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

In: Teaching Cultural Economics

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  • Bruce A. Seaman

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.

Suggested Citation

  • Bruce A. Seaman, 2020. "Demand for cultural goods: Key concepts and a hypothetical case study," Chapters, in: Trine Bille & Anna Mignosa & Ruth Towse (ed.), Teaching Cultural Economics, chapter 20, pages 149-156, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:18414_20
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    Keywords

    Economics and Finance; Teaching Methods;

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