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Heterogeneity in willingness-to-pay for theatre productions: Individual specific willingness-to-pay estimates for theatres, shows and their attributes

Lookup NU author(s): Dr Jose Grisolia, Emeritus Professor Ken Willis

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Abstract

This paper investigates people's preferences for live theatre, and heterogeneity in willingness-to-pay (WTP). A stated preference discrete choice model estimates utility and WTP for different attributes of theatre productions. Previous studies assumed fixed coefficients across all theatre-goers. This study allows coefficients of attributes to vary across individuals in the population, providing information on the heterogeneity of tastes. Theatre-goers' choices are used to estimate individual-based parameters for a person's tastes in theatre productions. The analysis reveals the heterogeneity of tastes for different types of plays and ticket price; and the significance of 'reviews' by critics and 'word of mouth' opinions as important variables determining choice.

Publication metadata

Author(s): Grisolia JM, Willis K

Publication type: Article

Publication status: Published

Journal: Scottish Journal of Political Economy

Year: 2011

Volume: 58

Issue: 3

Pages: 378-395

Print publication date: 21/04/2011

ISSN (print): 0036-9292

ISSN (electronic): 1467-9485

Publisher: Wiley-Blackwell Publishing Ltd.

URL: http://dx.doi.org/10.1111/j.1467-9485.2011.00551.x

DOI: 10.1111/j.1467-9485.2011.00551.x

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