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Ich Bin Auch ein Lemming: Herding and Consumption Capital in Arts and Culture

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Author Info
Dominic Rohner
Anna Winestein
Bruno S. Frey

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Abstract

Trends 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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Paper provided by Institute for Empirical Research in Economics - IEW in its series IEW - Working Papers with number iewwp270.

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Date of creation: Jan 2006
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Handle: RePEc:zur:iewwpx:270

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Related research
Keywords: Art; Culture; Herding; Consumption Capital; Concentration;

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Find related papers by JEL classification:
C11 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods: General - - - Bayesian Analysis
D82 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Asymmetric and Private Information
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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  1. 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, vol. 24(3), pages 243-255, August. [Downloadable!] (restricted)
  2. Smith, L. & Sorensen, P., 1996. "Pathological Outcomes of Observational Learning," Economics Papers 115, Economics Group, Nuffield College, University of Oxford.
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  3. Banerjee, Abhijit V, 1992. "A Simple Model of Herd Behavior," The Quarterly Journal of Economics, MIT Press, vol. 107(3), pages 797-817, August. [Downloadable!] (restricted)
  4. Vives, Xavier, 1993. "How Fast Do Rational Agents Learn?," Review of Economic Studies, Blackwell Publishing, vol. 60(2), pages 329-47, April. [Downloadable!] (restricted)
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  5. Anderson, Lisa R & Holt, Charles A, 1997. "Information Cascades in the Laboratory," American Economic Review, American Economic Association, vol. 87(5), pages 847-62, December. [Downloadable!] (restricted)
  6. Marco Ottaviani & Giuseppe Moscarini & Lones Smith, 1998. "Social learning in a changing world," Economic Theory, Springer, vol. 11(3), pages 657-665. [Downloadable!] (restricted)
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  7. 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, vol. 100(5), pages 992-1026, October. [Downloadable!] (restricted)
  8. Stigler, George J & Becker, Gary S, 1977. "De Gustibus Non Est Disputandum," American Economic Review, American Economic Association, vol. 67(2), pages 76-90, March.
  9. Kennedy, Robert E, 2002. "Strategy Fads and Competitive Convergence: An Empirical Test for Herd Behavior in Prime-Time Television Programming," Journal of Industrial Economics, Blackwell Publishing, vol. 50(1), pages 57-84, March. [Downloadable!] (restricted)
  10. Martin Feldstein, 1991. "The Economics of Art Museums," NBER Books, National Bureau of Economic Research, Inc, number feld91-1.
  11. 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.
  12. Becker, Gary S & Murphy, Kevin M, 1988. "A Theory of Rational Addiction," Journal of Political Economy, University of Chicago Press, vol. 96(4), pages 675-700, August. [Downloadable!] (restricted)
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