ABSTRACT
Starting from a philosophical discussion of value and goodness, we proceed to review the interpretations of value on economic theory grounds. We focus in particular on the interpretations proposed by institutionalism, ecological and behavioural economics. The following analysis concerns the role of space and place in affecting differences in valuation. Based on this review, we emphasize the need to combine multiple analytical perspectives and build interdisciplinary research bridges for a holistic interpretation of the value from the territoriological perspective. We move on to the analysis of cultural heritage values on such a foundation, showing the evolution and plurality of approaches and typologies. We interpret architectural heritage as a common good, showing how architectural heritage can be seen as a specific form of urban commons, generating a variety of positive externalities. In the final discussion, we refer to cultural heritage as a critical component of territorial capital. We describe how architectural heritage transforms an indifferent and “value-neutral” space into a unique place. We demonstrate that architectural heritage evokes emotions, builds social ties and generates locally shared values and development capacities.
