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The Economics of Real Superstars: The Market for Rock Concerts in the Material World

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  • Alan B. Krueger

    (Princeton University and National Bureau of Economic Research)

Abstract

Beginning in 1997, the price of concert tickets took off and ticket sales declined. From 1996 to 2003, for example, the average concert price increased by 82%, while the CPI increased by 17%. Explanations for price growth include (1) the possible crowding out of the secondary ticket market, (2) rising superstar effects, (3) Baumols and Bowen's disease, (4) increased concentraion of promoters, and (5) the erosion of complementarities between concerts and album sales because of file sharing and CD copying. The article tentatively concludes that the decline in complementarities is the main cause of the recent surge in concert prices.

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Bibliographic Info

Article provided by University of Chicago Press in its journal Journal of Labor Economics.

Volume (Year): 23 (2005)
Issue (Month): 1 (January)
Pages: 1-30
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Handle: RePEc:ucp:jlabec:v:23:y:2005:i:1:p:1-30

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References

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  1. Rosen, Sherwin & Rosenfield, Andrew M, 1997. "Ticket Pricing," Journal of Law and Economics, University of Chicago Press, vol. 40(2), pages 351-76, October.
  2. Ashenfelter, Orley & Hannan, Timothy, 1986. "Sex Discrimination and Product Market Competition: The Case of the Banking Industry," The Quarterly Journal of Economics, MIT Press, vol. 101(1), pages 149-73, February.
  3. David H. Autor & Lawrence F. Katz & Alan B. Krueger, 1998. "Computing Inequality: Have Computers Changed The Labor Market?," The Quarterly Journal of Economics, MIT Press, vol. 113(4), pages 1169-1213, November.
  4. Hamlen, William A, Jr, 1991. "Superstardom in Popular Music: Empirical Evidence," The Review of Economics and Statistics, MIT Press, vol. 73(4), pages 729-33, November.
  5. William T. Dickens & Lawrence F. Katz, 1987. "Interindustry Wage Differences and Industry Characteristics," NBER Working Papers 2014, National Bureau of Economic Research, Inc.
  6. Alan B. Krueger & Lawrence H. Summers, 1987. "Reflections on the Inter-Industry Wage Structure," NBER Working Papers 1968, National Bureau of Economic Research, Inc.
  7. Peoples, James, 1998. "Deregulation and the Labor Market," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 111-30, Summer.
  8. Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-58, December.
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Citations

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Cited by:
  1. Marie Connolly & Alan Krueger, 2005. "Rockonomics: The Economics of Popular Music," Working Papers 878, Princeton University, Department of Economics, Industrial Relations Section..
  2. Thomes, Tim Paul, 2011. "An economic analysis of online streaming. How the music industry can generate revenues from cloud computing," ZEW Discussion Papers 11-039, ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  3. Thomes, Tim Paul, 2011. "An economic analysis of online streaming: How the music industry can generate revenues from cloud computing," ZEW Discussion Papers 11-039 [rev.], ZEW - Zentrum für Europäische Wirtschaftsforschung / Center for European Economic Research.
  4. William R. Johnson, 2005. "Creative Pricing In Markets For Intellectual Property," Virginia Economics Online Papers 369, University of Virginia, Department of Economics.
  5. Timothy Perri, 2004. "A Competitive Model of (Super)Stars," Working Papers 04-09, Department of Economics, Appalachian State University, revised 2005.
  6. Andrés González-Moralejo, S & Compés López, R, 2009. "Problemas contractuales y acuerdos de subcontratación: El caso de la logística frigorífica en la industria alimentaria valenciana/," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 27, pages 279 (30 Pá, Abril.
  7. Juan Montoro-Pons & Manuel Cuadrado-García, 2011. "Live and prerecorded popular music consumption," Journal of Cultural Economics, Springer, vol. 35(1), pages 19-48, February.
  8. Felix Oberholzer-Gee & Koleman Strumpf, 2010. "File Sharing and Copyright," NBER Chapters, in: Innovation Policy and the Economy, Volume 10, pages 19-55 National Bureau of Economic Research, Inc.
  9. Xavier Gabaix & Augustin Landier, 2006. "Why Has CEO Pay Increased So Much?," NBER Working Papers 12365, National Bureau of Economic Research, Inc.
  10. Kurt W. Rotthoff & Craig A. Depken, II & Peter A. Groothuis, 2011. "Influences on Sponsorship Deals in NASCAR: Indirect Evidence from Time on Camera," Working Papers 11-07, Department of Economics, Appalachian State University.
  11. Alcalá, Francisco & González-Maestre, Miguel, 2010. "Copying, superstars, and artistic creation," Information Economics and Policy, Elsevier, vol. 22(4), pages 365-378, December.
  12. Bacache-Beauvallet, Maya & Bourreau, Marc & Moreau, François, 2011. "Portrait des musiciens à l'heure du numérique," Opuscules du CEPREMAP, CEPREMAP, number 22.
  13. Nela Filimon & Jordi López-Sintas & Carlos Padrós-Reig, 2011. "A test of Rosen’s and Adler’s theories of superstars," Journal of Cultural Economics, Springer, vol. 35(2), pages 137-161, May.

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