Another solid article on what’s become a small obsession around these parts: the changing economics of Hollywood.

So, do audiences really care who stars in a movie?

Movie industry executives may be forgiven for thinking that the Viacom chairman was mad to let Tom Cruise go after a 14-year relationship simply because Mr. Cruise seemed a little off balance. After all, the movies made by Viacom’s Paramount Pictures studio and the actor’s production company earned more than $2.5 billion at the box office.

Yet, if you ask economists and other academics that study the movie industry, Mr. Redstone’s decision was, in financial terms, spot on. The best reason to get rid of Mr. Cruise or, for that matter, Mel Gibson, or Lindsay Lohan, is not their occasional aberrant behavior. They, like most marquee names in Hollywood, are simply not worth the expense.

“Who knows what went through Mr. Redstone’s mind?” said Jehoshua Eliashberg, a professor of marketing, operations and information management at the Wharton School of the University of Pennsylvania. “But one can’t discard that the reason is that it doesn’t make economic sense to pay him all this money.”

Mr. Eliashberg is part of a growing cadre of academics studying how movies are made, financed and distributed. Most are finding that the studio’s assumption that big stars will increase a movie’s bottom line is simply wrong.

General, Movie/TV, In The Theaters