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This work is licensed under a Creative Commons Attribution-NonCommercial 4.0 International License
Article
Author(s)
Odysseas Kopsidas1 and Athanasios Anastasiou2
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DOI:10.17265/2162-5298/2018.05.004
Affiliation(s)
1. School of Economics & Business, Pafos 8042, Cyprus
2. Department of Economics, University of Peloponnese, Tripolis 22100, Greece
ABSTRACT
The aim of this study is to estimate externalities created round a cultural
heritage preservation site. A research was conducted concerning the ruins of an
ancient ‘Sacred Way’ (Iera Odos) located in Attica, Greece. The sample of the research
was 200 citizens (interviewees). It is used the CVM (Contingent Valuation Method)
and Logit model of the regression analysis. The preservation of cultural heritage is entailing excessive cost (paid by
people through taxation) while is a source of additional income for both, the State
and the people, due to tourism. Since the evaluation of this good cannot be in market
terms, authors apply a modified version of the CVM (Contingent Valuation Method). The findings show there
is strong evidence that at the 5% significance level, WTP (against WTA) is a better
preferred course of action i.e., leaving the ruins situation as it is, performing
only the necessary remediation, proceeding with radical restoration. All
statistical processing of answers, obtained through a properly designed/circulated
questionnaire, was carried out by Logit model regression analysis. The model gave
significant (at 0.05 levels) dependence of WTPar (Willingness to Participation)
on preferred course of action (i.e., leaving the ruins situation as is, performing
only the necessary remediation, proceeding with radical restoration).
KEYWORDS
WTP, WTPar, externalities, cultural heritage, sacred way.
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