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Optimal Pricing of Museum Admission

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  • Faye Steiner
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    Abstract

    This paper examines the impact of free admission on museum revenue and evaluates the desirability, from an income maximizing perspective, of an additional free day. The model capitalizes on diverse audience composition. Regression analysis is used to estimate marginal shop and restaurant revenue for both art patrons and marginal consumers. Empirical estimation shows that an additional free day would not be profitable. A theoretical model which specifies crowding and “museum recognition” effects is provided as an appendix. Copyright Kluwer Academic Publishers 1997

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    File URL: http://hdl.handle.net/10.1023/A:1007432901540
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    Bibliographic Info

    Article provided by Springer in its journal Journal of Cultural Economics.

    Volume (Year): 21 (1997)
    Issue (Month): 4 (December)
    Pages: 307-333

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    Handle: RePEc:kap:jculte:v:21:y:1997:i:4:p:307-333

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    Web page: http://www.springerlink.com/link.asp?id=100284

    Related research

    Keywords: art; museum; admission fee;

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    Cited by:
    1. Mazzanti, Massimiliano, 2003. "Valuing cultural heritage in a multi-attribute framework microeconomic perspectives and policy implications," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 32(5), pages 549-569, November.
    2. Frey, Bruno S. & Meier, Stephan, 2006. "The Economics of Museums," Handbook of the Economics of Art and Culture, Elsevier.
    3. Bruno S. Frey & Lasse Steiner, 2010. "Pay as You Go: A New Proposal for Museum Pricing," CREMA Working Paper Series 2010-10, Center for Research in Economics, Management and the Arts (CREMA).
    4. Adrian Darnell, 1998. "Some Simple Analytics of Access and Revenue Targets," Journal of Cultural Economics, Springer, vol. 22(2), pages 189-196, June.
    5. Peter Johnson & Barry Thomas, 1998. "The Economics of Museums: A Research Perspective," Journal of Cultural Economics, Springer, vol. 22(2), pages 75-85, June.
    6. García Gracia, Mª Isabel. & Zofío Prieto, José Luis & Herrarte Sánchez, Ainhoa & Moral Carcedo, Julian, 2009. "La aportación económica de la industria de la cultura y el ocio en España/," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 27, pages 63-88, Abril.

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