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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. [ABSTRACT FROM AUTHOR]

In this paper, we analyze the determinants of attendance and the frequency of attendance of performing arts events in Medellin, specifically theater, dance, and music. Using data from the Quality of Life Survey of Medellin 2014, we estimate regularized discrete choice models that allow us to efficiently select the relevant variables that explain the cultural consumption decisions, while at the same time, solving the statistical problems that appear when the number of explanatory variables is high. Results show that the level of education and time restrictions are the principal determinants of performing arts attendance in the city. [ABSTRACT FROM AUTHOR]