Market Failures in the Area of Art (The Case of Performing Arts)
AbstractMarket failures in the field of performing arts are determined by their nature and technical features. In this case the term “quasi market failures” has been introduced in order to represent more precisely this atypical situation. Arts possess positive external effects of the nature of common benefits, i.e. pure public goods – common consumption without exclusion. The effects are internalized by subsidizing. The market of performing art is incomplete. There is an information asymmetry between demand and supply. The analyzed market defects complete their characteristics as a weak market subject and are a substantial evidence of state intervention and regulation of the sector.
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Bibliographic InfoArticle provided by Bulgarian Academy of Sciences - Economic Research Institute in its journal Economic Thought.
Volume (Year): (2004)
Issue (Month): 2 ()
Find related papers by JEL classification:
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
- A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
- H41 - Public Economics - - Publicly Provided Goods - - - Public Goods
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- Peacock, Alan T, 1969. "Welfare Economics and Public Subsidies to the Arts," The Manchester School of Economic & Social Studies, University of Manchester, University of Manchester, vol. 37(4), pages 323-35, December.
- Morrison, William G. & Westi, Edwin G., 1986. "Subsidies for the performing arts: Evidence on voter preference," Journal of Behavioral Economics, Elsevier, Elsevier, vol. 15(3), pages 57-72.
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