Rivalry and externalities in secondary art markets

Summary As is the case with other field theories, Urban Economics, Environmental Economics, etc. the microeconomics of the arts attempts to derive a set of particular propositions from the general propositions of Economic Theory. In the process a substantial amount of cross-fertilization takes place. The specific characteristics of art markets require modification or amplification of some general propositions of economic theory, which in turn may offer novel and possibly useful insights as well as testable hypotheses. The following propositions appear to emanate from the present paper.In general markets R & D efforts are directed towards product or process innovation. For the most part, a known consumer technology exists. Innovation in art markets involves product creation as well as the creation of a consumer technology capable of deriving satisfaction from consumption of the new product. In open markets, a non-patentable product would entail excessive free ridership. Such a state of affairs may discourage innovation. Primary sellers would tend to adapt to narrowly changing consumer technologies. Such was the case during most of art history up to the late 19th century. At present, museums and art critics act as quasi patent offices, which fosters innovation by assuring a positive sum game.A new consumer technology is expected to be demand-augmenting. Not necessarily in the sence of McCain [12] where discontinuous jumps in demand are postulated. Even if such shifts were to occur in individual demand curves, market demand will nevertheless be continuous. The present model presumes that the augmentation is mostly due to increasing numbers of art buyers entering as the new consumer technology casues substitution of one style for another (or one fad for another). Syndicate behavior is induced by the winners of the race who have successfully established a new consumer technology and subsequently extend an umbrella over the membership. In this manner the spoils are shared more equitably. This is a peculiarly modern phenomenon. In the past one could not put a Teniers above a Rembrandt or a Polidoro above a Raphael. The generally accepted rules of decorativeness, that is, craftmanship and composition were obvious and immediately perceptible by all.In certain instances syndicate behavior favors single leadership by an established dealer, or a small group of dealers with a proven track record in spawning new technologies. Collectors, too, are involved, by overpaying for art. The discovering collector creates entry barriers for other collectors and thus has a monopoly of discovery of purely intellectual appeal art. Followers may opt to reduce their rivalry in exchange for assurances that once the new technology is in place, they will be given the opportunity to recycle the art brought into being by the leader or leaders. Under certain conditions, as analyzed in the foregoing, this constitutes an optimal strategy.As in the classical case, entry reduces investment and drives rents to zero, if each firm invests a roughly equivalent amount in support of the prevailing consumer technology. There arises the limiting case, equivalent to pure competition (see EQ. 10). On the other hand, several counterveiling strategies are possible. For example, overpayment, as in the case of Rothko. This limits the artists' output in the market. Leftover art is donated or acquired by museums. Such art is no longer competitive, as opposed to art held by other collectors, which, diminishes art'sscarcity value.The most probable outcome of a Cournot-Stackelberg type behavior is a succession of leader-follower or leader-recyler type syndicates, each successively dissolving as new consumer technologies replace old ones. It is, of course, possible for several specialized syndicates to operate contemporaneously. The rate of turnover clearly depends on the speed of dissemination of information. The curator, critic, trustee, consultant has a vested interest in episodic art and an spawning new consumer technologies: if this were not so, there would be no need for the pre-eminance of the critic. He is the magician, the priest, the medicine man who knows the secret language and penetrates the mysteries.     

The evolution of FM radio: 1941–1946

The following verbatim extracts from FCC Annual, Reports are part of a continuing series published in the Journal of Broadcasting that includes: “The Evolution of Television: 1927–1943” (Summer, 1960); “The Evolution of Television: 1944–1948” (Winter, 1960–61); and “The Evolution of FM Radio: 1935–1940” (Spring, 1961).     

Analysis of job satisfaction of university professors from nine Chinese universities

Research on work life and job satisfaction of university professors is becoming an important research issue in the field of higher education. This study used questionnaires administered to 1 770 teachers from different levels, types, and academic fields of Chinese universities to investigate job satisfaction among university professors and the relationship between job satisfaction of university professors and the organizational characteristics of the university. The job satisfaction of Chinese university professors includes six dimensions: career development and school management, teaching and research services, salary, benefits and logistical services, professional reputation, teaching and research facilities, and the work itself. The overall job satisfaction levels are close to average, with salary and benefits receiving the lowest level of satisfaction. The organizational characteristics of universities, such as school type, school level, academic field, organizational climate, evaluation orientation, and school management, all have significant effects on the overall job satisfaction of university professors. The organizational climate and school level affect all six dimensions of job satisfaction among university professors.     

The development, validation, and application of the Doctoral Student Connectedness Scale

Student attrition from distance and limited-residency doctoral programs is significantly higher than that from traditional programs. The focus of this paper is the development and application of a survey instrument, the Doctoral Student Connectedness Scale, designed to identify students at risk of dropout. The study focused exclusively on students currently working on their dissertations with results indicating that low feelings of student-to-student and student-to-faculty connectedness in the learning environment may be predictive of departure from the program. This study supports the work of Lovitts (2001) and others who have also recognized connectedness as an integral part of the dissertation experience. Recommendations are made for addressing these issues through various initiatives that administrators, faculty, and students can support including the design and development of a doctoral student community of practice (CoP).     

Landscape of scholarship on principal training in China from 1989 to 2008

The past two decades have witnessed the great developments in principal training in China. Research on principal training in China is increasing in quantity and quality with its expanding practice. The purpose of this paper is to explore and analyze the changing landscape of scholarship on principal training in China by examining the quantity of publications, themes covered, methodological approaches and the status of articles published from 1989 to 2008, as listed in the Chinese Database of Journals. This is the first serious academic effort to review and reflect on the Chinese scholarship of principal training and school leadership development. In conclusion, suggestions are outlined for future development of this academic field in China.     

Parents' Management of Their Children's Education Within the Home,at School,and in the Community: An Examination of African-American Families Living in Poverty

Using parents' answers to open-ended questions, we examine variation in parents' management of their children's education within the home, at school, and in the community as a function of whether their children were experiencing academic success or academic problems. Within the home, parents of high achievers used more specific strategies to help their children with their schoolwork and had more supportive conversations with their children than parents of low achievers. At their children's school, parents of high achievers not only were more involved but had different reasons for their involvement than parents of low achievers. In the community, more parents of high achievers explicitly engaged their children in activities to support their achievement than parents of low achievers. Implications for parents, schools, and communities are discussed.