Perhaps the most striking feature of "crowdfunding" is the broad geographic dispersion of investors in small, early-stage projects. This contrasts with existing theories that predict entrepreneurs and investors will be co-located due to distance-sensitive costs. We examine a crowdfunding setting...

The discipline of economics has traditionally refused to study the behavior and achievements of specific individuals. Yet creativity - a primary source of the technological change that drives economic growth - is largely the domain of extraordinary individuals or small groups. For the first time...

Recent research has shown that all the arts have had important practitioners of two different types -- conceptual innovators who make their greatest contributions early in their careers, and experimental innovators who produce their greatest work later in their lives. This contradicts a...

John Ford and Alfred Hitchcock were experimental filmmakers: both believed images were more important to movies than words, and considered movies a form of entertainment. Their styles developed gradually over long careers, and both made the films that are generally considered their greatest...

This paper investigates the impact of equity markets and top incomes on art prices. Using a long-term art market index that incorporates information on repeated sales since the eighteenth century, we demonstrate that both same-year and lagged equity market returns have a significant impact on...

Using survey data on cultural consumption by about 650 university students, this article proposes a market segmentation and some rule-of-thumb managerial implications for the music industry. The aim is to show how technological innovation impacts on the structure of consumer preferences....

Nonprofit organizations are continually faced with the challenge of where to allocate their limited funds and other resources across the diverse range of programs that they offer. Rather than examining each program separately, nonprofits should view their activities as a portfolio of programs....

The paper draws on the aesthetic theory and on the cognitive neuroscience approach of music, as well as on music history to try to convince Frederic Scherer that he should listen to music composed after Mahler.

This article considers whether presale auction estimates are unbiased predictors of price when “no-sales” are considered utilizing a newly constructed sample of over 500 works by eight early twentieth-century American artists. Unbiased presale auction estimates in predicting price, while...

Since the early 1970s, movie theaters in the United States have employed a pricing model of uniform prices for differentiated goods. At any given theater, one price is charged for all movies, seven days a week, 365 days a year. This pricing model is puzzling in light of the potential...