Cultural Heritage and Sustainable Development E-Learning Program Second Videoconference Prof. P.L. Scandizzo University of Rome “Tor Vergata”

2 Heritage and Projects Investments in cultural heritage are intended to promote sustainable and endogenous growth using the key natural and cultural resources of local communities. Given the peculiar nature of such resources and the often hidden dimensions of projects involving cultural heritage, investments analysis,planning and project design are not a smooth exercise. Programs call for integration among public entities as well as for collaboration with the private sector.

3 Heritage and Options A New Way of Thinking – opportunities and flexibility How to evaluate when to start a project When to stop a project Valuing flexibility Valuing the option for expansion Valuing learning by doing

4 Policy and projects

5 Decision Making and Heritage

6 How should culture affect people?

7 How should heritage goods be evaluated?

8 What are the main challenges to evaluate heritage goods as instruments for economic development?

9 What is extended cost benefit analysis?

10 Extended Cost Benefit Analysis

11 Real Option Analysis

12 Option alternatives

13 Option Types

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16 Investment Option

17 Culture as an option The elusive nature of cultural experience Uncertainty and risk in site development Culture as a byproduct of civil virtues Culture as expansion and flexibility options

18 Some Examples The Walls of Ferrara The Festival of Strasbourg The Ceramics District in Vietri