A Handbook of Cultural Economics by Ruth Towse

By Ruth Towse

'A instruction manual of Cultural Economics is the definitive advisor to cultural economics. brief, available articles by means of best students within the box quick deliver the reader in control and aspect them within the correct course for destiny learn. the recent version brings the sector to the leading edge and is a must-have for a person attracted to economics and the insights it deals for knowing pop culture and the arts.'
--Alex Tabarrok, George Mason collage and The self sufficient Institute, US

Acclaim for the 1st edition:

'Ruth Towse is to be congratulated on assembling this type of top of the range diversity of writers on cultural economics and on orchestrating their contributions so expertly. From anthropology and auctions via copyright and superstars to visible arts and welfare economics, students and basic readers alike will detect during this Handbook an soaking up compendium of entries masking the most issues of a desirable sub-discipline.'
--Martin Ricketts, college of Buckingham, UK

The moment version of this generally acclaimed and largely pointed out selection of unique contributions by means of professional authors displays alterations within the box of cultural economics during the last 8 years. completely revised chapters along new themes and participants deliver the instruction manual brand new, making an allowance for new learn, literature and the impression of latest applied sciences within the inventive industries.

The booklet covers a number issues encompassing the artistic industries in addition to the economics of the humanities and tradition, and contains chapters on: the economics of artwork (including auctions, markets and prices), artists exertions markets, creativity and the artistic economic climate, cultural districts, cultural price, globalization and overseas alternate, the web, media economics, museums, non-profit firms, opera, functionality symptoms, acting arts, publishing, rules, tax charges and welfare economics.

This hugely recommended reference software might be warmly welcomed on a variety of classes within the fields of economics, enterprise, administration, arts administration and cultural and media studies.

Contributors: H. Abbing, okay. Acheson, okay. Alford, O. Ashenfelter, W.J. Baumol, F. Benhamou, M. Blaug, L. Bonet, A.E. Burke, S. Cameron, D.C. Chisholm, F. Colbert, T. Cowen, T. Cuccia, G. Doyle, J. Farchy, V. Fernandez-Blanco, B.S. Frey, V. Ginsburgh, ok. Graddy, C.M. grey, J. Heilbrun, A. Henten, C. Hjorth-Andersen, M. Hutter, W.M. Landes, L. Levy-Garboua, W.A. Luksetich, C. Maule, I. Mazza, C. Montmarquette, D. Netzer, J. O'Hagan, G. Pignataro, J. Prieto-Rodriguez, I. Rizzo, F. Rochelandet, M. Rushton, D. Sagot-Duvauroux, W. Santagata, G.G. Schulze, B.A. Seaman, J.D. Snowball, M. Taalas, R. Tadayoni, D. Throsby, R. Towse, M. Trimarchi, D. Urrutiaguer, O. Velthuis, N.M. Wijnberg, G. Withers

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Mortensen, Dale T. (1970), ‘Job Search, the Duration of Unemployment, and the Phillips Curve’, The American Economic Review, December, 60, 847–62. Riley, John C. and William F. Samuelson (1981), ‘Optimal Auctions’, American Economic Review, June, 71, 381–92. Further reading We recommend Ashenfelter (1989) and Ashenfelter and Graddy (2003) as further reading on how art auctions work, and their effect on prices. indd 27 19/05/2011 16:33 3 Art dealers Olav Velthuis Art dealers mediate supply and demand on the primary and secondary markets for art.

The relative unattractiveness of art as an asset class is partially compensated by the low correlation of returns between art works and financial assets, which suggests that art may be used to diversify a traditional portfolio (Worthington and Higgs, 2004). Finally, art may be bought for social reasons: by buying art, one buys oneself a ticket to a social circle, such as a group of collectors who regularly buy at the same art gallery and meet each other at art-world events. In emerging countries such as India and China, buying art may be a means of expressing membership of a rising middle class.

Engelbrecht-Wiggans, Richard and Charles Kahn (1992), ‘An Empirical Analysis of Dairy Cattle Auctions’, mimeo, University of Illinois. Graham, Daniel A. and Robert C. Marshall (1987), ‘Collusive Bidder Behavior at Single-Object Second-Price and English Auctions’, Journal of Political Economy, December, 95, 1217–39. McAndrew, Clare, James L. Smith and Rex Thompson (forthcoming), ‘The Impact of Reservation Prices on the Perceived Bias of Expert Appraisals of Fine Art’, Journal of Applied Econometrics.

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