Optimal timing of movie releases in ancillary markets: The case of video releases

The optimal time for the release of a film in the video market is derived theoretically and shown to depend on characteristics of its cinema performance and on several other parameters. It is empirically confirmed that the model can explain the changing film release patterns in the years of video market growth. The model can also be applied to other ancillary markets for motion pictures as well as to paperback releases of books.     

Recognition and renown, the structure of cultural markets: evidence from French poetry

This article explores the organization of cultural markets through the case of French contemporary poetry, distinguishing the market for recognition and the wider market for renown. The market of poetry is made of large-scale and reputed publishers and a wide range of smaller firms, which serve as testing grounds for new authors and innovation. How can the movement of an a priori narrow-appeal literary genre from small publishing houses to large-scale firms be explained? It is argued that if the status of firms is remarkably stable, artists may move from small publishers to large-scale ones. Statistical evidence is used to illustrate this passage, shedding a new light on the structure of cultural markets and the role of reputation in organizing commercial circuits. Future directions for research are offered.     

Trust,reputation and ambiguous freedoms: financial institutions and subversive libertarians navigating blockchain,markets, and regulation

This article departs from the post 2008 financial crisis context, from its intersection with technological developments, and from the socio-technical arrangements configured by this conjuncture. It explores plans and actions – of mainstream financial institutions, and of a community seeking for alternatives to centralised economy and governance – for the use of digital platforms supported by blockchain infrastructure. In particular, it explores how such plans and actions relate to conceptions of public and peer trust and how they appear to produce, or reinforce, reputational imaginaries and quantification practices within added value philosophies. By illuminating a tension between the two identified case examples, I seek to render alternative communities’ and financial institutions’ conceptions, imaginaries and practices (more) visible and to analyse their organisational marketing strategies – where there is a pragmatic and discursive operationalisation of technology as well as of trust as means to gain more self-sovereignty in action, while navigating markets and regulated actual world contexts.     

The Returns to Picasso's Prints and to Traditional Financial Assets, 1977 to 1996

This paper updates prior work by Pesando (1993) regarding art as an investment. Using world-wide auction prices for Picasso prints for the period 1977 to 1996, this paper establishes that (1) a recovery in the art market did occur in the mid-1990s, but (2) the real rate of return on this segment of the art market remains low relative to its risk. Indeed, the real rate of return is beneath that provided by U.S. Treasury Bills.     

Cache society: transactional records,electronic money,and cultural resistance

Money is an ‘instrument of collective memory’ before it is a means of exchange, a unit of account or a store of value. Money's status as a memory technology is particularly significant in light of the role that information and communication technologies now play in economic transactions. Many of the new channels and infrastructures for payments, such as magnetic cards, mobile phones, the wired Internet, social media platforms, and RFID technologies, record detailed transactional data alongside a range of other identifying data. We now have extremely detailed records of the many ways that money circulates, is transferred and is spent. This paper concerns this previously latent transactional data and how it is currently recorded, monetised, and used to inform action. What has been recorded in and about money at different moments in time and how are these categories breaking down? Who has access to and ownership over this collectively produced record and how is it driving new data practices and business models based on the monetisation and application of monetary records? And how might re-engaging with money's mnemonic status help to foreground a politics and ethics of transactional data?     

Social network markets: a new definition of the creative industries

We propose a new definition of the creative industries in terms of social network markets. The extant definition of the creative industries is based on an industrial classification that proceeds in terms of the creative nature of inputs and the intellectual property nature of outputs. We propose, instead, a new market-based definition in terms of the extent to which both demand and supply operate in complex social networks. We review and critique the standard creative industries definitions and explain why we believe a market-based social network definition offers analytic advance. We discuss some empirical, analytic and policy implications of this new definition.

A Note on Financial Risk, Return and Asset Pricing in Australian Modern and Contemporary Art

In this note, 30,227 paintings by fifty well-known modern and contemporary Australian artists sold at auction over the period 1973–2003 are used to construct a hedonic price index. The attributes included in the hedonic regression model include the name, age and living status of the artist, the number of works sold, the size and medium of the painting, and the auction house, month and year in which the painting was sold. The results indicate that returns on Australian modern and contemporary art averaged nearly five percent over the period with a standard deviation of sixteen percent. The results also show that a ten percent increase in the Australian stock market is associated with a 3.4 percent increase in the art market. Generally, artworks by artists deceased at the time of auction, larger works, works executed in oils, and those auctioned by Sotheby's or Christies in July or August are associated with higher prices.     

