publications 2022

Capturing the benefits of preserving world cultural heritage sites

There is an increasing body of contingent valuation (CV) studies applied to cultural heritage sites. These CV studies assess the social benefits of cultural resources, but few provide advice on the policy use of the results and the ways these benefits could be captured and used to improve the condition of the sites. This study attempts to do exactly this by conducting a CV survey of a preservation program for a World Heritage site (WHS), My Son in Vietnam,and then use the estimated benefits for visitors to develop a optimal entrance fee scheme that maximize revenues for the site. The adoption of this optimal price regime would both increase revenues and reduce congestion at the site. We also perform a cost-benefit analysis of the preservation project, and show how the outcome can be used to justify investments in preservation of this WHS.