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.

The Integration Mechanism of Music Intangible Cultural Heritage and Tourism Industry in the Internet of Things Environment

“…e results showed that the independent variables: total expenditure, monthly income, gender, marital status, family number, and family work, were the effects in the model. Merciu et al [18] evaluated the economic value of cultural heritage based on the travel cost method to make a complex analysis of the relevant value of the heritage buildings of the Bucharest historical center.…”

Contingent Valuation of Built Cultural Heritage in a Small Town: Oraviţa (Romania)

“…From a methodological point of view, the evaluation of cultural heritage is a difficult process due to the fact that it has multiple socio-cultural values (historical, social, symbolic, aesthetic) that overlap with economic value [13,14]. At the same time, cultural heritage properties can generate various direct and indirect social uses, as well as economic benefits that can be assessed from an economic perspective [14,15,16].…”

Authentic Romanian Gastronomy—A Landmark of Bucharest’s City Center

“…Playing the role of a capital city for centuries, Bucharest has long developed its hospitality services and gastronomy, offering real gastronomic experiences and intercultural interactions [27] within its traditional restaurants, which are often located in emblematic historical heritage buildings [70]. These units offer Romanian dishes, advertising authentic bio-products from branded rural areas and following original recipes [71].…”

“…Overlapping the nucleus from which the development of medieval Bucharest started, the area named the Old Center of Bucharest is located near the ruins of the old royal courtyard and contains numerous heritage buildings, many of which are being reused for entertainment and catering purposes [70,81]. This happened after 1990 and especially after 2000, when restitution laws allowed the transformation of buildings and ownership changes, restoring the traditional hospitality function for this area in Bucharest (Figure 3).…”