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Theoretical and Applied Economics
No. 12 / 2011 (565)

Considerations regarding the Valuation and Valorization of Cultural Heritage

Filip IORGULESCU
Bucharest Academy of Economic Studies
Felicia ALEXANDRU
Bucharest Academy of Economic Studies
Georgiana Camelia CREŢAN
Bucharest Academy of Economic Studies
Meral KAGITCI
Bucharest Academy of Economic Studies
Mihaela IACOB
Bucharest Academy of Economic Studies

Abstract. This paper presents the theoretical framework for the valuation of cultural heritage and of the economic effects produced by investments in the preservation and restoration of cultural heritage. The following methods are considered: impact studies, hedonic pricing method, contingent valuation method and travel cost method. The paper focuses on methodological issues, difficulties encountered when implementing the methods, as well as on their specific limitations. Moreover, each method is illustrated through the results of quantitative studies in the field.

Keywords: cultural heritage; economic value; hedonic pricing; contingency value; travel cost method.

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