The Role of Economics in Pricing Dance: A Firsthand Experience at the Royal Opera House

Last Friday, I attended Romeo and Juliet at the Royal Opera House, and despite not choosing a premium seat, I still paid £88 for my ticket. As I sat in my non-premium seat, I couldn’t help but think about how pricing strategies shape our decisions. The ticket wasn’t cheap, but because I had already anchored my expectations to the significantly higher prices of premium seats—some exceeding £150—my £88 ticket felt like a reasonable choice. This is a classic example of the anchoring effect, where the first price we see influences how we perceive value. The theatre also played into loss aversion—I booked in advance out of fear that waiting might mean either missing the show or paying even more.

Ballet pricing in London is a fascinating mix of exclusivity, perceived value, and behavioural nudges that make us feel like we’re getting a deal—even when we’re paying a premium. Had I seen the same performance in another city at half the price, would I have enjoyed it less? Probably not. But in London, dance institutions carefully balance accessibility with the prestige of high prices, making the experience feel more valuable. While this ensures sustainability for venues and companies, it also raises the question: are we paying for the performance itself or for the status of attending a world-class venue?

By Javier Torres