Handbook of the Economics of Art and Culture

Handbook of the Economics of Art and Culture

First published on September 16, 2013

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  • Editors-in-Chief: Victor A. Ginsburgh, David Throsby
  • eBook ISBN: 9780444537775

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Description

This volume emphasizes the economic aspects of art and culture, a relatively new field that poses inherent problems for economics, with its quantitative concepts and tools. Building bridges across disciplines such as management, art history, art philosophy, sociology, and law, editors Victor Ginsburgh and David Throsby assemble chapters that yield new perspectives on the supply and demand for artistic services, the contribution of the arts sector to the economy, and the roles that public policies play. With its focus on culture rather than the arts, Ginsburgh and Throsby bring new clarity and definition to this rapidly growing area.

Key Features

  • Presents coherent summaries of major research in art and culture, a field that is inherently difficult to characterize with finance tools and concepts
  • Offers a rigorous description that avoids common problems associated with art and culture scholarship
  • Makes details about the economics of art and culture accessible to scholars in fields outside economics

Readership

Graduate students and professors worldwide working in all subdisciplines of economics and finance.

Table of Contents

  • Introduction to the Series

    Contributors

    Acknowledgments

    Chapter 1. Introduction and Overview

    1.1 Introduction

    1.2 Value and Evaluation in Art and Culture

    1.3 Demand, Consumption, and Investment

    1.4 Innovation and Technological Change

    1.5 Trade, Development, and Cultural Diversity

    1.6 Broader Cultural Issues

    1.7 Conclusion

    References

    PART I: Value and evaluation in art and culture

    Chapter 2. Creative Genius in Literature, Music, and the Visual Arts

    Abstract

    2.1 Introduction

    2.2 Achieved Eminence

    2.3 Individual Attributes

    2.4 Lifespan Development

    2.5 Social Processes

    2.6 Conclusion

    References

    Chapter 3. Contemporary Experimental Aesthetics: Procedures and Findings

    Abstract

    3.1 Introduction

    3.2 An Artwork as Stimulus

    3.3 Processes Underlying an Aesthetic Experience with Visual Art

    3.4 The Viewer’s Contribution to an Aesthetic Experience

    3.5 The Art Museum as Laboratory

    3.6 Conclusion

    References

    Chapter 4. The Economic and Cultural Value of Paintings: Some Empirical Evidence

    Abstract

    4.1 Introduction

    4.2 Hypotheses

    4.3 Data and Method

    4.4 Results

    4.5 Conclusion

    Acknowledgments

    References

    Chapter 5. Values of Music

    Abstract

    5.1 Introduction

    5.2 Preliminary Distinctions

    5.3 Music’s Value for Listener, Performer, And Composer

    5.4 Manners of Musical Value

    5.5 The Centrality of Music in Human Life

    5.6 The Artistic Value of Music

    5.7 Music’s Extra-Artistic Value

    5.8 Music’s Aesthetic Value

    5.9 Music’s Symbolic Value

    5.10 Music’s Self-Affirmation Value

    5.11 Music’s Social Value

    5.12 Music’s Idiosyncratic Value

    5.13 Music’s Mood-Enhancement Value

    5.14 Music’s Accompaniment Value

    Appendix

    References

    Chapter 6. The Economics of Cultural Awards

    Abstract

    6.1 Introduction

    6.2 Prizes and Commerce

    6.3 Prizes and Prestige

    6.4 Conclusion

    References

    Chapter 7. The Use of Stated Preference Methods to Value Cultural Heritage

    Abstract

    7.1 Introduction

    7.2 Contingent Valuation Methods

    7.3 Choice Experiments

    7.4 Discrete Choice Experiment Models

    7.5 Estimating Price from Choice Experiments

    7.6 Enhancing Choice Experiment Models

    7.7 Conclusions

    References

    PART II: Demand, consumption and investment

    Chapter 8. Bestsellers and Blockbusters: Movies, Music, and Books

    Abstract

    8.1 Introduction

    8.2 Conceptual Models: Bestsellers and Blockbusters

    8.3 Empirical Models: Bestsellers and Blockbusters

    8.4 A Selective Survey of Empirical Findings

    8.5 Conclusions: Some Interesting Issues for Further Research

    References

    Chapter 9. New Technologies and Cultural Consumption

    Abstract

    9.1 Introduction

    9.2 New Technology Changes Relative Price

    9.3 New Technology Increases Variety

    9.4 New Technology Induces New Preferences

    9.5 Conclusion

    References

    Chapter 10. Investment in Visual Art: Evidence from International Transactions

    Abstract

    10.1 Introduction

    10.2 Testable Implications of International Art Sales

    10.3 Real Exports of Paintings, Prints, and Sculptures

    10.4 The Correlation Between Exports of Artworks, Consumer Goods, and Capital Goods

    10.5 Art Trade and Permanent Income

    10.6 Concluding Remarks

    Acknowledgments

    Appendix

    References

    PART III: Innovation and technological change

    Chapter 11. Cultural Innovation by Cultural Organizations

    Abstract

    11.1 Introduction

    11.2 The Determinants of Cultural Innovation by Cultural Organizations

    11.3 Conclusion: Summary and Future Research

    References

    Chapter 12. Digitization, Copyright, and the Flow of New Music Products

    Abstract

    12.1 Introduction

    12.2 Framework

    12.3 Effects on Demand and Their Documentation

    12.4 Revenue Reduction and Cost Reduction

    12.5 Quantity Evidence

    12.6 Direct Quantity Evidence on the Service Flow of New Products

    12.7 Explaining Increased Quality

    12.8 Conclusion

    References

    Chapter 13. The Pricing of Art and the Art of Pricing: Pricing Styles in the Concert Industry

