Drivers of heritage value: A meta-analysis of monetary valuation studies of cultural heritage

Decisions about cultural and historical heritage conservation can be contentious. Improved insight into the economic benefits derived from preservation could be achieved through a better understanding of the underlying economics. In response to this challenge, a growing number of studies estimate the economic value of heritage sites. The purpose of this study is to identify common drivers of the economic value of cultural and historical heritage by conducting a meta-analysis of heritage valuation studies. We find that heritage sites in areas with higher population density hold higher value, and conservation that supports adaptive re-use of sites generates higher values then passive protection. Valuation studies of tangible heritage dominate our dataset, but our findings are robust across model specifications. We identify a need for more economic and interdisciplinary research on the value of non-built heritage to improve understanding of the composition and drivers of heritage value.