ECONOMICS UNIQUENESS

vi ■ CONTENTS
Project Appraisal in Practice 21
Private Sector Participation 24
Socially Optimal Preservation 28
Rationale for Public Intervention 34
Design of Cultural Component 36
Distributional Effects and Property Rights 40
Conclusion 42
Note 43
References 43
Chapter 3. Heritage Economics: A Conceptual Framework
David Throsby
45
Introduction 46
Heritage as Asset 46
Sustainability 48
Value and Valuation 51
Heritage Policy
From Policy to Practice: Heritage in Economic
58
Development 64
Conclusion 71
Notes 72
References 72
Chapter 4. Economic Valuation of Cultural Heritage
Peter Nijkamp
75
Introduction 76
Economic Valuation of Cultural Heritage
A Functional Perspective on the Value
78
of Cultural Heritage
Lessons from Cultural Heritage Valuation and Biodiversity
81
Valuation 85
The Economist’s Toolbox
A Spatial Hedonic Price Study on the Impact of Cultural
87
Heritage on Real Estate Value 97
Conclusion 102
Notes 102
References 103
Chapter 5. Heritage Conservation and Property Values
Donovan Rypkema
107
Introduction 108