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Stardom and Talent

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  • Adler, Moshe
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    Abstract

    The Economics of Superstars sets out to explain the relationship between talent and success in the arts, but there is no agreement about what this relationship is. But whatever its other features may be, superstardom means that market output is concentrated on just a few artists. Concentration always raises the question of efficiency. Superstardom may be inefficient not only because it raises prices for consumers but also because it deprives other artists of the opportunity to practice art. Artists who do not practice art lose psychic income. Because psychic income cannot be transferred from one person to another, the loss of this income may be inefficient. This chapter reviews theories of superstardom and theories about the emergence of stars. The efficiency of superstardom is discussed in terms of effects on consumers and the use of publicity rights by the star. The chapter goes on to deal with the loss of opportunities to practice art that are caused by superstardom and suggests ways to alleviate the problem. Finally the empirical literature that tests the different theories of superstardom is reviewed.

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    This chapter was published in:

  • V.A. Ginsburgh & D. Throsby (ed.), 2006. "Handbook of the Economics of Art and Culture," Handbook of the Economics of Art and Culture, Elsevier, edition 1, volume 1, number 1, December.
    This item is provided by Elsevier in its series Handbook of the Economics of Art and Culture with number 1-25.

    Handle: RePEc:eee:artchp:1-25

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    Web page: http://www.elsevier.com/wps/find/bookseriesdescription.cws_home/BS_HE/description

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    Cited by:
    1. Laura Spierdijk & Mark Voorneveld, 2009. "Superstars without Talent? The Yule Distribution Controversy," The Review of Economics and Statistics, MIT Press, vol. 91(3), pages 648-652, August.
    2. Popović, Milenko & Ratković, Kruna, 2013. "Oversupply of Labor and Other Peculiarities of Arts Labor Market," EconStor Preprints 83025, ZBW - German National Library of Economics.
    3. Popovic, Milenko, 2009. "Dynamic Model of Arts Labor Supply," MPRA Paper 17108, University Library of Munich, Germany.
    4. Lasse Steiner & Lucian Schneider, 2013. "The happy artist: an empirical application of the work-preference model," Journal of Cultural Economics, Springer, vol. 37(2), pages 225-246, May.
    5. Kiefer, Stephanie, 2012. "The impact of the Euro 2012 on popularity and market value of football players," Discussion Papers of the Institute for Organisational Economics 11/2012, University of Münster, Institute for Organisational Economics.

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