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.
Download InfoIf you experience problems downloading a file, check if you have the proper application to view it first. In case of further problems read the IDEAS help page. Note that these files are not on the IDEAS site. Please be patient as the files may be large.
Bibliographic InfoPaper provided by Institute for Empirical Research in Economics - University of Zurich in its series IEW - Working Papers with number 270.
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," CREMA Working Paper Series, Center for Research in Economics, Management and the Arts (CREMA) 2006-05, Center for Research in Economics, Management and the Arts (CREMA).
- 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
This paper has been announced in the following NEP Reports:
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
- Vives, X., 1990.
"How Fast Do Rational Agents Learn?,"
UFAE and IAE Working Papers, Unitat de Fonaments de l'AnÃ lisi EconÃ²mica (UAB) and Institut d'AnÃ lisi EconÃ²mica (CSIC)
135-90, Unitat de Fonaments de l'Anàlisi Econòmica (UAB) and Institut d'Anàlisi Econòmica (CSIC).
- Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, American Economic Association, vol. 87(5), pages 847-62, December.
- Becker, Gary S & Murphy, Kevin M, 1988.
"A Theory of Rational Addiction,"
Journal of Political Economy, University of Chicago Press,
University of Chicago Press, vol. 96(4), pages 675-700, August.
- Gary S. Becker & Kevin M. Murphy, 1986. "A Theory of Rational Addiction," University of Chicago - George G. Stigler Center for Study of Economy and State, Chicago - Center for Study of Economy and State 41, Chicago - Center for Study of Economy and State.
- Lones Smith & Peter Sorensen, 2000.
"Pathological Outcomes of Observational Learning,"
Econometrica, Econometric Society,
Econometric Society, vol. 68(2), pages 371-398, March.
- Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Economics Papers 115, Economics Group, Nuffield College, University of Oxford.
- Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 96-19, Massachusetts Institute of Technology (MIT), Department of Economics.
- Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, MIT Press, vol. 107(3), pages 797-817, August.
- Kennedy, Robert E, 2002. "Strategy Fads and Competitive Convergence: An Empirical Test for Herd Behavior in Prime-Time Television Programming," Journal of Industrial Economics, Wiley Blackwell, Wiley Blackwell, vol. 50(1), pages 57-84, March.
- Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, American Economic Association, vol. 67(2), pages 76-90, March.
- Martin Feldstein, 1991. "The Economics of Art Museums," NBER Books, National Bureau of Economic Research, Inc, number feld91-1, July.
- Bikhchandani, Sushil & Hirshleifer, David & Welch, Ivo, 1992.
"A Theory of Fads, Fashion, Custom, and Cultural Change in Informational Cascades,"
Journal of Political Economy, University of Chicago Press,
University of Chicago Press, vol. 100(5), pages 992-1026, October.
- Sushil Bikhchandani & David Hirshleifer & Ivo Welch, 2010. "A theory of Fads, Fashion, Custom and cultural change as informational Cascades," Levine's Working Paper Archive 1193, David K. Levine.
- David Maddison & Terry Foster, 2003. "Valuing congestion costs in the British Museum," Oxford Economic Papers, Oxford University Press, vol. 55(1), pages 173-190, January.
- Marco Ottaviani & Giuseppe Moscarini & Lones Smith, 1998.
"Social learning in a changing world,"
Economic Theory, Springer,
Springer, vol. 11(3), pages 657-665.
- Giuseppe Moscarin & Marco Ottaviani & Lones Smith, . "Social Learning in a Changing World," ELSE working papers, ESRC Centre on Economics Learning and Social Evolution 010, ESRC Centre on Economics Learning and Social Evolution.
- Smith, L, 1996. "Social Learning in a Changing World," Working papers, Massachusetts Institute of Technology (MIT), Department of Economics 96-34, Massachusetts Institute of Technology (MIT), Department of Economics.
- Dick Stanley & Judy Rogers & Sandra Smeltzer & Luc Perron, 2000. "Win, Place or Show: Gauging the Economic Success of the Renoir and Barnes Art Exhibits," Journal of Cultural Economics, Springer, Springer, vol. 24(3), pages 243-255, August.
Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:reading list or among the top items on IDEAS.Access and download statisticsgeneral information about how to correct material in RePEc.
For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Marita Kieser).
If references are entirely missing, you can add them using this form.