Demand for cultural goods: Key concepts and a hypothetical case study

Bruce Seaman ()

Chapter 20 in Teaching Cultural Economics, 2020, pp 149-156 from Edward Elgar Publishing

Abstract: Five important distinguishing features are identified that extend the usual analysis of consumer demand to the case of the demand for cultural goods, with a particular focus on unique factors determining the price and income elasticities of demand; the role of education; learning-by-consuming; the challenge of assessing product quality; and the complex role of social factors. Based on successful experience using a concert pricing example that does not shy away from some limited technical aspects of the analysis, a hypothetical case study is fully described and analysed as a vehicle for clarifying key distinctions such as demand vs quantity demanded; point vs arc price elasticity of demand; and the role of marginal cost in distinguishing gross revenue vs net revenue maximization. Specific hints for effective teaching, as well as suggested questions for students are provided.

Keywords: Economics and Finance; Teaching Methods (search for similar items in EconPapers)
Date: 2020
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