This paper extends Herbert Simon's Travel Theorem to the market for live mu
sic. It is also designed to provoke interest in using the method of subject
ive personal introspection in economic analysis. Music is a structured flow
of information and is readily stored for flexible and convenient use. Live
music performances involve many costs that can be avoided by listening to
recorded music, yet a significant market for live music still exists. Subje
ctive personal introspection is used here to identify characteristics of li
ve music performances that cannot be offered by recordings. Particular atte
ntion is given to psychological, social and ritualistic aspects, and to dif
ferent opportunities for risk taking and risk management that the two modes
of consumption present. (C) 2001 Elsevier Science B.V, All rights reserved
.