Abstract
This paper examines the impact of free admission on museum revenue and evaluates the desirability, from an income maximizing perspective, of an additional free day. The model capitalizes on diverse audience composition. Regression analysis is used to estimate marginal shop and restaurant revenue for both art patrons and marginal consumers. Empirical estimation shows that an additional free day would not be profitable. A theoretical model which specifies crowding and “museum recognition” effects is provided as an appendix.
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Reference
Gapinski, James H. (1986) “The Lively Arts as Substitutes for the Lively Arts”. American Economic Review May: 20–25.
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Steiner, F. Optimal Pricing of Museum Admission. Journal of Cultural Economics 21, 307–333 (1997). https://doi.org/10.1023/A:1007432901540
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DOI: https://doi.org/10.1023/A:1007432901540