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Rational Philanthropy and Cultural Capital

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  • Carlos Ulibarri

Abstract

This 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

Suggested Citation

  • Carlos Ulibarri, 2000. "Rational Philanthropy and Cultural Capital," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 24(2), pages 135-146, May.
    • Handle: RePEc:kap:jculte:v:24:y:2000:i:2:p:135-146
    DOI: 10.1023/A:1007639601013
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    References listed on IDEAS

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    1. Boskin, Michael J., 1976. "Estate taxation and charitable bequests," Journal of Public Economics, Elsevier, vol. 5(1-2), pages 27-56.
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    Cited by:

    1. Yaron Zelekha & Léo-Paul Dana, 2019. "Social Capital Versus Cultural Capital Determinants of Entrepreneurship: An Empirical Study of the African Continent," Journal of Entrepreneurship and Innovation in Emerging Economies, Entrepreneurship Development Institute of India, vol. 28(2), pages 250-269, September.
    2. Sao-Wen Cheng, 2006. "Cultural goods creation, cultural capital formation, provision of cultural services and cultural atmosphere accumulation," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 30(4), pages 263-286, December.
    3. Sao-Wen Cheng, 2005. "Cultural Goods Production, Cultural Capital Formation and the Provision of Cultural Services," Volkswirtschaftliche Diskussionsbeiträge 119-05, Universität Siegen, Fakultät Wirtschaftswissenschaften, Wirtschaftsinformatik und Wirtschaftsrecht.
    4. Haifei Wang & Hongjun Wu & Peter Humphreys, 2022. "Chinese Merchant Group Culture, Corporate Social Responsibility, and Cost of Debt: Evidence from Private Listed Firms in China," Sustainability, MDPI, vol. 14(5), pages 1-18, February.
    5. David Throsby, 2011. "Cultural Capital," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 20, Edward Elgar Publishing.

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