Using survey data on cultural consumption by about 650 university students, this article proposes a market segmentation and some rule-of-thumb managerial implications for the music industry. The aim is to show how technological innovation impacts on the structure of consumer preferences....

In the standard neoclassical model consumers use all the available information and the demand for goods depends exclusively on preferences and prices whereas other spurious information do not play any role. In the market for books, we investigate if - in contrast to the standard model - the...

We study how experts influence consumer behavior and welfare by focusing on the Booker Prize. Leveraging the discontinuity created by the attribution of the prize, we show that readers receive the signal sent by the jury of the Booker and are persuaded to buy the awarded book but experience...

Recent advances on the identification of the Berry, Levinsohn and Pakes (BLP, 1995) random coefficient demand models focus on the structural demand functions. Yet, this does not automatically imply the identification of the distribution of the random coefficients. The latter is often necessary...

After the Great Recession, new regulatory interventions were introduced to protect consumers and reduce the costs of financial products. Some voiced concern that direct price regulation was unlikely to help consumers, because banks offset losses in one domain by increasing the prices that they...

Museums have many different goals beyond efficiency such as social equity, financial revenue, attracting donors and gaining international, regional or local prestige. Various pricing schemes are being discussed with the aim of reaching these goals. The classical ones are entry prices and free...

We critically examine and empirically test the hypothesis that the strong socioeconomic gradients characterising attendance at arts events result from similar gradients in preferences for the arts, in line with existing theories of demand for the arts derived from orthodox consumer theory. To...

Museums have many different goals beyond efficiency such as social equity, financial revenue, attracting donors and gaining international, regional or local prestige. Various pricing schemes are being discussed with the aim of reaching these goals. The classical ones are entry prices and free...

We critically examine and empirically test the hypothesis that the strong socioeconomic gradients characterising attendance at arts events result from similar gradients in preferences for the arts, in line with existing theories of demand for the arts derived from orthodox consumer theory. To...

The Korean wave has become a global phenomenon whose effect has been widely studied in Asia, Europe and the US. However the presumption of cultural distance makes it appear unlikely that the Korean wave could gain traction among African consumers of cultural products. As such, a dearth of...