An integrated model for evaluating investments in cultural heritage tourism in the Dominican Republic. Issue 8 (December 2017)

• Record Type: Journal Article
• Authors: Banerjee, Onil; Henseler, Martin; Maisonnave, Hélène; Beyene, Lulit Mitik; Velasco, Mercedes
• Is Part Of: Tourism economics. Volume 23:Issue 8(2017)
• Page Start: 1568
• Page End: 1580
• Publication Date: 2017-12
• Subjects: bottom-up approach -- cost–benefit analysis -- cultural heritage tourism -- Dominican Republic -- dynamic computable general equilibrium model -- integrated model -- investment valuation; Tourism -- Periodicals; 338.4791
• DOI: 10.1177/1354816617713229
• Languages: English
• ISSNs: 1354-8166

Abstract

In the Dominican Republic, tourism represents a significant share of growth domestic product. Improving and increasing cultural heritage tourism opportunities offer potential for tourism product diversification which can expand the visitor base, increase tourism expenditure, and ultimately contribute to enhanced economic growth and development for tourism dependent economies. This study presents an integrated economic bottom-up model for tourism investment analysis. The framework links simulation models and valuation approaches from different economic research fields including economy-wide modelling, time series modelling, stated preference approaches, and net present value analysis. Applied to the analysis of an investment for enhancing cultural heritage tourism in the Colonial City of Santo Domingo, the integrated model generates valuable insights on the transmission pathways through which investment in cultural heritage tourism can accelerate economic growth, generate employment, and raise incomes. The framework presented here can be developed and applied to other country contexts where decision makers have similar interests in investing and diversifying the tourism opportunities available to visitors.