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1.
Within a hedonic pricing model, the preferences of Australian art purchasers are investigated. Emphasis is placed on the impact of an artwork’s dimensions upon its auction price. A salient aspect of this is the first test of the ‘golden ratio’ hypothesis in a market situation. It is concluded that purchasers prefer paintings that deviate from the golden rule. The ‘orientation’ of works (portrait, landscape or square) as well as size also helps determine price. The impact of winning the Archibald portraiture prize (Australia’s foremost art prize) is found to have significant and positive impacts on winning artists’ prices. This suggests that purchasers are not fully informed. In addition, a previously unsuspected relationship between artwork dimensions and Archibald prize winners was found. As well as purchasers’ preferences, the artists’ choices of the dimensions of their artworks are considered. 相似文献
2.
Joonwoo Nahm 《Journal of Cultural Economics》2010,34(4):281-297
This paper examines the price determinants of paintings in the Korean art market in the context of a hedonic price regression
to investigate whether the hypothesis of the modified unit pricing system holds for the pricing of Korean modern and contemporary
paintings. Using Korean auction data, I show that the parametric results provide overwhelming evidence that Korean art pricing
does not function in accordance with the modified unit pricing scale. However, I re-examine this hypothesis using a semiparametric
partial linear regression that does not require the prespecification of a functional form prior to estimation. Rather, the
semiparametric approach allows the data to determine the exact form of the size-price profile. This result confirms that the
modified unit pricing system applies to the Korean contemporary and modern painting market. 相似文献
3.
Jan Dutkiewicz 《Journal of Cultural Economy》2020,13(3):278-289
ABSTRACTBetween 2013 and 2014, PED virus (PEDv) swept through American pig farms, killing millions of animals and causing a market panic that drove the prices of both physical pork and lean hog futures to all-time highs. However, a divergence between pricing in financial markets and on-farm realities allowed some producers to reap record profits via a unique form of biological arbitrage. This arbitrage was novel in that it allowed for an underlier (pigs) to be used to profit from fluctuations in the price of a derivative (lean hog futures). This article explores the case of PEDv to examine the entanglements and divergences between ‘real’ and ‘abstract’ values in financialized industries, paying particular attention to the schisms between the imaginaries and practices of actors in the financial and tangibly productive links of the agricultural value chain. To do so, it examines the historical co-constitution of American agriculture and the financial sector, and shows how in the contemporary moment these two ever-more-intertwined sectors are nonetheless marked by important differences. It argues that the nature of agricultural production can confound the expectations of finance, and highlights the fact that financialization entails contextually-specific practices that can lead to uneven and unexpected market outcomes. 相似文献
4.
《Journal of Cultural Economy》2013,6(6):501-513
ABSTRACTThis paper explores how pricing has historically been involved in the making up of persons and how the ability to ‘personalize’ price is reconfiguring the ability of markets to discriminate. We discuss a variety of contemporary pricing practices, and three types of personhood they produce: generic, protected, and transcontextual. While some contemporary developments in pricing draw on understandings of the person that are quite familiar, others are novel and likely to be contested. We argue that many newer pricing techniques make it harder for consumers to identify themselves as part of a recognized group. We conclude that contemporary price personalization should be understood in terms of the intensification of individualization in combination with dividualization, and as such, contributes to novel and consequential forms of classification. 相似文献
5.
Seth C. Anderson Robert B. EkelundJr. John D. Jackson Robert D. Tollison 《Journal of Cultural Economics》2016,40(3):335-357
Art, along with other “treasure assets,” has become a central object for investment opportunities. Investment return studies using hedonic and resale price regressions on different artistic periods and styles produce estimates of varying rates of return, predominately low rates with high standard deviations. The present study employs a new sample of American art sold at auction between 1987 and 2011—art created before 1950 by 33 artists born prior to 1900. Our study, unlike those that preceded it, considers works that are no-sales (those “bought-in” for failing to sell at auction at or above a predetermined and negotiated minimum price), in addition to full transaction costs—buyers and sellers premia on hammer prices. We conclude that investment return calculations are biased upward and may be negative when these factors are considered and that the “consumption utility” of art may be higher than previously thought. However, using a variant of the capital asset pricing model, we find that investment in early American art may still be desirable in a diversified portfolio of assets for when the price of stock assets falls, the price of art does not fall in the same proportion. 相似文献
6.
