Email this article 
DOES THE ECONOMIC VALUE OF THE PRAMBANAN TEMPLE REFLECT ITS HERITAGE VALUE?
Abstract
This study aims to estimate the economic value of the Prambanan Temple tourist attraction using the Travel Cost Method (TCM). The visitor willingness to pay for entrance tickets is used to reflect the economic value of the Prambanan Temple's cultural heritage, assessed with the Individual Travel Cost Method (ITCM) approach. The analysis utilizes Ordinary Least Squares (OLS) regression. The study included 186 respondents. Total visitor willingness to pay for the Prambanan Temple is Rp 10,747,976 ($688.57), with an average visitor willingness to pay of Rp 57,753 ($3.70) per visit. The current entrance ticket price is Rp 50,000 ($3.22). This suggests that the value of the Prambanan Temple's cultural heritage to visitors is higher than the current ticket price. The consumer surplus generated by the 186 respondents is Rp 1,399,358 ($89.65), with a consumer surplus per individual of Rp 7,492 ($0.48).
Keywords
Full Text:
PDFReferences
Bedate, A., Herrero, L. C., & Sanz, J. Á. (2004). Economic valuation of the cultural heritage: Application to four case studies in Spain. Journal of Cultural Heritage, 5(1), 101–111. https://doi.org/10.1016/j.culher.2003.04.002
Binarti, F., Triyadi, S., Koerniawan, M. D., Pranowo, P., & Matzarakis, A. (2021). Climate characteristics and the adaptation level to formulate mitigation strategies for a climate-resilient archaeological park. Urban Climate, 36(November 2020), 100811. https://doi.org/10.1016/j.uclim.2021.100811
Cetin, N. I., Bourget, G., & Tezer, A. (2021). Travel-cost method for assessing the monetary value of recreational services in the Ömerli Catchment. Ecological Economics, 190(April 2020), 107192. https://doi.org/10.1016/j.ecolecon.2021.107192
Hassin, N. H., Abang Jais, D. A. N., Abas, M. A., Hamzah, Z., Muhammad Noor, A. N., Hussin, H., Abdullah, M., Koshy, N., & Alhaji Dauda, S. (2021). Local visitors’ willingness to pay of entrance fee at Taman Negeri Gunung Stong, Kelantan. IOP Conference Series: Earth and Environmental Science, 842(1). https://doi.org/10.1088/1755-1315/842/1/012050
Jaung, W., & Carrasco, L. R. (2020). Travel cost analysis of an urban protected area and parks in Singapore: a mobile phone data application. Journal of Environmental Management, 261(January), 110238. https://doi.org/10.1016/j.jenvman.2020.110238
Makwinja, R., Mengistou, S., Kaunda, E., & Alamirew, T. (2022). Willingness to pay for the ecological restoration of an inland freshwater shallow lake: case of Lake Malombe, Malawi. Heliyon, 8(1), e08676. https://doi.org/10.1016/j.heliyon.2021.e08676
Mekonnen, H., Bires, Z., & Berhanu, K. (2022). Practices and challenges of cultural heritage conservation in historical and religious heritage sites: evidence from North Shoa Zone, Amhara Region, Ethiopia. Heritage Science, 10(1), 1–22. https://doi.org/10.1186/s40494-022-00802-6
Zhao, W., & Chan, C. S. (2023). What interpretation service are cultural tourists willing to pay for? A choice-experiment approach for cultural heritage sites in China. Tourism Management Perspectives, 46(February), 101091. https://doi.org/10.1016/j.tmp.2023.101091
DOI: https://doi.org/10.20961/jaedc.v9i1.85299
Refbacks
- There are currently no refbacks.
Copyright (c) 2024 Nabila Wahyu Mulia, Norma Ayu Elvina, Sahira Marisa Nuratri, Depri Depri
This work is licensed under a Creative Commons Attribution 4.0 International License.
|
