Rational Philanthropy and Cultural Capital
AbstractThis paper develops a theory of rational philanthropyin forming ``cultural capital'' and aestheticpreferences. The study maintains that changes incapital market opportunities provide investmentmotives for private and public giving. Theseimplications are examined in a Vector Autoregressive(VAR) model of funding in the arts and humanities inthe United States for the period 1966 to 1997. Theresults suggest private philanthropy increased inresponse to both lower real returns on capital marketassets and cuts in public funding. On the other hand,public funding for the endowments is not explained byany of the variables in the model, including its pasthistory. Copyright Kluwer Academic Publishers 2000
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.
Bibliographic InfoArticle provided by Springer in its journal Journal of Cultural Economics.
Volume (Year): 24 (2000)
Issue (Month): 2 (May)
Contact details of provider:
Web page: http://www.springerlink.com/link.asp?id=100284
cultural capital; neoclassical investment; philanthropy; vector auto regression;
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.:
- David Throsby, 1999. "Cultural Capital," Journal of Cultural Economics, Springer, vol. 23(1), pages 3-12, March.
- Auten, Gerald E. & Cilke, James M. & Randolph, William C., 1992. "The Effects of Tax Reform on Charitable Contributions," National Tax Journal, National Tax Association, vol. 45(3), pages 267-90, September.
- Boskin, Michael J., 1976. "Estate taxation and charitable bequests," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 27-56.
- Barrett, Kevin S. & McGuirk, Anya M. & Steinberg, Richard S., 1997. "Further Evidence on the Dynamic Impact of Taxes on Charitable Giving," National Tax Journal, National Tax Association, vol. 50(2), pages 321-34, June.
- Guido Cozzi, 1998. "Culture as a Bubble," Journal of Political Economy, University of Chicago Press, vol. 106(2), pages 376-394, April.
- Becker, Gary S & Grossman, Michael & Murphy, Kevin M, 1991.
"Rational Addiction and the Effect of Price on Consumption,"
American Economic Review,
American Economic Association, vol. 81(2), pages 237-41, May.
- Gary S.Grossman Becker & Michael Murphy & Kevin M., 1991. "Rational Addiction and the Effect of Price on Consumption," University of Chicago - George G. Stigler Center for Study of Economy and State 68, Chicago - Center for Study of Economy and State.
- J. Schuster, 1999. "The Other Side of the Subsidized Muse: Indirect Aid Revisited," Journal of Cultural Economics, Springer, vol. 23(1), pages 51-70, March.
- Sao-Wen Cheng, 2006. "Cultural goods creation, cultural capital formation, provision of cultural services and cultural atmosphere accumulation," Journal of Cultural Economics, Springer, vol. 30(4), pages 263-286, December.
- Sao-Wen Cheng, 2005. "Cultural Goods Production, Cultural Capital Formation and the Provision of Cultural Services," Volkswirtschaftliche DiskussionsbeitrÃ¤ge 119-05, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Guenther Eichhorn) or (Christopher F. Baum).
If references are entirely missing, you can add them using this form.