This chapter argues that the international copyright system, which is now embedded in the international trading system as a consequence of the World Trade Organization (WTO) Agreement on Trade-Related Aspects of Intellectual Property Rights (TRIPS Agreement), has operated at least in relation to...

We document the existence of pricing styles in the concert industry. Artists differ in the extent to which they rely on second- and third-degree price discrimination, and in the probability of their concerts selling out. Most strikingly, artists who use multiple seating categories are more...

This chapter assesses the theories and related empirical evidence regarding the factors that explain cultural innovation by cultural organizations. It begins by defining key concepts, including what is meant by a cultural organization, cultural innovation, and the innovation referent. The...

This study uses international trade data to discern whether fine art is, on average, more an investment or a consumption good. Using a battery of novel measures, the chapter demonstrates that the flows of services embodied by visual artworks most closely resemble consumption services. A stylized...

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...

A long-standing debate in the economics of art and culture is concerned with the adequacy or otherwise of the theory of value in economics to capture a full representation of the value of cultural phenomena. At a theoretical level it has been proposed that a distinct form of value is embodied in...