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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
As the access to this document is restricted, you may want to look for a different version under "Related research" (further below) or search for a different version of it.
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
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Peacock, Alan T, 1969. "Welfare Economics and Public Subsidies to the Arts," The Manchester School of Economic & Social Studies, 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, vol. 15(3), pages 57-72.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Vassil Zahariev).
If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.
If references are entirely missing, you can add them using this form.
If the full references list an item that is present in RePEc, but the system did not link to it, you can help with this form.
If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your profile, as there may be some citations waiting for confirmation.
Please note that corrections may take a couple of weeks to filter through the various RePEc services.