The Economics of Museums

Institute for Empirical Economic Research Working Paper No. 149

46 Pages Posted: 6 Jan 2004

See all articles by Bruno S. Frey

Bruno S. Frey

CREMA; University of Basel

Stephan Meier

Federal Reserve Bank of Boston; IZA Institute of Labor Economics; Columbia Business School - Management

Date Written: May 2003


Museums are more important than ever before. They play a substantial role in people's leisure activities and belong to one of the most important tourist attractions. Substantial amounts of money are spent when visiting museums both in terms of entry fees and expenditures in museum restaurants and shops. The visitors have a strong effect on local economies, especially in touristic locations. Not surprisingly, therefore, more and more museums are founded usually in spectacular new buildings.

Suggested Citation

Frey, Bruno S. and Meier, Stephan, The Economics of Museums (May 2003). Institute for Empirical Economic Research Working Paper No. 149. Available at SSRN: or

Bruno S. Frey (Contact Author)

CREMA ( email )

Südstrasse 11
Zurich, CH 8008
+41 44 380 00 78 (Phone)

University of Basel ( email )

Peter Merian-Weg 6
Basel, 4002

Stephan Meier

Federal Reserve Bank of Boston ( email )

600 Atlantic Avenue
Boston, MA 02210
United States

IZA Institute of Labor Economics

P.O. Box 7240
Bonn, D-53072

Columbia Business School - Management ( email )

3022 Broadway
New York, NY 10027
United States

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