Museums price determinants: A hedonic pricing approach

Museums are characterized by a wide range of distinguishing features, such as their thematic area, masterpieces, or locations, to name a few. By understanding which attributes bring about value for museum customers, museums can optimize their pricing strategies and enhance the overall visitor experience. Accordingly, this study proposes to investigate the impact of various museum attributes on price using a hedonic pricing model, a widely used method in the hotel industry but a novel approach for the museum sector. To this end, the authors will obtain a database of 414 Spanish museums, including their prices and primary characteristics, such as thematic area, services, public/private ownership, or offered activities. This data will be used to estimate a hedonic pricing model, and the findings will be presented at the IATE conference, providing valuable insights for museums to set prices that accurately reflect the value of their offerings.