With a name like “The Donkey Show,” it should be unsurprising that an appropriate adjective to describe Diane Paulus’ inaugural production at the newly named Oberon—the American Repertory Theater’s (A.R.T.) theatrical club space—is “loose.” In the world of theater, the word might have a negative connotation, but in the world of sex, drugs, and nightclubs—well, it’s just what we like to hear.