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

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Author Info
Alan B. Krueger (Princeton University and National Bureau of Economic Research)

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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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File URL: http://www.journals.uchicago.edu/cgi-bin/resolve?JOLE230101
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Publisher 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 listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. 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. [Downloadable!] (restricted)
  2. Rosen, Sherwin & Rosenfield, Andrew M, 1997. "Ticket Pricing," Journal of Law & Economics, University of Chicago Press, vol. 40(2), pages 351-76, October.
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  3. William T. Dickens & Lawrence F. Katz, 1987. "Interindustry Wage Differences and Industry Characteristics," NBER Working Papers 2014, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  4. Alan B. Krueger & Lawrence H. Summers, 1987. "Reflections on the Inter-Industry Wage Structure," NBER Working Papers 1968, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-58, December. [Downloadable!] (restricted)
  6. 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. [Downloadable!] (restricted)
  7. Peoples, James, 1998. "Deregulation and the Labor Market," Journal of Economic Perspectives, American Economic Association, vol. 12(3), pages 111-30, Summer. [Downloadable!] (restricted)
  8. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Cansino Muñoz-Repiso, José Manuel & Sánchez Braza, Antonio, 2009. "Evaluación del programa de Escuelas Taller y Casas de Oficios a partir de su efecto sobre el tiempo de búsqueda del primer empleo. El caso de Sevilla/," Estudios de Economía Aplicada, Estudios de Economía Aplicada, vol. 27, pages 277 (22 P, Abril. [Downloadable!] (restricted)
  2. Francisco Alcalá & Miguel González-Maestre, 2009. "Copying, Superstars, and Artistic Creation," Working Papers 0902, International Economics Institute, University of Valencia. [Downloadable!]
  3. Xavier Gabaix & Augustin Landier, 2006. "Why Has CEO Pay Increased So Much?," NBER Working Papers 12365, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
    Other versions:
  4. William R. Johnson, 2005. "Creative Pricing In Markets For Intellectual Property," Virginia Economics Online Papers 369, University of Virginia, Department of Economics. [Downloadable!]
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