A Research Agenda for Cultural Economics
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A Research Agenda for Cultural Economics

Edited by Samuel Cameron

A Research Agenda for Cultural Economics explores the degree of progress and future directions for the field. An international range of contributors examine thoroughly matters of data quality, statistical methodology and the challenge of new developments in technology. This book is ideal for both emerging researchers in cultural economics and experienced practitioners. It is also relevant to workers in other fields such as cultural policy, public policy, media studies and digital economics.
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Chapter 5: Pricing

Hendrik Sonnabend

Abstract

This chapter identifies different pricing styles in markets for cultural goods and services. These are extremely diverse, ranging from auctions and discriminatory pricing to voluntary payments. Further, these pricing policies are strongly affected by the economic environment and the type of good for sale. The uniform pricing puzzle in cultural markets is extensively discussed. Some original research on price determination for collectible good is presented. The chapter also examines the economic rationale for dynamic pricing, which has become increasingly popular and controversial. The emergence of new technologies for delivery of cultural products is addressed in an analysis of price determination in the streaming market. In terms of other modern developments, the chapter also examines areas where there may seem to be elements of altruistic activity from consumers themselves in such things as willingness-to-pay schemes, voluntary payment in general, and the use of crowdfunding.

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