The Pricing of Art and the Art of Pricing: Pricing Styles in the Concert Industry
AbstractWe document the existence of pricing styles in the concert industry. Artists differ in the extent to which they rely on second- and third-degree price discrimination and in how likely they are to sell out concerts. Most strikingly, artists who use multiple seating categories are more likely to vary prices across markets and less likely to sell out concerts. These patterns are difficult to explain under a standard profit maximization paradigm. The hypothesis that artists differ in their willingness to exploit market power provides a plausible framework for explaining these patterns in artist pricing style.
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Bibliographic InfoPaper provided by C.E.P.R. Discussion Papers in its series CEPR Discussion Papers with number 8967.
Date of creation: May 2012
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Find related papers by JEL classification:
- D42 - Microeconomics - - Market Structure and Pricing - - - Monopoly
- D45 - Microeconomics - - Market Structure and Pricing - - - Rationing; Licensing
- L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
- L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
This paper has been announced in the following NEP Reports:
- NEP-ALL-2012-05-29 (All new papers)
- NEP-COM-2012-05-29 (Industrial Competition)
- NEP-CUL-2012-05-29 (Cultural Economics)
- NEP-HME-2012-05-29 (Heterodox Microeconomics)
- NEP-IND-2012-05-29 (Industrial Organization)
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- Nick Vikander, 2014. "Sellouts, Beliefs, and Bandwagon Behavior," Discussion Papers 14-15, University of Copenhagen. Department of Economics.
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