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Incomplete Information and Experimentation in the Arts: A Game Theory Approach

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  • Roberto Cellini
  • Tiziana Cuccia

Abstract

In this paper we take an incomplete - information game approach to study the rational choice of artists regarding the experimentation content of their work, and the private profit-seeking financier decision to finance arts projects. Experimentation leads to lower profit for the financier and to higher utility for innovative artists. We find the Bayes perfect Nash equilibrium and show that the number of innovators in the artists' population has opposite effects on the occurrence of experimentation in arts. The higher the proportion is of innovative artists, the better it is for an innovative artist to experiment; however, the higher the proportion is of innovative artists, the lower the expected profit for the financier, and hence the more difficult it is to obtain funds for the artist. Thus, the presence of conservative artists is a necessary condition to guarantee the possibility of private financing for arts, and experimentation in arts can take place thanks to the market mechanism even without public intervention.

Suggested Citation

  • Roberto Cellini & Tiziana Cuccia, 2003. "Incomplete Information and Experimentation in the Arts: A Game Theory Approach," Economia politica, Società editrice il Mulino, issue 1, pages 21-34.
    • Handle: RePEc:mul:jb33yl:doi:10.1428/8558:y:2003:i:1:p:21-34
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    Cited by:

    1. Ruth Towse, 2010. "Creativity, Copyright and the Creative Industries Paradigm," Kyklos, Wiley Blackwell, vol. 63(3), pages 461-478, August.
    2. Ruth Towse, 2011. "Creativity," Chapters, in: Ruth Towse (ed.), A Handbook of Cultural Economics, Second Edition, chapter 18, Edward Elgar Publishing.
    3. Biondo, Alessio Emanuele & Cellini, Roberto & Cuccia, Tiziana, 2022. "Cultural consumption in times of lock-down: An agent-based model of choice," Structural Change and Economic Dynamics, Elsevier, vol. 62(C), pages 430-440.
    4. Francesco Angelini & Massimiliano Castellani & Lorenzo Zirulia, 2022. "Overconfidence in the art market: a bargaining pricing model with asymmetric disinformation," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 39(3), pages 961-988, October.
    5. Luigi Di Gaetano & Isidoro Mazza & Anna Mignosa, 2019. "On the allocation of talents in the contemporary art market," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 43(1), pages 121-143, March.
    6. Bruce Seaman, 2004. "Competition and the Non-Profit Arts: The Lost Industrial Organization Agenda," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 28(3), pages 167-193, August.

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