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| Author: | Prieto-RodrÃquez, J. Fernández-Blanco, V. |
| Title: | Optimal pricing and grant policies for museums |
| Journal: | Journal of Cultural Economics
2006 : VOL, 30:3, p. 169-181 |
| Index terms: | museums pricing public policy |
| Language: | eng |
| Abstract: | This paper defines a principal-agent model for museum administration where there are two income sources: public grants and ticket revenues. The authors find a theoretical explanation for the inelastic pricing strategy commonly adopted in cultural economics. It is also suggested that museum manager should never have any control over the price of tickets. The model can also be applied to other institutions, such as schools and NGOs, which are able to raise funds from private or public resources |
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