Algorithms,advertising and the intimacy of surveillance

ABSTRACT

This article develops the notion of the intimacy of surveillance, a characteristic of contemporary corporate marketing and dataveillance fueled by the accumulation of consumers’ economically valuable digital traces. By focusing on emotional reactions to targeted advertisements, we demonstrate how consumers want contradictory things: they oppose intrusive and creepy advertising based on tracking their activities, yet expect more relevant real-time analysis and probabilistic predictions anticipating their needs, desires, and plans. The tension between the two opposing aspects of corporate surveillance is crucial in terms of the intimacy of surveillance: it explains how corporate surveillance that is felt as disturbing can co-exist with pleasurable moments of being ‘seen’ by the market. The study suggests that the current situation where social media users are trying to comprehend, typically alone with their devices, what is going on in terms of continuously changing algorithmic systems, is undermining public culture. This calls for collective responses to the shared pleasures and pains while living alongside algorithms. The everyday distress and paranoia to which users of social media are exposed is an indicator of failed social arrangements in need of urgent repair.     

Market innovation as framing,productive friction and bricolage: an exploration of the personal data market

This paper explores the possibilities offered by recent Science and Technology Studies (STS) research on markets for engaging with market innovation. Although there exist few reflections on how innovation happens in markets, market innovation has not been singularly theorized in STS-inspired market studies. In this paper, we explore the potential analytic utility of different sets of ideas in the field of market studies, such as ‘framing’ [Callon, M. (1998) ‘Introduction: the embeddedness of economic markets in economics’, in The Laws of Markets, ed. M. Callon, Blackwell, Oxford, pp. 1–57; Callon, M. (2007) ‘An essay on the growing contribution of economic markets to the proliferation of the social’, Theory, Culture & Society, vol. 24, no. 7–8, pp. 136–163], ‘productive friction’ [Stark, D. (2009) The Sense of Dissonance: Accounts of Worth in Economic Life, Princeton University Press, Princeton, NJ] and ‘bricolage’ [MacKenzie, D. & Pardo-Guerra, J. P. (2014) ‘Insurgent capitalism: Island, bricolage and the re-making of finance’, Economy and Society, vol. 43, no. 2, pp. 153–182]. Drawing on our research into the online personal data industry and start-ups developing personal data control products, we put together five sensibilities that we think are of use for broader considerations of market innovation.     

The nature of markets: on the affinity between masculinity and (neo)liberalism

ABSTRACT

The relationship between masculinity, neoliberalism, and capitalist economy is difficult to analyse. This is apparent when we consider recent studies of neoliberal capitalism, which are almost entirely books about men, and yet this feature consistently escapes critical attention. In contrast, this article brings this relation into focus, and suggests that the critique of hegemonic masculinities is an important feature of the critique of neoliberalism. The article first reviews existing literature on the intersection of masculinity and capitalism, which is increasingly being drawn towards the analysis of neoliberalism. It then briefly takes up Michel Foucault’s study of neoliberalism, especially his contention that classical liberalism’s concern with the nature of markets maintains an ambiguous persistence within the neoliberal project, in order to consider what it may have to offer to an analysis of masculinity and neoliberalism. Finally, I turn to one of the key thinkers in the intellectual development of neoliberalism – Ludwig von Mises – and provide a critical rereading of his 1944 book Bureaucracy. I argue that, beneath its veneer of economic rationality, the text mobilizes masculinity as a technology that is crucial to managing both the affective and economic insecurities generated by neoliberal conceptions of freedom in market-based societies.     

Keeping things different: coexistence within European markets for cleantech and biofuels

Environmental policy increasingly resorts to market-based instruments in order to meet sustainability objectives. The ‘carbon market’ instituted by the European Emissions Trading directive from 2003 is a canonical example, which has been described, and critiqued, as a delegation of policy objectives to market exchanges. In this paper, we examine the complex ways in which the operationalization of policy objectives and the organization of markets are intertwined, focusing on two other examples of European environmental regulation. The first one is the Integrated Pollution Prevention and Control directive from 1996, which defined the ‘best available techniques’ to curb emissions in air, water and soil. The second one is the Renewable Energy Directive from 2009, which introduced criteria for the definition of the sustainability of biofuels. Through the analysis of the design and implementation of these two directives, we identify a central concern for the coexistence of various objects, and various initiatives undertaken by European institutions, member states and private actors. We use the notion of coexistence to describe a European political and economic ordering that is inherently hybrid, and cannot be reduced to a mere delegation of policy objectives to the market, or a legal constraint imposed on all European actors. It grounds its political legitimacy and economic rationality on the distribution of roles and responsibilities across public and private actors, and on the ability to ‘keep things different’ according to local variabilities.     

