Do We Care about Built Cultural Heritage? The Empirical Evidence Based on the Veneto House Market

24 Pages Posted: 2 Sep 2008

See all articles by Paolo Rosato

Paolo Rosato

University of Trieste - Department of Civil Engineering; Fondazione Eni Enrico Mattei (FEEM)

Lucia Rotaris

Fondazione Eni Enrico Mattei

Margaretha Breil

Fondazione Eni Enrico Mattei

Valentina Zanatta

Polytechnic University of Turin ; Fondazione Eni Enrico Mattei (FEEM)

Date Written: August, 27 2008

Abstract

Italian historical buildings require urgent and costly maintenance and restoration works, but neither the local, nor the national public administrators can afford these expenditures. Nevertheless the built cultural heritage represent a unique resource of the territory, as it embodies the local social, historical, and cultural values, generates positive externalities (Musgrave, 1959), and stimulates economic activities mainly related to tourism. Is it possible to quantify how much we care about historical buildings and to measure this value in monetary terms? The aim of this paper is to answer to this question via the hedonimetric approach. Specifically, we try to verify if the proximity to historical villas, districts, palaces, squares, fortresses, religious buildings and archeological site systematically influence the house market equilibrium price in the Veneto region (Italy). The paper is organized as follows: in section two a brief review of the literature is reported, in section three the database used for the hedonimetric estimates is described, in section four the econometric models and the results we had obtained are illustrated, and in section five some final comments are drawn.

Keywords: Cultural Heritage Externalities, Hedonic Housing Price Method

JEL Classification: Z1, D62, Q51

Suggested Citation

Rosato, Paolo and Rotaris, Lucia and Breil, Margaretha and Zanatta, Valentina, Do We Care about Built Cultural Heritage? The Empirical Evidence Based on the Veneto House Market (August, 27 2008). FEEM Working Paper No. 64.2008, Available at SSRN: https://ssrn.com/abstract=1259786 or http://dx.doi.org/10.2139/ssrn.1259786

Paolo Rosato (Contact Author)

University of Trieste - Department of Civil Engineering ( email )

Piazzale Europa 1
34127 Trieste
Italy
+39 040 5582569 (Phone)
+39 040 676 3580 (Fax)

HOME PAGE: http://www.dic.univ.trieste.it/perspage/rosato

Fondazione Eni Enrico Mattei (FEEM)

C.so Magenta 63
Milano, 20123
Italy

Lucia Rotaris

Fondazione Eni Enrico Mattei ( email )

C.so Magenta 63
Milano, 20123
Italy

Margaretha Breil

Fondazione Eni Enrico Mattei ( email )

Campo S. M. Formosa, Castello 5252
Venezia, 30122
Italy
+390412711453 (Phone)
+39 0412711461 (Fax)

Valentina Zanatta

Polytechnic University of Turin ( email )

Castello del Valentino
Viale Mattioli 39
10125 Torino
Italy

Fondazione Eni Enrico Mattei (FEEM)

C.so Magenta 63
Milano, 20123
Italy

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