Abstract
This paper extends Herbert Simon's Travel Theorem to the market for live music. It is also designed to provoke interest in using the method of subjective 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. Subjective personal introspection is used here to identify characteristics of live music performances that cannot be offered by recordings. Particular attention is given to psychological, social and ritualistic aspects, and to different opportunities for risk taking and risk management that the two modes of consumption present.
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