Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira

The annual economic value of the National Museum and Research Center of Altamira, which houses a replica of the UNESCO-listed Cave of Altamira, is estimated to range between 4.75 and 8.00 million euros per year. This assessment was derived using the Travel Cost Method (TCM), a technique rooted in demand theory that correlates recreational site visits with travel costs. The study applied two distinct TCM approaches to model visitor demand, providing a critical tool for evaluating investment decisions related to the museum's operations and future projects.

Torres-Ortega, S., Pérez-Álvarez, R., Díaz-Simal, P., De Luis-Ruiz, J. M., & Piña-García, F. (2018). Economic Valuation of Cultural Heritage: Application of Travel Cost Method to the National Museum and Research Center of Altamira. Sustainability, 10(7), 2550. https://doi.org/10.3390/su10072550