Purpose - the purpose of the article is to identify factors of cultural economics and examine their impact on countries' competitiveness. Research methodology - in this study, the following factors have been determined to affect the competitiveness of the European Union countries: cultural...

Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest in art, understanding of auction prices is...

In the standard neoclassical model consumers use all the available information and the demand for goods depends exclusively on preferences and prices whereas other spurious information do not play any role. In the market for books, we investigate if - in contrast to the standard model - the...

Trust between parties should drive contract design: if parties were suspicious about each others' reaction to unplanned events, they might agree to pay higher costs of negotiation ex ante to complete contracts. Using a unique sample of U.S. consulting contracts and a negative shock to trust...

In the standard neoclassical model consumers use all the available information and the demand for goods depends exclusively on preferences and prices whereas other spurious information do not play any role. In the market for books, we investigate if – in contrast to the standard model – the...

Trust between parties should drive contract design: if parties were suspicious about each others' reaction to unplanned events, they might agree to pay higher costs of negotiation ex ante to complete contracts. Using a unique sample of U.S. consulting contracts and a negative shock to trust...

Objectives: Artists and performers are generally incentivised by the ownership of their work. Their income is generated based on the related rights and neighbouring rights. However, the economics of the copyright studies has excluded the most essential link between artists and their source of...

Recently, the art market has proposed the trading of NFTs. We focus on these research questions: a) does the increase in the value of cryptocurrencies affect the value of NTFs; b) does the interest of public opinion influence the value of NFTs. We apply causality and spill-over analyses to...

Is art a safe haven in times of political or financial crisis? We trace the long-term performance of the UK art market during world wars, economic recessions, financial crises, inflationary periods, and changes in monetary policy. We digitalized historical auction archives to construct art price...

Chapter 1: Preface -- Chapter 2: The Triumph of Serious Art -- Chapter 3: Authentic Art and Artists -- Chapter 4: Exclusion -- Chapter 5: Distrust of Commerce and Commercialism -- Chapter 6: Sharing Art -- Chapter 7: Present and Future Changes -- Chapter 8: Conclusion.

Rare books of political economy are eminently collectable. Using historical prices, I employ hedonic regressions to estimate financial returns to collecting the works of ten eminent political economists and develop a price index for this corpus of collectables. For the observation period...

I empirically assess the importance of socially interdependent origin cultures as opposed to socially independent ones for network effects in inter-national migration. I propose that societies that emphasise collectivist behaviour accumulate larger levels of communityspecific social capital than...

This paper studies how economic incentives influence cultural transmission, using a crucial expression of cultural identity: Child naming decisions. Our focus is on Arabic versus Non-Arabic names given in France over the 2003-2007 period. Our model of cultural transmission features three...

The paper analyses the economics behind algorithmic search and recommender services, based upon personalized user data. Such services play a paramount role for online services such as marketplaces (e.g. Amazon), audio streaming (e.g. Spotify), video streaming (e.g. Netflix, YouTube), app stores,...

The COVID-19 pandemic shut down sporting events worldwide. Local policy makers and league officials face important decisions about restarting play, especially in professional leagues that draw large numbers of spectators to games. We analyze the impact of professional sporting events on local...

In this paper I use a large data set to analyze two aspects of the Latin American arts: (1) the nature of artistic creative process, and (2) Latin American art as an investment. I use data on auctions to understand the relation between artists' age and the value of their work. The analysis on...

Cultural capital is usually defined as set of social features that provide individuals with social mobility and the possibility of changing their hierarchical position in systems such as wealth, power, prestige, education, and health. Cultural capital thus affects the processes of social...

The arts and cultural sector in Ghana are of significant public importance and have witnessed tremendous growth in the past. However, the general consumption pattern of the arts and culture has been transformed in recent years in Ghana. In this study, I analyze cultural policy support for a...

Art is often presented as an investment of last resort or a potential safe haven in times of political or financial distress. Yet, as no study has focused on the performance of art markets in times of crisis, this paper fills this gap by means of unclosing historical auction archives. We trace...

The focus of this paper is the impact of parental cultural capital on offspring's occupational choice in relation to entrepreneurship. Despite growing interest to cultural motives for entrepreneurship on an individual level, few studies link these two domains empirically. This study follows the...

There have been two very different life cycles for important modern artists: some, including Picasso, have made their greatest contributions early in their careers, whereas others, like C‚zanne, have produced their best work late in their lives. Art's young geniuses have worked deductively to...

There have been two very different life cycles for great modern artists: some have made their major contributions early in their careers, while others have produced their best work later in their lives. These patterns have been associated with different artistic goals and working methods:...

While trust is the cornerstone in the functioning of any market, it is of particular importance in the markets that are unregulated, illiquid, and opaque, such as the art market. We therefore examine the role of authenticity, as captured by the provenance information, on the sales probability of...

Modern economics includes two fundamentally different fields, each labelled ‘Cultural Economics’. The first type ‘Cultural Institutions’ deals with a specific sector of the economy and society, namely institutions in the performing arts, visual arts, and other forms of cultural industry....

This paper proposes a novel approach to explore the relationship between cultural participation and subjective well-being. While most empirical research has considered such a connection using cultural and leisure activities individually or in additive terms, drawing from the sociological...

Culture is the most critical thing when driving innovation. This paper aims to discuss the counter-hegemony of Drama Gong against modern entertainment arts today with the dynamics of openness innovation. The research method used is qualitative and uses triangulation analysis. Basic qualitative...

This paper studies how economic incentives influence cultural transmission, using a crucial expression of cultural identity: Child naming decisions. Our focus is on Arabic versus Non-Arabic names given in France over the 2003-2007 period. Our model of cultural transmission features three...

The paper analyses the economics behind algorithmic search and recommender services, based upon personalized user data. Such services play a paramount role for online services such as marketplaces (e.g. Amazon), audio streaming (e.g. Spotify), video streaming (e.g. Netflix, YouTube), app stores,...

Rare books of political economy are eminently collectable. Using historical prices, I employ hedonic regressions to estimate financial returns to collecting the works of ten eminent political economists and develop a price index for this corpus of collectables. For the observation period...

Culture can be a powerful driver for development, with broad social, economic and environmental impacts. UNESCO acknowledged the role of culture as an enabler and a driver of sustainable development. There are undisputable effects of culture on community building, social cohesion and empowering...