Cultured meat and cowless milk: on making markets for animal-free food

According to its proponents, animal-free animal food products, such as cultured meat and synthetic cow’s milk, have the potential to overcome various environmental, health and ethical challenges that have emerged around global animal product consumption and the industrial agriculture that is needed to support it. Apart from the myriad of technical problems making animal-free food products, critics have pointed out the blurry ontological status of the food and the ethical challenges therein, and have questioned the veracity of the various promissory narratives being produced. This paper considers animal-free food from a social studies of economies and markets (SSEM) perspective. As a market that currently mostly only exists in potential, an SSEM perspective can reveal the various social and material relations that comprise the (bio)capital formation that will underpin any market-to-be, an aspect of markets that are often invisible once markets are up and running. Moreover, this perspective details the intimate role markets have in establishing the ethical and ontological aspects of animal-free foods in a political economy shaped by neoliberalisation and financialisation.     

The data analytics industry and the promises of real-time knowing: perpetuating and deploying a rationality of speed

This article draws upon a sample of 34 data analytics providers in order to explore the rhetorical framing of the speediness of the data analytic solutions that they offer. General perceptions of cultural speed-up frame understandings of organisational life, against this backdrop of data analytics are presented as a potential solution to the need to speed-up and keep-up with the competition. As a result, it is argued that notions of speedy analytics are central to the spread and intensification of data-led decision-making, governance and ordering processes. The promises of real-time knowing are one means by which organisational speed and agility are seen to be achievable. The result is the pushing back of the limits of datafication. This article is concerned with the power of the data analytics industry and the powerful ways in which this industry presents and projects properties and promises onto data and data analytics. It suggests that this industry taps into, cultivates and then attempts to deploy the wider rationality of a need for speed.     

An empirical study of the determinants of revenues and marketing expenditures in the motion picture industry

This paper presents an empirical study of the determinants of a motion picture's financial success. Among the many factors which are included in this study, we find that quality and marketing expenditures are important determinants. Film ratings, production cost, and the presence of star performers are only important determinants when marketing is not included. We find that marketing expenditures are positively related to production costs, winning Academy Awards and the presence of major stars.Claremont McKenna College and Wayne State University respectively. Our thanks to Professors Eleanor Brown and Ken Inman for many valuable suggestions.     

Mobile consumers and the retail industry: the resistible advent of a new marketing scene

ABSTRACT

Over the last ten years, marketing professionals have invested in various devices aimed at digitalizing the point of sale. Mobile phones, and the connection they open between the digital and physical worlds, are likely to profoundly renew the way organizations build the representations of consumers upon which they operate. This article aims to describe the new, mobile-based market infrastructure that is currently being implemented; the figures of the consumer it builds on and renews for marketing purposes; and the opportunities it offers to create a new marketing scene. We address this question by focusing on the world of physical retail. We show that online commerce websites and http cookies have enabled a connection between three traditionally separate figures of the consumer and associated marketing scenes: the consumer as an audience, as a shopping cart, or as a (loyalty) card. The smartphone carries the promise of pursuing this movement into store aisles. We show, however, that the domestication of physical geography to cultivate mobile consumers is particularly difficult, and so far based on a series of disparate attempts and experiments.     

Non-marketizing agents in the study of markets: competing legacies of performativity and actor-network-theory in the marketization research program

One line of criticism leveled against studies of markets inspired by the economization research program [Çal??kan, K. &; Callon, M. (2009) ‘Economization, part 1: shifting attention from the economy towards processes of economization’, Economy and Society, vol. 38, no. 3, pp. 369–398 and Çal??kan, K. &; Callon, M. (2010) ‘Economization, part 2: a research programme for the study of markets’, Economy and Society, vol. 39, no. 1, pp. 1–32.] is that their analytical priorities reflect an economics-centric perspective: they prioritize the study of market exchange itself and of agents promoting market framing, while leaving non-economic agendas and the broader contexts of markets both understudied and undertheorized. This weakness tends to be attributed to contingent analytical priorities, which can be remedied by extending the program’s focus without changing its theoretical tenets. This article, in contrast, suggests that these analytical priorities stem from a theoretical tension within the program, which is caused by the complete, instead of a selective adoption of the theoretical tools of the performativity agenda in the marketization program. As a result, while the program promotes the inclusion of non-marketizing agents through the notion of co-performation, its call to focus on those phenomena that agents qualify as ‘economic’ and on the making of market exchange delimits the analysis of non-marketizing agents to their helping/hindering effects on market framing. The solution proposed is to reassess some of the performativity-inspired tools of the program in favor of a more ANT-inspired approach to markets.