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

India has a lot of historical places. Among them one the most precious is Taj Mahal. Due to fewer threats conservation, placed on the1996 watch list 100 endangered sites by World Monument Fund. In this study, an attempt was made calculate economic value Mahal in relation conservation issues. This study assesses households' WTP for through CVM study. Single Bounded Dichotomous Choice with open-ended format used elicit households’ willingness pay from 200 households. Out sample respondents, 70.50 percent were found be willing proposed bid prices whereas remaining 29.50 rejected prices. Logit model employed assess determinate and probit also applied estimate mean (WTP), shows that estimated Rs. 109.92(US$1.50) per month household. The results have socioeconomic demographic characteristics; awareness attitude households are responsible conservation. Therefore, policy program intervention designed address issue conserving needs take into account these factors make it more effective.