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ISSN : 1229-8778
This study conducts a Pay-What-You-Want (PWYW) experiment in order to derive a price strategy that helps to improve profits of public art exhibitions as well as to increase the number of visitors to the museums. PWYW is a pricing mechanism where buyers pay the amount he/she wants to pay for goods and services. We compared respondents' intention to visit, amount of willingness to pay, total expected earnings between the method of presenting a fixed entrance fee to respondents and the method of presenting PWYW to them. In what follows we proceeded further to analyze how the average amount of willingness to pay changes when PWYW is combined with charitable giving and reference price (RP), respectively. We classified the whole respondents into the following four groups according to payment methods: 1) fixed price/PWYW+low-level RP, 2) PWYW, 3) PWYW+charity, and 4) PWYW+high-level RP, and measured their intention to visit the National Museum of Art and the amount of willingness to pay for entry. An empirical experiment was conducted toward a group aged 25 to 30. We secured about 120 samples for each classified group. Our results show that the intention to visit and the per capita amount of willingness to pay increased under the PWYW case, compared to the case of a fixed entrance fee. Accordingly, the total expected return increased also. Futhermore, when charity is grafted onto PWYW the per capita expected payment and the total expected earnings increased from the case of PWYW alone. Lastly, we found that the average amount of willingness to pay was converged to RP at all conventional statistical significance levels when a low-level RP was grafted onto PWYW, but it was not converged to RP at any significance level when a high-level RP was grafted onto PWYW, meaning that the anchoring effect is salient at relatively lower levels of RP. The results of the study imply that an effective application of PWYW pricing strategy can have a positive effect on financial independence of the National Museum of Art as well as can attract more visitors to the museum which helps to achieve the policy for expanding the people’s enjoyment of culture and arts.
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