Abstract

This study analyzes intention to attention and amount of willingness to pay when applying participatory pricing strategies, Pay-What-You-Want (PWYW) and Name-Your-Own-Price (NYOP), in contrast to traditional fixed pricing for classical concert attendance. The experiments involved three demographically similar respondent groups, presented with a hypothetical situation of attending a regular concert by the Seoul Symphony Orchestra. We utilized five scenarios: fixed price, PWYW and NYOP without reference price, and PWYW and NYOP with specified reference price. The results revealed an increase in intention to attend under participatory pricing strategies compared to fixed pricing. Regarding the amount of willingness to pay, NYOP scenario with referencing price exhibited the lowest amount, while PWYW without referencing price had the highest. Expected revenue was higher under all participatory pricing strategies compared to the fixed pricing case. Furthermore, PWYW resulted in higher intention to attend and amount of willingness to pay compared to NYOP. Notably, when reference price was introduced, the amount of willingness to pay decreased in comparison to scenarios without reference price. This study holds academic significance as the first research in Korea comparing fixed pricing, PWYW, and NYOP. The findings offer insights into how domestic consumers respond to prominent participatory pricing strategies, providing implications for appropriate price setting for cultural and artistic contents.