To read the full version of this content please select one of the options below:

An examination of measurement methods for valuing heritage assets using a tourism perspective

Stacy Porter (Curtin University of Technology, Western Australia)

Qualitative Research in Accounting & Management

ISSN: 1176-6093

Article publication date: 1 July 2004

Abstract

This study examines the valuation methods for publicly and privately managed heritage assets in Australia. A critical examination of methods exposes the weakness of traditional measurement methods for valuing heritage assets. A major problem is that traditional methods rely on an identifiable cost or an active market as their basis, factors generally absent when valuing heritage assets. In addition, traditional methods do not capture the intrinsic value of heritage assets. This study applies the more innovative non‐traditional measurement methods of Travel Costs and Contingent Valuation. The results suggest that these methods can be more usefully applied to value heritage assets. They are not constrained by the requirements of an identifiable cost or active market and the Contingent Valuation method is capable of capturing total values. The implications of incorporating more than a narrow, purely economic value can be applied to policy makers and management decisions in terms of maintenance and preservation of these heritage assets. The application can also extend current reporting of heritage assets values to include social and environmental aspects in line with the growing movement towards triple bottom line reporting and sustainability.

Keywords

Citation

Porter, S. (2004), "An examination of measurement methods for valuing heritage assets using a tourism perspective", Qualitative Research in Accounting & Management, Vol. 1 No. 2, pp. 68-92. https://doi.org/10.1108/11766090410813364

Publisher

:

Emerald Group Publishing Limited

Copyright © 2004, Emerald Group Publishing Limited