Handbook of the Economics of Art and Culture

Handbook of the Economics of Art and Culture

1st Edition - September 16, 2013

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

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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


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

Table of Contents

  • Introduction to the Series



    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


    PART I: Value and evaluation in art and culture

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


    2.1 Introduction

    2.2 Achieved Eminence

    2.3 Individual Attributes

    2.4 Lifespan Development

    2.5 Social Processes

    2.6 Conclusion


    Chapter 3. Contemporary Experimental Aesthetics: Procedures and Findings


    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


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


    4.1 Introduction

    4.2 Hypotheses

    4.3 Data and Method

    4.4 Results

    4.5 Conclusion



    Chapter 5. Values of Music


    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



    Chapter 6. The Economics of Cultural Awards


    6.1 Introduction

    6.2 Prizes and Commerce

    6.3 Prizes and Prestige

    6.4 Conclusion


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


    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


    PART II: Demand, consumption and investment

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


    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


    Chapter 9. New Technologies and Cultural Consumption


    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


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


    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




    PART III: Innovation and technological change

    Chapter 11. Cultural Innovation by Cultural Organizations


    11.1 Introduction

    11.2 The Determinants of Cultural Innovation by Cultural Organizations

    11.3 Conclusion: Summary and Future Research


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


    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


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


    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



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


    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


    PART IV: Trade, development, and cultural diversity

    Chapter 15. Cultural Products in the International Trading System


    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



    Chapter 16. Cultural Diversity, Copyright, and International Trade


    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?


    Chapter 17. Trade and Cultural Diversity


    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


    Chapter 18. Cultural Diversity, Conflict, and Economic Development


    18.1 Introduction

    18.2 Measuring Ethnic Heterogeneity

    18.3 Ethnic Diversity and Economic Outcomes

    18.4 Heterogeneity and Conflict

    18.5 Conclusions



    Chapter 19. Culture, Linguistic Diversity, and Economics


    19.1 Introduction

    19.2 Linguistic Diversity and Fractionalization

    19.3 Standardization

    19.4 Disenfranchisement

    19.5 Concluding Remarks



    PART V: Broader cultural issues

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


    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




    Chapter 21. Religion, Culture, and Development


    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


    Chapter 22. Strategic Interactions Between Modern Law and Custom


    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



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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