I've just tried to give an advice to a manager in another thread. Thought to share a simple idea about arena pricing, maybe someone can find it useful.
So take this arena for example.
http://www.buzzerbeater.com/team/55223/arena.aspxHe has sold 11 luxury boxes out of the 20 available in the last game, at the price of 900.
The basic idea I'm working under is, if you lower your prices, you should make bigger income. Unless you sell out, that is, so we're trying to make a best balance.
First calculate how much money did he get. 11*900=9900 dollars.
How much is the lowest price at which he's going to earn the same amount of cash? 9900 divided with 20 seats, equals 495. So if he sets the price at 495, he'll sell out the seats.
Obviously, he's also going to sell out the seats at some price over 495. Just take a guess here, whatever you set, is definitely better than the current price. You can go with the middle, set at 700, or go closer to the bottom value, maybe 600. Anyway, over time, you'll get closer to the perfect price.
Account in any other variables you might have. Take the averages from multiple games, instead just the last one. And so on..
Hope this helps.