MACHINE LEARNING TO UNCOVER DIFFERENCES IN WILLINGNESS-TO-PAY FOR THEATRE TICKETS

By Alina Ozhegova and Evgeniy M. Ozhegov

Estimation of willingness-to-pay (WTP) is widely spread approach in economics and marketing for problems of optimal pricing and measuring of product value for a customer. Machine learning approaches may help to estimate a range of WTP for theatre tickets and explain main sources of audience heterogeneity in estimates of WTP.

Continue reading “MACHINE LEARNING TO UNCOVER DIFFERENCES IN WILLINGNESS-TO-PAY FOR THEATRE TICKETS”

DO THEATERS MAXIMIZE ATTENDANCE OR REVENUE?

By Andrea Baldin and Trine Bille

Most performing arts organizations are characterized by a complex array of objectives than merely the maximization of revenue.  In this paper, we introduce a multi-objective optimization model that jointly considers pricing and seat allocation. The proposed model is validated with booking data referring to the Royal Danish theater during the period 2010–2015.
Continue reading “DO THEATERS MAXIMIZE ATTENDANCE OR REVENUE?”

Blog at WordPress.com.

Up ↑

%d bloggers like this: