They operate on the same revenue model as airline seats. As soon as the plane departs or the show starts, unsold seats become worthless. So the goal is to fill every seat. They both have “first class” and “coach” seats that have different costs - although the theater calls them “orchestra” and “loge” and “balcony”.
So I agree - they undoubtedly have formulae or consultants who help them maximize revenue.
–Peter