This chapter is an overview of a new kind of economics of the movies; it also is my attempt to lay a new foundation of the economics of art and culture. The essence of cultural goods is that they are creative goods that have no natural limit on their consumption or dissemination; they are...

Audiences discover what films they like and spread the word. Information feedback produces Bose-Einstein dynamics in the motion picture box office revenue distribution. Information cascades generate box office 'hits' and 'flops.' The revenue distribution evolves recursively over the 'run' as a...

We use graph theoretic methods to model arbitrage on the evolving topology of the natural gas pipeline network following pipeline deregulation. We estimate models of spot prices over the network and show that the emergence, evolution and performance of natural gas pipelines brought about by the...

This paper examines the usefulness of concentration indices in characterizing the degree of competition in the motion picture industry. It shows that concentration ratios and the Herfindahl-Hirschman index give a misleading picture of the degree of competition in the industry. All these indices...

The spectrum auctions were a step toward the Herzel-Coase vision of a flexible and efficient market for spectrum. This article examines what remains to be done. Spectrum must be unbundled from broadcast and transmission facilities. The "commoditization" of spectrum will facilitate...

When land markets are incomplete, parcels can be scaled to make control compatible with use and to internalize externalities. The authors show that an arbitrage-proof equilibrium implies an increasing and strictly concave relationship between the value and size of land parcels. Undeveloped land...