Economic Efficiency of Cultural Institutions: The Case of Museums in Slovakia

Abstract

The efficiency analysis is widely applied in public institutions, but they are still rarely used in case of cultural institutions. The paper deals with the technical efficiency of museums that are characterized by diverse activities and multiple objectives. This multidimensionality complicates the evaluation of efficiency by using traditional economic methods. The paper evaluates the technical efficiency of museums in Slovakia using the method Data Envelopment Analysis. The objective of the paper was to identify key indicators suitable for analyzing efficiency based on available cultural statistics. The appropriate indicators were selected using multivariate statistical techniques-Principal Component Analysis. The findings of the analysis point to significant differences in the efficiency of slovak museums and enable defining the characteristics of the most effective museums. As this is the first analysis of the efficiency of Slovak museums, the findings can be helpful in practice for improving the statistical surveys about museums and their efficiency in Slovakia.

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