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Auction houses use both in-house and third-party guarantees for sellers who are concerned about the risk that not enough bidders will enter the auction for their works. Auction houses are compensated for guarantees by buyers’ commissions and successful sales after attracting important works of...
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Why are certain movies more successful in some markets than others? Are the entertainment products we consume reflective of our core values and beliefs? These questions drive our investigation into the relationship between a society's oral tradition and the financial success of films. We combine...
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The organization of the creative (arts and entertainment) industries rests on many types of contracts. These contracts govern collaborations between artists and other parties – at arm's length, or within an enterprise. These contracts' structures devolve from a few bedrock properties of...
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This chapter considers the economic dimensions of prizes and awards in the arts. It first treats the role of awards in the markets for artistic goods: their effect on sales, earnings, and consumer demand, and their function as judgment devices or quality signals. Also discussed are the costs of...
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This paper reviews the research literature relevant to economic development incentives provided by state and local … governments, and recommends reforms in these incentives. I argue that the main problem with current incentive policies is that … state and local governments often provide incentives that are not in the best interest of that state or local area, for …
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