Journal of Accounting and Management Information Systems (JAMIS)

Natural, cultural and historic patrimony. An economic approach

10/2004 ,   p6..12


Keywords:   non-exclusivity; non-rivalry in consumption; usage and existence value; Hedonic price method; travel costs method

The economic patrimony (both natural and cultural) is a new discipline that focuses on the management of growth and preservation of the patrimonial goods. Its boundaries lie at the crossroad between environmental economy, tourism and growth economy –themselves being border disciplines. Goods need to fulfill 2 major conditions to be considered patrimony goods – public goods: non-exclusivity and non – rivalry in consumption. In modern theory there are 2 facets of the value of a good: the sum of money a customer is willing to pay and the sum of money the owner accepts for his good. The real challenge of the evaluator is to transform the cultural units in monetary units to allow a management of these goods. The relative value will determine the consumption of these 2 categories. Here, the hedonic prices method is based on the recognition of the market while the travel expenses method starts from the total costs that the visitors of a historical monument is willing to pay.