Does the Economic Value of the Prambanan Temple Reflect Its Heritage Value?

Visitors perceive the Prambanan Temple’s cultural heritage value significantly higher than its current ticket price. A study using the Individual Travel Cost Method (ITCM) found that the total willingness to pay for 186 respondents amounts to Rp 10,747,976 ($688.57), with an average of Rp 57,753 ($3.70) per visit— substantially above the existing entrance fee of Rp 50,000 ($3.22). The analysis, employing Ordinary Least Squares (OLS) regression, also revealed a consumer surplus of Rp 1,399,358 ($89.65), or Rp 7,492 ($0.48) per individual, indicating strong economic value beyond the ticket price. This suggests that the temple’s heritage value is underrepresented in its pricing model.

Mulia, N. W., Elvina, N. A., Nuratri, S. M., & Depri, D. (2024). DOES THE ECONOMIC VALUE OF THE PRAMBANAN TEMPLE REFLECT ITS HERITAGE VALUE? Journal of Applied Economics in Developing Countries, 9(1), 22. https://doi.org/10.20961/jaedc.v9i1.85299