Calin Valsan 《Journal of Cultural Economics》2002,26(3):203-216
This study investigates the relationship between the market value of artand the nationality of the painter. A sample of modern and contemporaryCanadian and American paintings is analyzed using non-parametric testsand a hedonic regression model. The results show a significantrelationship between aesthetic painting characteristics, such as subjectmatter, and market valuation. In general, the price of Canadian art iswell below that of American art. Even after adjusting for paintingcharacteristics, Canadian paintings appear to be less expensive still.It is believed that Canadian painters looked at the Northern landscapeto define a national identity, thus playing to a limited audience, theonly that could relate to the beauty of the Canadian scenery. Thisprogrammatic approach could explain some of the aforementioneddifferences in market valuation. 相似文献
7.
Andrea Baldin Trine Bille Andrea Ellero Daniela Favaretto 《Journal of Cultural Economics》2018,42(4):677-700
Performing arts organizations are characterized by different objectives other than revenue. Even if, on the one hand, theaters aim to increase revenue from box office as a consequence of the systematic reduction in public funds; on the other hand, they pursue the objective to increase its attendance. A common practice by theaters is to provide incentives to customers to discriminate among themselves according to their reservation price, offering a schedule of different prices corresponding to different seats in the venue. In this context, price and allocation of the theater seating area is decision variables that allow theater managers to manage their two conflicting goals to be pursued. In this paper, we introduce a multi-objective optimization model that jointly considers pricing and seat allocation. The framework proposed integrates a choice model estimated by multinomial logit model and the demand forecast, taking into account the impact of heterogeneity among customer categories in both choice and demand. The proposed model is validated with booking data referring to the Royal Danish theater during the period 2010–2015. 相似文献
8.
Trine Pallesen 《Journal of Cultural Economy》2016,9(6):527-540
Public policies such as feed-in tariffs have been widely introduced to stimulate the development of renewable energies, and sustain a decarbonisation of the electricity sector. Proponents argue that these governance instruments safeguard public goods such as the climate – yet they are accused of creating political markets, and political prices, here understood as market distortion. This paper studies the ‘politics’ of pricing by following the adoption of the first feed-in tariff in France. Pricing as a way of achieving non-economic ends, such as climate mitigation, brings the values of several public goods into play, all the while prompting a translation of these values into a single price. Following the struggles over the pricing of wind power in the early 2000s, the study illustrates that rather than a pollution of the market sphere by that of politics, a politics of pricing can be observed in four distinct struggles: namely the framing of the public interest; valuation as the articulation of the future; the possible agencies of governance; and role of valuation methods and calculations. 相似文献
9.
Luc Champarnaud 《Journal of Cultural Economics》2014,38(4):369-384
We reconsider Rosen’s economics of superstars model establishing, in the case of single-type consumers, a constant price-to-quality ratio. Rosen also conjectured that, in the case of multiple-type consumers, the normal course of consumer behavior forces the price-to-quality relationship to be convex and prevents it from being concave. We show that this conjecture is false and explain why there is no a priori reason to rule out concavity in the price-to-quality relationship. In this model, the market matches consumers to artists on the basis of quality: consumers of each type select only one level of quality, supplied by artists endowed with a specific level of talent. The concavity or convexity of the price-to-quality relationship is non-trivially related to the way both populations are matched. Consumers with poor knowledge have greater fixed costs above and beyond the price they have to pay on the market. They are therefore less reluctant when prices rise sharply and they specialize in levels of quality that entail a high marginal appreciation of quality: this can mean either a high or a low level of quality, depending on price curvature. With convexity, as Rosen pointed out, they turn toward superstars. Symmetrically, convexity encourages connoisseurs to turn toward low quality. But concavity too is fully possible: consumer–artist matching, for the same reasons, simply has the reverse effect. Connoisseurs go for great talents, whose price of quality flattens out. The global shape of the price-to-quality relationship (concave or convex) is determined by market clearing conditions and, more crucially, by the distribution of agents on both sides. 相似文献
10.
