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2 results

  • 3 - Price

  • Amy Whitaker, New York University
  • Book:
    Economics of Visual Art
    Published online:
    23 July 2021
    Print publication:
    12 August 2021, pp 77-101

  • Summary

    Pricing in the arts is peculiar and opaque. Pricing for works of art is very different from pricing for museum tickets and other interchangeable goods. We consider price elasticity of demand, meaning customer sensitivity to a change in price, especially considering a ticket-pricing change at the Indianapolis Museum of Art. We consider price discrimination, the strategy of charging different prices to different groups of people. We consider other variations on pricing structure including bundling, two-part tariffs, and versioning. For pricing works of art, the method of pricing is, following from Velthuis’s work, largely sociological and best modeled as a set of scripts.

  • 3 - Price Discrimination

  • Rakesh V. Vohra, University of Pennsylvania
  • Book:
    Prices and Quantities
    Published online:
    02 March 2020
    Print publication:
    17 February 2020, pp 55-74

  • Summary

    This chapter introduces the three degrees of price discrimination as well as a discussion of the attendant arbitrage possibilities. The focus of the chapter is on second-degree price discrimination, which is illustrated with versioning and bundling. There is also an extensive discussion of two-part tariffs with application to the pricing of a system consisting of a consumable and a durable.