Innovative evaluation criteria of public-private partnerships for built cultural heritage conservation and valorization

In recent years, public-private partnerships have become a widespread institutional option to support the implementation of conservation and valorization projects. In the public-private partnership domain, the “Value for Money” or “Cost-effectiveness” is one of the main evaluation criteria used to assess whether the decision to involve a private entity can add value to the implementation of a project. Value for Money is typically assessed using the “Public Sector Comparator” method, which compares the total cost of a project developed through a public-private partnership with the total cost of a project developed through traditional public procurement strategies. In light of the inadequacy of financial metrics to capture the complexity of objectives and challenges related to the conservation and valorization of a cultural heritage site, the Value for Money criterion suffers from some limitations in identifying the effects resulting from a public-private partnership operation. In fact, the application of the Public Sector Comparator method to an Italian case study clearly revealed its inherent limitations. Based on the findings from the above case study application, this essay critically discusses the opportunity to expand the evaluation of public-private partnerships in the heritage field by adopting an all-round “Value for Society” perspective, thereby integrating financial metrics with a project’s cultural, environmental, and social impact.