Untapped demand for heritage: A contingent valuation study of Prinsep Ghat, Calcutta

In view of the scarcity of financial resources, urban planners in developing countries are attempting to conserve heritage sites on a self-financing basis through their development as visitor attraction sites. The economic justification of such programmes can be sought in terms of the potential revenue from heritage tourism.This approach, however, neglects the significant non-use values derived from heritage resources. Based on the contingent valuation method, the Total Economic Value for Prinsep Ghat in Calcutta, India, is estimated using limited dependent regression models. While a TOBIT model is used to determine the determinants of the willingness to pay, a truncated model is used to identify the characteristics of the potential clientele. The results show the presence of a substantial untapped demand for the site that can be utilized by suitable marketing of the site without affecting its historic appeal.