Abstract
This study reflects the authors’ vision on the value of architectural heritage. The theories of value are examined, and the most explicit theory is identified from a practical point of view. From our perspective, the theory of entropic value is the most explicit theory from the point of view of detailing the reasoning process on the source of value, the value, and the measure of the value. The method of goods real value estimation is explained based on the analysis of the value creation mechanism, according to the entropic value theory. The analysis of the particularities of the architectural heritage from modern theory valuation perspective allowed authors to formulate methodological proposals for value estimation of real estate with cultural, architectural and historical value.
Highlights
The importance, role, necessity and ways of preserving the architectural heritage for the future generations have been intensely discussed in recent decades
The substitution principle shows that the income flow that produces the highest profit, corresponding to a certain level of risk, leads to the most probable size of value. This approach fully corresponds to the requirements of entropic value theory (EVT), the value represents the economic potential that can be gained from the consumption process at the time tn
The real value of the architectural heritage will be determined: 1) by discounted cash flow, this method can be applied if there is enough information, 2) as the sum of the real estate economic value and its cultural/architectural value (1):
Summary
The importance, role, necessity and ways of preserving the architectural heritage for the future generations have been intensely discussed in recent decades. The value of cultural heritage, including architectural heritage is examined from different perspectives, and framed from different points of view. During the examination of the issue of architectural heritage value preservation, it was considered necessary to examine the theories of value, the mechanism of value creation, and the ways of value estimation
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