Economic Valuation of Cultural Heritage Using the Travel Cost Method: The Historical Centre of the Municipality of Bucharest as a Case Study

Abstract

Because heritage buildings represent a special category of goods due to characteristics such as uniqueness and irreversibility, they are associated with multiple possibilities of use. This article aims to present a complex analysis of the values associated with using heritage buildings in the historical center of Bucharest and their correlation with corresponding conservation measures using the travel cost method. The authors used two computation methods: the zonal travel cost and the individual travel cost methods. The application of Bravais–Pearson’s coefficient of linear correlation confirmed that the demand for a cultural heritage site is inversely related to the travel costs and distance. The results reflect that the demand also depends on other factors, such as the satisfaction level of the tourist experience and tourists’ income and motivations. The study highlights the usefulness of the travel cost method, which facilitates analyzing the relationship between the significant value of using historical monuments and the extremely important conservation process in the current context, marked by socioeconomic dynamics that determine many reuses of cultural heritage.