Simon's travel theorem and the demand for live music

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 .