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Contracts Between Art and Commerce

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  • Richard E. Caves
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    Abstract

    Contract structures used in the arts and entertainment industries are central to understanding their economic organization. The structures spring from common bedrock traits of these industries--pervasive product differentiation, all costs sunk, consumers' valuations unpredictable, artists having tastes for how creative work is done. Joint-venture structures are common, with revenue (not profit) shared. Advances to artists help bring incentive and distributive goals into consistency, as do long-term contracts covering successive cycles of the artist's output. Real option contracts allow the efficient allocation of decision rights in a project on which collaborators work successively.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/089533003765888430
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    Bibliographic Info

    Article provided by American Economic Association in its journal Journal of Economic Perspectives.

    Volume (Year): 17 (2003)
    Issue (Month): 2 (Spring)
    Pages: 73-83

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    Handle: RePEc:aea:jecper:v:17:y:2003:i:2:p:73-83

    Note: DOI: 10.1257/089533003765888430
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    Cited by:
    1. Su-Hyun Berg & Robert Hassink, 2013. "Creative industries from an evolutionary perspective: A critical literature review," Papers in Evolutionary Economic Geography (PEEG) 1306, Utrecht University, Section of Economic Geography, revised Apr 2013.
    2. Luis Antonio Palma M. & Luis Fernando Aguado Q., 2010. "Economía de la cultura. Una nueva área de especialización de la economía," Revista de Economía Institucional, Universidad Externado de Colombia - Facultad de Economía, vol. 12(22), pages 129-165, January-J.
    3. Andersen, Kristina Vaarst, 2013. "The problem of embeddedness revisited: Collaboration and market types," Research Policy, Elsevier, vol. 42(1), pages 139-148.
    4. Sällström Matthews, S.E., 2007. "Practice Makes Perfect: On Professional Standards," Cambridge Working Papers in Economics 0728, Faculty of Economics, University of Cambridge.
    5. Kim Jin-Hyuk, 2007. "Strategic Use of Copyright Protection to Deter Entry," The B.E. Journal of Economic Analysis & Policy, De Gruyter, vol. 7(1), pages 1-19, September.
    6. Skrzypacz, Andrzej, 2013. "Auctions with contingent payments — An overview," International Journal of Industrial Organization, Elsevier, vol. 31(5), pages 666-675.
    7. Pierre-Alexandre Balland & Mathijs de Vaan & Ron Boschma, 2011. "The Dynamics of Interfirm Networks along the Industry Life Cycle: The Case of the Global Video Games Industry 1987-2007," Papers in Evolutionary Economic Geography (PEEG) 1114, Utrecht University, Section of Economic Geography, revised Aug 2011.
    8. Sällström, Susanna, 2007. "Practice Makes Perfect: On Professional Standards," CEPR Discussion Papers 6377, C.E.P.R. Discussion Papers.
    9. Joshua S. Gans, 2014. "“Selling Out” and the Impact of Music Piracy on Artist Entry," NBER Working Papers 20162, National Bureau of Economic Research, Inc.
    10. Maija Halonen-Akatwijuka & Tobias Regner, 2009. "Digital Technology and the Allocation of Ownership in the Music Industry," The Centre for Market and Public Organisation 09/228, Department of Economics, University of Bristol, UK.
    11. Beck, Jonathan, 2008. "Diderot´s rule," Discussion Papers, Research Unit: Competition and Innovation SP II 2008-13, Social Science Research Center Berlin (WZB).
    12. M. Rimscha, 2013. "It’s not the economy, stupid! External effects on the supply and demand of cinema entertainment," Journal of Cultural Economics, Springer, vol. 37(4), pages 433-455, November.
    13. Alexander S. Gorbenko & Andrey Malenko, 2011. "Competition among Sellers in Securities Auctions," American Economic Review, American Economic Association, vol. 101(5), pages 1806-41, August.
    14. Gayer, Amit & Shy, Oz, 2006. "Publishers, artists, and copyright enforcement," Information Economics and Policy, Elsevier, vol. 18(4), pages 374-384, November.
    15. Alessandro Bonatti & Johannes Horner, 2014. "Career Concerns and Market Structure," Levine's Working Paper Archive 786969000000000929, David K. Levine.
    16. Alessandro Bonatti & Johannes Horner, 2011. "Career Concerns and Market Structure," Cowles Foundation Discussion Papers 1831R, Cowles Foundation for Research in Economics, Yale University, revised Oct 2013.

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