The subject of this study, which involves two surveys, is to estimate externalities created round a cultural heritage preservation site by means of a CVM (Contingent Valuation Method). The first survey was conducted for the ruins of ancient "Diolkos" located in Isthmus of Corinth, Greece using a sample of 200 soldiers. The second survey was conducted for the ancient theater of Lefkada, using a sample of 100 tourists and locals. The results have been analyzed with Logit model regression. The findings show that willingness to pay (or participate) is strongly affected by opportunity cost and awareness of the site's history. Further, income level and education level play a critical role in developing volunteering activity.
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