To assess the efficiency of funding policies, governments study the economic value of cultural heritage sites. Because of their unique nature, an innovative evaluative tool is proposed here–CFE–compensation for elimination–rather than the commonly used willingness to pay (WTP) or the travel cost method (TCM). CFE, based on the familiar willingness to accept (WTA), should be adopted to better reflect the non-use values attached, even unconsciously, to cultural heritage sites.
- Economic valuation method
- cultural heritage site
ASJC Scopus subject areas
- Tourism, Leisure and Hospitality Management