike male travelers, they do not appreciate the presence of hedges and greenery outside stations.

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