This paper tests whether demand for theatre in Italy is consistent with the model of rational addiction presented in Becker and Murphy (1988). Data from a novel 34-¬year panel on regional annual theatre attendance are used to estimate market demand. Four models are applied to investigate the...

One of the available and yet underappreciated tools in cultural policy at the national level is the reduction of VAT rates for cultural goods and services. We document the standard and reduced VAT rates in EU-28 countries in the period from 1993 to 2013 and explore the underlying determinants....

Dancing may be one of the most competitive professions availabl career-wise. The lack of job opportunities and the competitiveness, the inherent expense in costumes and training and the high risk of injuries mean that only few dancers are able to make it their profession. However, dancing is an...

In the art market there is evidence that arbitrage does not necessarily equalize prices of comparable objects across different cities of sale. The aim of this study is to analyze why the distribution of prices differs between New York (NY) and the Rest of World (RoW). Two questions are...

Auction houses use both in-house and third-party guarantees for sellers who are concerned about the risk that not enough bidders will enter the auction for their works. Auction houses are compensated for guarantees by buyers’ commissions and successful sales after attracting important...

Severe budget cuts in the cultural sectors of many countries have spurred disparate suggestions for alternative sources available to public institutions. Deaccessioning may contribute to guarantee the survival of cultural institutions without serious negative impacts on the fruition of cultural...

The market for modern Indian art is an emerging art market, having come into a proper existence only in the late 1990s. This market saw tremendous growth in its initial years and then a downturn that started around 2007-2008. Using data from auctions conducted by a major Indian art auctioneer,...

The growing internationalization process and the desire to be competitive in a globalized world, has recently sparked interest in the symbolic dimension, cultural identity, creative development, communications and knowledge as a source of economic development. This research aims to analyze how...

We find evidence for the behavioral biases of anchoring and loss aversion. We find that anchoring is more important for items that are resold quickly, and we find that the effect of loss aversion increases with the time that a painting is held. The evidence in favor of anchoring and loss...

This article provides an applied investigation of video game users. We estimate zero-inflated ordered probit models to control for an excess of zeros in our ordinal dependent variable. We find that video games playing is not negatively associated with the involvement in other cultural practices....