Paper presented at the Third International Conference on Cultural Economics and Planning, sponsored by the Association for Cultural Economics, held in Akron, Ohio, April 25-28, 1984.

This paper examines theory of Property Rights Economics as applied to the Lyric Opera of Chicago. The author concludes:

Ardis Krainik is the most powerful individual at Lyric Opera. She enjoys considerable latitude in decision-making and the general Manager's position remains the heart of the company. The new equilibrium between property rights holders appears to be working. The Board of Directors and the Lyric staffs are finally equal partners in a triumvirate which acts in step with Krainik. For many years, Krainik had to remain silent as Fox ran Lyric to satisfy her utility function at the expense of others. Now that Krainik is in charge, she pledges to put the company first, and let it have the glory, with no lessening of the artistic quality Fox established. If the 1983 season was a portend of future years, the property rights holders at Lyric Opera may see their respective desires fulfilled. (p. 71)

Includes references.

[For a comment on this paper, see On Managing the Marketing of Performing
 Arts [comment]].

 

Paper presented at the Third International Conference on Cultural Economics and Planning held April 25-28, 1984 in Akron, Ohio.