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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

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File URL: http://hdl.handle.net/10.1023/A:1007639601013
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Bibliographic Info

Article provided by Springer in its journal Journal of Cultural Economics.

Volume (Year): 24 (2000)
Issue (Month): 2 (May)
Pages: 135-146

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Handle: RePEc:kap:jculte:v:24:y:2000:i:2:p:135-146

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Web page: http://www.springerlink.com/link.asp?id=100284

Related research

Keywords: cultural capital; neoclassical investment; philanthropy; vector auto regression;

References

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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.
  2. David Throsby, 1999. "Cultural Capital," Journal of Cultural Economics, Springer, vol. 23(1), pages 3-12, March.
  3. 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.
  4. 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.
  5. 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.
  6. 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.
  7. Guido Cozzi, 1998. "Culture as a Bubble," Journal of Political Economy, University of Chicago Press, vol. 106(2), pages 376-394, April.
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Cited by:
  1. 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.
  2. 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.

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