Information externality in the arts and the public intervention: a brief note
AbstractThe presence of information externality, and the consequent necessity of public intervention to amend the effect of market failure, has been deeply analysed in the case of scientific research. In this Note we argue that the same point is particularly appropriate also in the case of arts: the presence of information externality concerning the personal skills of artists can represent a valid reason to believe that purely private funding of arts is inefficient, and to call for public intervention in this sector.
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Bibliographic InfoPaper provided by University Library of Munich, Germany in its series MPRA Paper with number 5193.
Date of creation: Oct 2007
Date of revision:
Arts; Experimentation; Financing; Incomplete Information; Bayes theorem;
Find related papers by JEL classification:
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
- C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games
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- Throsby,David, 2000.
"Economics and Culture,"
Cambridge Books, Cambridge University Press,
Cambridge University Press, number 9780521586399.
- Ashish Arora & Alfonso Gambardella, 1997. "Public Policy towards Science : Picking Stars or Spreading the Wealth ?," Revue d'Économie Industrielle, Programme National Persée, Programme National Persée, vol. 79(1), pages 63-75.
- Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, American Economic Association, vol. 71(5), pages 845-58, December.
- Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, American Economic Association, vol. 32(1), pages 1-29, March.
- Tyler Cowen & Alexander Tabarrok, 2000. "An Economic Theory of Avant-Garde and Popular Art, or High and Low Culture," Southern Economic Journal, Southern Economic Association, Southern Economic Association, vol. 67(2), pages 232-253, July.
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