The Contingent Valuation Method in Excavation/Preservation the Ancient Eleusinian Sacred Way in Greece

The aim of this study is to estimate externalities created round a cultural heritage preservation site. A research was conducted concerning the ruins of an ancient ‘Sacred Way’ (Iera Odos) located in Attica, Greece. The sample of the research was 200 citizens (interviewees). It is used the CVM (Contingent Valuation Method) and Logit model of the regression analysis. The preservation of cultural heritage is entailing excessive cost (paid by people through taxation) while is a source of additional income for both, the State and the people, due to tourism. Since the evaluation of this good cannot be in market terms, authors apply a modified version of the CVM (Contingent Valuation Method). The findings show there is strong evidence that at the 5% significance level, WTP (against WTA) is a better preferred course of action i.e., leaving the ruins situation as it is, performing only the necessary remediation, proceeding with radical restoration. All statistical processing of answers, obtained through a properly designed/circulated questionnaire, was carried out by Logit model regression analysis. The model gave significant (at 0.05 levels) dependence of WTPar (Willingness to Participation) on preferred course of action (i.e., leaving the ruins situation as is, performing only the necessary remediation, proceeding with radical restoration).