Procedural versus substantive rationality in the economic valuation of urban heritage structures: Cartagena (Murcia)

Abstract

Urban heritage valuation techniques have been related to those used in environmental valuation, due to the concept of economic value (and not market value) with which they work and the intangible nature they share. The aim of this study is to analyse the techniques applied in the valuation of heritage assets and the new monetary approaches. The latter are emerging as a new field of study within the field of heritage, highlighting the multi-criteria valuation techniques. The methodology comprises four phases (establishing the nature of heritage assets, analysing the most commonly used methods, exploring new valuation techniques for these assets and applying them to the case study). Methodologies based on procedural rationality, applied to a very limited extent so far in the economic valuation of the assets mentioned, are presented. © 2024, Ministerio de Fomento. All rights reserved.