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Urban Studies, Vol. 41, No. 10, 2025-2041 (2004)
DOI: 10.1080/0042098042000256369

Estimating the Public Good Value of Preserving a Local Historic Landmark: The Role of Non-substitutability and Citizen Information

Robert W. Kling

Department of Economics, Colorado State University, Campus Box 1771, Fort Collins, Colorado 80523-1771, USA, robert.kling{at}colostate.edu

Charles F. Revier

Department of Economics, Colorado State University, Campus Box 1771, Fort Collins, Colorado 80523-1771, USA, charles.revier{at}colostate.edu

Karin Sable

Department of Economics, University of Puget Sound, 1500 N. Warner St, Tacoma, Washington 98416 USA, ksable{at}ups.edu

This study applies stated-preference methods to estimate the public good values of preservation and restoration of a local historic landmark in a medium-sized US city. The survey device centres on a referendum-style dichotomous-choice question regarding city participation in a restoration partnership. Use of a double-split sample allows analysis of the effect on valuation of both heritage information and willingness-to-pay versus willingness-to-accept constructs, where the latter is approached by the method of paired comparison, allowing a non-substitutability effect to be separated from any endowment effect. Econometric analysis using a standard binary logit model indicates the existence of a strong non-substitutability effect and a significant information effect that further suggests the importance of non-substitutability in valuation.


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Home page
 Economic Development QuarterlyHome page
D. S. Noonan
Finding an Impact of Preservation Policies: Price Effects of Historic Landmarks on Attached Homes in Chicago, 1990-1999
Economic Development Quarterly, February 1, 2007; 21(1): 17 - 33.
[Abstract] [PDF]