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Article

Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira

1
Environmental Hydraulics Institute, University of Cantabria, 39011 Santander, Spain
2
Cartographic Engineering and Mining Exploitation R+D+i Group, University of Cantabria, 39316 Torrelavega, Spain
*
Author to whom correspondence should be addressed.
Sustainability 2018, 10(7), 2550; https://doi.org/10.3390/su10072550
Received: 11 June 2018 / Revised: 10 July 2018 / Accepted: 19 July 2018 / Published: 20 July 2018
(This article belongs to the Special Issue Sustainable Heritage Management)
The economic assessment of non-marketed resources (i.e., cultural heritage) can be developed with stated or revealed preference methods. Travel cost method (TCM) is based on the demand theory and assumes that the demand for a recreational site is inversely related to the travel costs that a certain visitor must face to enjoy it. Its application requires data about the tourist’s origin. This work aims to analyze the economic value of the National Museum and Research Center of Altamira, which was created to research, conserve, and broadcast the Cave of Altamira (UNESCO World Heritage Site since 1985). It includes an accurate replica known as the “Neocave”. Two different TCM approaches have been applied to obtain the demand curve of the museum, which is a powerful tool that helps to assess past and future investments. It has also provided the annual economic value estimate of the National Museum and Research Center of Altamira, which varies between 4.75 and 8.00 million € per year. View Full-Text
Keywords: economic valuation; travel cost method; Altamira; Neocave; UNESCO economic valuation; travel cost method; Altamira; Neocave; UNESCO
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MDPI and ACS Style

Torres-Ortega, S.; Pérez-Álvarez, R.; Díaz-Simal, P.; De Luis-Ruiz, J.M.; Piña-García, F. Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira. Sustainability 2018, 10, 2550. https://doi.org/10.3390/su10072550

AMA Style

Torres-Ortega S, Pérez-Álvarez R, Díaz-Simal P, De Luis-Ruiz JM, Piña-García F. Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira. Sustainability. 2018; 10(7):2550. https://doi.org/10.3390/su10072550

Chicago/Turabian Style

Torres-Ortega, Saúl, Rubén Pérez-Álvarez, Pedro Díaz-Simal, Julio Manuel De Luis-Ruiz, and Felipe Piña-García. 2018. "Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira" Sustainability 10, no. 7: 2550. https://doi.org/10.3390/su10072550

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