Value creation, innovation, and quality of life in a cultural setting

Museums are no longer viewed as mere repositories of historical artifacts and artworks, but as dynamic institutions that create value for their visitors and society at large. In particular, the chapter dwells on the concept of authenticity in reproduction and stakeholders’ participation in value creation. The concept of value creation and co-creation has gained significance in the museum industry in recent years, as museums have recognized the need to be more responsive to the changing needs and expectations of their audiences. This chapter delineates the importance of various stakeholders, and their motives and values, as well as their overall satisfaction, well-being, and quality of life by being a part of value creating processes in a cultural heritage site such as a museum. The chapter reveals tools and strategies that museum management can utilize to facilitate value co-creation, and as such improve quality of life through enhancing perceived value for the stakeholders, in particular epistemic value, including dimensions such as authenticity, learning and novelty.