Amresh Hanchate 《Journal of Cultural Economics》1996,20(2):133-144
For a nonprofit organization that provides individualized services to different customers a natural rule is at-cost pricing — to cover for labor, administrative and other expenses incurred in providing the service to each customer. This not only accomplishes zero profits (losses) but also zero cross-subsidization across customers. But if costs cannot be predicted before the completion of a service, and estimates are used in obtaining such service contracts, then what should be the pricing strategy? We study such a situation facing the Intermuseum Laboratory (Oberlin, OH), a nonprofit organization that restores works of art. Two alternative pricing strategies are proposed, with dual objectives of zero cost overuns and minimum cross-subsidization across customers, and present results from a simulation of this strategy using data from the Laboratory. 相似文献
11.
We analyze art pricing in a unique dataset on Madrid inventories between 1600 and 1750. We estimate a price index for the Spanish art market that is used for a general historical analysis of art during this period, showing a large increase in the real price of paintings during the XVII century. Then we examine the price differential between domestic and foreign paintings: At the beginning of the century domestic production was priced substantially below imported paintings, but the price gap was gradually reduced during the century. We argue that such a price convergence was not the fruit of variations in real exchange rate, relative supply or home bias, but was associated with increasing prices for the new domestic painters of the XVII century. Increasing remuneration for painting may have induced artistic innovations by domestic producers and created the conditions for the development of the Siglo de Oro of Spanish art. 相似文献
12.
Hendrik Sonnabend 《Journal of Cultural Economics》2016,40(4):529-545
Unlike Kahneman et al. (Am Econ Rev 76(4):728–741, 1986) iconic snow shovel, live music is a performance good that fans attach a particular value to. Hence, an artist’s pricing decision might differ from standard rent-seeking behavior. In this paper, I propose a model that incorporates fairness concerns into the pricing decision for concert tickets. The hypotheses derived from this model are tested on data from the German club concert industry. The results are consistent with the model: Although (1) price dispersion is the dominant pricing strategy in the club concert industry and artists prefer to perform on a Friday or Saturday night, (2) artists do not set higher prices on the weekend. These results are consistent with fairness constraints, but are difficult to explain within a standard profit maximization framework. As a third result, (3) the data reveal that ticket prices are positively correlated with a city’s number of inhabitants . 相似文献
13.
14.
Oscar Javier Maldonado Castañeda 《Journal of Cultural Economy》2017,10(2):163-177
ABSTRACTDrawing on a pragmatist approach to pricing, this article discusses the impact of cost-effectiveness analysis (CEA) in the pricing strategies of pharmaceutical companies. Through an analysis of the human papillomavirus (HPV) vaccination, this article illustrates the strategic appropriation of evidence-based medicine (narratives and practices) that pharmaceutical companies have undertaken to enhance the value of their products. While governments are concentrated on the measurement of costs and efficiency (cost-effectiveness), companies attempt to find the threshold of effectiveness that supports their estimation of value. I have called such mode of calculation, price-effectiveness. Pharmaceutical companies engage in different ways with CEA in devising their own price strategies. First, CEA is used as an instrument to raise HPV vaccines as a matter of interest for health authorities. Second, companies produce models to maximise the effectiveness of their products. Third, the expense side of CEA has opened an opportunity to represent some conditions as diseases in order to increase the potential value of the vaccine, expressed in a higher price. Debates and practices of pricing offer a unique opportunity to trace how particular forms of quantification have become the common ground in the demonstration of value in healthcare and the adaptation of companies. 相似文献
15.
Marianne Victorius Felton 《Journal of Cultural Economics》1994,18(4):301-312
This paper examines the experience of 25 large U.S. orchestras over a 21-year period for the presence or absence of the cost disease. Appropriate measures of input and output are discussed. Measures of productivity, compensation per worker, and unit labor costs are calculated and compared to similar measures for the manufacturing sector. The history of ticket prices and attendance is reviewed, and price and income elasticities of demand are estimated. The relationship between all these variables is explored, and some policy recommendations are offered.The author is grateful to Professor William Baumol and two anonymous referees for their helpful comments. She also wishes to thank Heather Dinwiddie and Dan Patterson of the American Symphony Orchestra League for making the orchestra data available. Support for this project was provided by a grant-in-aid of research from Indiana University Southeast. 相似文献
16.
