Estimating Economic Value of Heritage Site Using Travel Cost Method: A Case Study of Tawang Monastery in Arunachal Pradesh, India

This article seeks to estimate the economic value of Tawang Monastery, an important heritage site of Arunachal Pradesh. The study is based on both primary and secondary data. Analysis of data shows that tourist arrival in Tawang is growing, but the number of visitors is low and manageable. Primary data were collected through a field survey from a sample of 400 visitors during the period from November 2022 to March 2023. The study applied the zonal travel cost method to estimate the economic value of the site. The ordinary least squares method was applied to estimate the demand function, and consumer surplus was obtained for each zone. The economic value of Tawang Monastery was estimated by aggregating the zonal surpluses. The use value was estimated at ₹1,446.35 lakhs annually. A part of this value can be in the form of user fee to raise funds for restoration work. The estimated value indicates only use value and does not include non-use value and cultural value. However, the estimated value can act as a defensible value in drawing the attention of managers and policymakers in taking appropriate steps and implementing policies for the proper management and preservation of the site for its long-term sustainability as well as the spiritual well-being of the people.