Economic Valuation of the Taj Mahal in India: The Contingent Valuation Method

Households in India are willing to pay an average of Rs. 109.92 (approximately US$1.50) per month for the conservation of the Taj Mahal, according to a study using the Contingent Valuation Method (CVM). The research, which surveyed 200 households, found that 70.5% were willing to contribute to conservation efforts, while 29.5% rejected the proposed bid prices. Key factors influencing willingness to pay included socioeconomic and demographic characteristics, as well as awareness and attitudes toward Taj Mahal conservation. The study highlights the importance of considering these factors in policy interventions aimed at preserving this UNESCO World Heritage Site.

Islam, S. (2021). Economic Valuation of the Taj Mahal in India: The Contingent Valuation Method. Sri Lanka Journal of Social Sciences and Humanities, 1(1), 43–51. https://doi.org/10.4038/sljssh.v1i1.29