Seating Zones and Pricing Strategies for Meany Hall.
The Meany Center for Performance Arts is exploring the optimal seating zone arrangement and pricing strategy for its main theater with approximately 1200 seats divided into four zones. Given the historical patron demand, the goal is to maximize net profits by adjusting ticket prices based on zone qu...
| Publicado en: | SHS Web of Conferences Vol. 196; pp. 1 - 10 |
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| Autores principales: | , , , , , |
| Formato: | Artículo |
| Publicado: |
EDP Sciences
8/26/2024
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| Acceso en línea: | Ver este registro en EBSCOhost |
| fields | @attributes: recordID: 1 pdfLink: plink: https://search.ebscohost.com/login.aspx?direct=true&db=hlh&AN=179511931&site=ehost-live header: @attributes: shortDbName: hlh uiTerm: 179511931 longDbName: Humanities International Complete uiTag: AN controlInfo: bkinfo: jinfo: jid: 24165182 FT5R jtl: SHS Web of Conferences issn: 24165182 maglogo: N pubinfo: dt: 8/26/2024 vid: 196 pid: 76090 pub: EDP Sciences artinfo: ui: 179511931 10.1051/shsconf/202419601006 ppf: 1 ppct: 9 formats: tig: atl: Seating Zones and Pricing Strategies for Meany Hall. aug: au: Fang, Wei Le, Rongrong Lu, Chris Advisor, Hanyang Yu Billey, Sara Wang, Alex affil: Department of Mathematics, University of Washington, Seattle, WA, 98195 sug: ab: The Meany Center for Performance Arts is exploring the optimal seating zone arrangement and pricing strategy for its main theater with approximately 1200 seats divided into four zones. Given the historical patron demand, the goal is to maximize net profits by adjusting ticket prices based on zone quality, customers' sensitivity to pricing, popularity and the type of performance. We first estimate the demand function through linear regression in double log form following the paper "Revenue and attendance simultaneous optimization in performing arts organization" (Baldin, Bille, Ellero, and Favaretto 2018). Using this demand function, we then solve a nonlinear maximization problem through PYTHON's Gurobi packages to get the optimal value of ticket price for maximal profits. Overall, this project will enhance profit for Meany Hall, provide pricing insights for future performances, and demonstrate the application of economic theories and discrete math modeling to benefit the community. pubtype: Conference Proceedings doctype: Article src: R language: English refInfo: copyright: @attributes: flag: Y dt: @attributes: year: 2024 holdings: @attributes: islocal: N |
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