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Old Master paintings: price formation and public policy implications

In: Law and the State

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  • Paolo Figini
  • Laura Onofri

Abstract

Law and the State provides a political economy analysis of the legal functioning of a democratic state, illustrating how it builds on informational and legal constraints. It explains, in an organised and thematic fashion, how competitive information enhances democracy while strategic information endangers it, and discusses how legal constraints stress the dilemma of independence versus discretion for judges as well as the elusive role of administrators and experts.

Suggested Citation

  • Paolo Figini & Laura Onofri, 2005. "Old Master paintings: price formation and public policy implications," Chapters, in: Alain Marciano & Jean-Michel Josselin (ed.), Law and the State, chapter 14, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:3398_14
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    File URL: https://www.elgaronline.com/view/9781843768005.00022.xml
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    Cited by:

    1. Laura Onofri, 2009. "Old master paintings, export veto and price formation: an empirical study," European Journal of Law and Economics, Springer, vol. 28(2), pages 149-161, October.
    2. Marinelli, Nicoletta & Palomba, Giulio, 2011. "A model for pricing Italian Contemporary Art paintings at auction," The Quarterly Review of Economics and Finance, Elsevier, vol. 51(2), pages 212-224, May.

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