    Abstract

    13.1 Introduction

    13.2 The Live Event Industry: Facts, Literature Review, and Open Questions

    13.3 Data and Summary Statistics

    13.4 Price Discrimination: Measurement Issues

    13.5 Price Discrimination at the Concert Level

    13.6 Price Discrimination at the Artist Level

    13.7 Identifying Artists’ Pricing Styles

    13.8 Candidate Explanation for the Use of Price Discrimination

    13.9 Exploitation of Market Power

    13.10 Discussion

    13.11 Overview and Future Research

    Acknowledgments

    References

    Chapter 14. Media Ownership: Diversity Versus Efficiency in a Changing Technological Environment

    Abstract

    14.1 Introduction

    14.2 The Effects of Changing Technology

    14.3 Concentrated Ownership and Economic Performance

    14.4 Sociocultural Implications of Media Ownership

    14.5 Media Ownership and Public Policy

    14.6 Conclusions

    References

    PART IV: Trade, development, and cultural diversity

    Chapter 15. Cultural Products in the International Trading System

    Abstract

    15.1 Introduction

    15.2 The Debate on Trade and Culture

    15.3 International Trade in Cultural Goods and Services: a Survey of Theoretical Models and Empirical Studies

    15.4 Should the Cultural Sector be Protected From International Integration? Normative Issues at the National Level

    15.5 The Global Governance of Cultural Policies: Normative Issues at the International Level

    15.6 Conclusions and Suggestions for Future Research

    Acknowledgments

    References

    Chapter 16. Cultural Diversity, Copyright, and International Trade

    Abstract

    16.1 Introduction

    16.2 Cultural Diversity as a Concept in International Law?

    16.3 The Concept of ‘Culture’

    16.4 Copyright and Culture

    16.5 Copyright as Part of the Trips Agreement

    16.6 The Rest of the WTO

    16.7 The Rights Clash?

    References

    Chapter 17. Trade and Cultural Diversity

    Abstract

    17.1 Introduction

    17.2 Theoretical Perspectives on International Trade and Cultural Diversity

    17.3 Dynamic Cultural Transmission Models

    17.4 Cultural Transmission and Competitive Economic Exchange

    17.5 Factor Endowments, Trade, and Cultural Convergence

    17.6 Group Consumption Externalities and Cultural Divergence

    17.7 Increasing Returns, Market size effects, and Cultural Dynamics

    17.8 Conclusions

    References

    Chapter 18. Cultural Diversity, Conflict, and Economic Development

    Abstract

    18.1 Introduction

    18.2 Measuring Ethnic Heterogeneity

    18.3 Ethnic Diversity and Economic Outcomes

    18.4 Heterogeneity and Conflict

    18.5 Conclusions

    Acknowledgments

    References

    Chapter 19. Culture, Linguistic Diversity, and Economics

    Abstract

    19.1 Introduction

    19.2 Linguistic Diversity and Fractionalization

    19.3 Standardization

    19.4 Disenfranchisement

    19.5 Concluding Remarks

    Acknowledgments

    References

    PART V: Broader cultural issues

    Chapter 20. National Culture as Value Orientations: Consequences of Value Differences and Cultural Distance

    Abstract

    20.1 Cultural Value Orientations to Characterize Societies

    20.2 Mapping Cultural Differences Around the World

    20.3 Comparison with the Hofstede and Inglehart Dimensions

    20.4 Cultural Value Orientations and Economically Significant Variables

    20.5 Conclusions

    Acknowledgments

    Appendix

    References

    Chapter 21. Religion, Culture, and Development

    Abstract

    21.1 Introduction

    21.2 The Effect of Religion on Individual Behavior

    21.3 The Role of Religion as a Response to Market or State Imperfections

    21.4 Market Structure Models: The Effect of Competition on Religion

    21.5 The State as a Strategic Actor: A Political Economics Approach

    21.6 Conclusion

    References

    Chapter 22. Strategic Interactions Between Modern Law and Custom

    Abstract

    22.1 Introduction

    22.2 The Effect of Legal Reform on Customary Practices: An Overview of Economic Theories

    22.3 Radical or Moderate Legal Reforms?

    22.4 Two Insightful Case Studies

    22.5 Conclusion

    References

    Index

Product details

  • No. of pages: 704
  • Language: English
  • Copyright: © North Holland 2013
  • Published: September 16, 2013
  • Imprint: North Holland
  • eBook ISBN: 9780444537775

About the Editors in Chief

Victor A. Ginsburgh

Affiliations and Expertise

Université Libre de Bruxelles, Brussels, Belgium

David Throsby

Affiliations and Expertise

Department of Economics, Macquarie University, Sydney, NSW, Australia

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