Joe Cox 《Journal of Cultural Economics》2008,32(3):201-214
A shared activity or pursuit can have the effect of bringing about cultural convergence in the form of patterns of behaviour
and consumption. This idea is supported by the Axelrod (1997) thesis, which suggests that cultures are more likely to interact and subsequently converge if they have shared traits: one
of these being the use of technology. This paper seeks to apply such a cultural perspective to the body of published literature
on deviations from the law of one price. Adopting a similar methodology to the popular ‘Big Mac’ index, disparity between
official market exchange rate and the real rate of exchange between two currencies is measured using local prices of video
game consoles. The results of the study suggest that, while a degree of pricing and cultural convergence across broad geographic
areas is observed, many major global currencies are trading at levels that are quite significantly different to that which
is suggested by purchasing power parity (PPP) theory.
相似文献
Joe CoxEmail: |
17.
Pierre-Charles Pradier François Gardes Xavier Greffe Ileana Miranda Mendoza 《Journal of Cultural Economics》2016,40(4):453-485
The market for autographs has become more open to international buyers since 1990. Our data set features a large sample of store and auction sales for selected authors every 5 years from 1960 to 2005. The estimation of a hedonic price function shows that page count, type of author, date and type of the document conditionally to author explain more than three quarters of the price differences. The apparent price of autographs increased by 7.7 % per year during the period, while the hedonic price index increased by 7.9 % on average. With a supply function responsive to market valuation, as well French autograph prices seemingly showing trend similar to art market index, the French autograph market has become more integrated in the global art market. 相似文献
18.
Beyond the Dogma of the Fixed Book Price Agreement 总被引:4,自引:1,他引:3
Frederick van der Ploeg 《Journal of Cultural Economics》2004,28(1):1-20
After describing the essential features of the book market, a welfare analysisof the fixed book price agreement is given. Allowance is made for theopportunity cost of reading. Theoretically such an agreement pushes up bookprices and depresses book sales. However, more titles will be published,particularly books with low price elasticity and those that take a long timeto read. Potential advantages of better service, distribution and retailnetworks seem less relevant. The book market is one of imperfect competition,but even so the cross-subsidy argument is unlikely to be valid. A qualitativeanalysis of the Dutch situation is given. Tentative conclusions are that oneshould be more concerned about the number of well-stocked bookshops than thediversity of published titles and that debutantes do not face big barriers toentry. One should be even more concerned about the falling proportion ofpeople reading books. Governments fail to set (quantitative) objectives forthe fixed book price agreement, which makes it difficult to evaluate itssuccess and contributes to it being treated as dogma in the book world and thepolitical arena. 相似文献
19.
Marta Zieba 《Journal of Cultural Economics》2016,40(2):191-221
This paper investigates the impact of tourism flows on demand for large regional and city theatres in Austria over the period from 1972 to 2011 (39 years). The results are obtained by applying an aggregated theatre demand function for both residents and tourists. The elasticity of theatre attendance in response to tourism is estimated along with other standard demand variables such as ticket price and income. The quality factors and theatre-specific effects are also included. The tourism flows variables are derived using detailed data set on tourist arrivals and their overnight counts, and they are also split between domestic and foreign tourists. To measure the impact of tourism flows on theatre demand, three alternative theatre markets specifications are considered. The total elasticity of attendance per capita in response to tourism is estimated between 15 and 20 %, indicating that increasing the number of arrivals by two tourists per resident in the relevant market would generate an increase in theatre attendance by 581–680 thousand visitors per year. The role of tourism flows is found to be particularly important for attendance at opera, operetta and musicals as opposed to attendance at drama performances. The analysis also reveals that foreign, non-German tourists have a positive impact on theatre attendance, whereas domestic tourists do not contribute significantly to higher demand for Austrian theatres. 相似文献
20.
In the paper we develop some price indices for the secondary market forprints and drawings in Italy for the period 1977–1999. Theempirical evidence suggests the emergence of causal links from thepainting series and consumer price series to the print and drawingsprice series. Within the secondary market, the drawings price seriesprecedes the print price series. 相似文献