Research-based policy analysis and commentary
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”
By Jeffrey Pompe, Lawrence Tamburri and Johnathan Munn
Symphony orchestras have increasingly relied on flexible ticket subscriptions and higher ticket prices for revenue generation. We found that relying on flexible ticket subscriptions may decrease total ticket sales. We discuss how more flexible subscription sales combined with higher ticket prices can have deleterious effects on symphony orchestra finances.
Continue reading “DOUBLE JEOPARDY – MORE FLEXIBLE SUBSCRIPTION TICKETS AND HIGHER TICKET PRICES”
By Hendrik Sonnabend
Traditional economic thinking presumes artists in the live music business to act like a monopolist who adjusts the ticket price to variations in demand whenever it is possible. This contribution provides strong evidence indicating that they do not. I argue that this behavior can best be explained with fairness expectations on the part of concert attendees. Continue reading “FAIRNESS CONSIDERATIONS IN THE LIVE MUSIC INDUSTRY”
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