Economic valuation of museums as public club goods: Why build loyalty in cultural heritage consumption?

The economic valuation of public goods, which include museums, is an important field of study in economic analysis and management in that the findings to emerge help to design public policies and to further both private and public commitment to managing such cultural heritage institutions. The current paper seeks to ascertain the economic value assigned to a specific and relevant museum (Museo de Antioquia, Medellin, Colombia) by visitors and particularly by those wishing to become regular consumers of the services it offers and who are willing to pay. This value is determined using the choice experiments method. The analysis therefore provides a case study describing demand for cultural club goods and also helps to establish management funding strategies aimed at improving the museum's facilities and contributing to local social welfare. Finally, the paper expands the number of case studies on public cultural heritage institutions in Latin America and developing countries.