Resumen de Festival economics: the case of the Red River Revel
Gregory D. Clarke, David J. Hoaas
Arts festivals are common in America. One successful festival held in Shreveport, Louisiana is the Red River Revel Arts Festival. The Revel features numerous artists, in addition to musical entertainment. Though the Revel charges admission, its primary revenue source is concession sales. Anecdotal evidence argues that concession sales are dependent upon many things, such as: the temperature, rain, and admission fee. This paper estimates a demand function for concession sales at the Revel between 1995 and 2004. This work has policy implications for those running the Revel, while also being of interest to the economist conducting research on similar topics.
