Ich bin auch ein Lemming: Herding and Consumption Capital in Arts and Culture
AbstractTrends in arts and culture tend to be longer-lasting and less fragile than in other fields such as clothing design. Most herding models are not able to explain such stability, instead predicting informational cascades to be fragile and fads to be frequent. The present contribution is able to explain the hysterisis of trends in arts by incorporating the accumulation of consumption capital into a herding model. Further, the model is tested empirically by analyzing measures of relative and absolute concentration in the television business. It is concluded that by being exposed to art and culture people accumulate consumption capital for a particular style or artist and that this mechanism tends to make herding in arts stable over time.
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Bibliographic InfoPaper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number 2006-05.
Date of creation: Jan 2006
Date of revision:
Art; Culture; Herding; Consumption Capital; Concentration;
Other versions of this item:
- Dominic Rohner & Anna Winestein & Bruno S. Frey, 2006. "Ich Bin Auch ein Lemming: Herding and Consumption Capital in Arts and Culture," IEW - Working Papers 270, Institute for Empirical Research in Economics - University of Zurich.
- C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Bayesian Analysis: General
- D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information; Mechanism Design
- D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search, Learning, and Information
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
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