Valuing cultural heritage in a multi-attribute framework microeconomic perspectives and policy implications

TLDR: In this paper, the main implications of adopting a microeconomic applied perspective for management and policy aspects of cultural built heritage are addressed, and the rationale for analysing cultural heritage as a multi-attribute mixed capital good and for implementing experiment-based valuation tools is addressed.

Abstract: The paper addresses the main implications of adopting a microeconomic applied perspective for management and policy aspects of cultural built heritage. Within this framework, the rationale for analysing cultural built heritage as a multi-attribute mixed capital good and for implementing experiment-based valuation tools is addressed. The analysis of the multi-faceted set of services provided by built heritage is crucial for linking supply and demand considerations and for implementing innovative policy strategies at the level of individual site. Discrete choice multi-attribute valuation methods are thus presented, investigated and implemented as a practical and sound tool for applied economic analysis in the field. Results deriving from a stated preference analysis on visitors of a worldwide known site in Italy are discussed, focusing on the role of valuation experiments for the analysis of user preferences and for the associated decision making process.