To preserve or enhance precious memories: a segmented market analysis of the history museum in Singapore

Sharon Chang () and Renuka Mahadevan
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Sharon Chang: National Arts Council

Journal of Cultural Economics, 2018, vol. 42, issue 1, No 5, 75-89

Abstract: Abstract This study examines the value placed on museums by patrons and non-patrons and investigates the factors that affect this valuation with a view to boost visitorship. The total economic value of Singapore’s History Museum is at least US$57 million, and this is high relative to other countries, a fact which can be used to justify increased government funding towards museums as cultural capital. Females and high income people are the target groups for increased visitation, while among the non-patrons, the ethnic majority is another potential clientele. Somewhat surprising is the finding that neither patrons nor non-patrons see the museum as having significant tourist value, and contrary to prospect theory, there is a preference for enhancing the museum’s services over keeping the museum. These findings provide some direction for the management of the museum to improve its visitor appeal.

Keywords: Cultural and heritage tourism; Contingent valuation; Willingness to pay; Prospect theory (search for similar items in EconPapers)
JEL-codes: Z1 Z31 (search for similar items in EconPapers)
Date: 2018
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DOI: 10.1007/s10824-016-9286-5

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