1. Economic valuation of industrial heritage: A choice experiment on Shanghai Baosteel industrial site.
- Author
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Bertacchini, Enrico and Frontuto, Vito
- Subjects
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VALUATION , *INDUSTRIAL sites , *ECONOMIC attitudes , *URBAN land use , *ADAPTIVE reuse of buildings - Abstract
• A choice experiment was used to assess the preferences and willingness to pay for tangible and intangible industrial heritage. • The case study is the Baosteel steel factory, an industrial brownfield in Shanghai planned to be transformed into an arts and entertainment hub. • The results show that individuals tend to support selective rather than extensive preservation of physical attributes of the industrial sites. • Findings show there exist a demand for preserving and transmitting the intangible heritage of industrial culture along with adaptive reuse of the industrial sites. Industrial heritage has in recent years become an important component in land use and urban development policies. Yet, assessing the economic value associated with the preservation and reuse of industrial complexes remains an open question. In this paper, we apply a discrete choice experiment (DCE) method to assess the economic valuation of the Baosteel steel factory, an industrial brownfield in Shanghai planned to be transformed into an arts and entertainment hub. By eliciting the preferences of locals for the preservation and reuse of distinct attributes of the site, our findings suggest that the preservation of significant landmarks and the intangible component of the industrial site are the two most relevant attributes worth protection. Moreover, we add evidence on the relationship between respondents' economic preferences and their attitude toward the cultural value conveyed by industrial heritage by showing how distinct groups of respondents express different preferences for single attributes of the industrial heritage. The paper contributes to the heritage valuation literature by illustrating the implications and challenges of assessing the demand for industrial heritage rehabilitation projects. [ABSTRACT FROM AUTHOR]
- Published
- 2024
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