Cultural transmission arguably plays an important role in the determination of many fundamental preference traits (e.g., discounting, risk aversion and altruism) and most cultural traits, social norms, and ideological tenets ( e.g., attitudes towards family and fertility practices, and attitudes...

Scholars of literature have devoted considerable attention to what they have called confessional or personal poetry, in which Robert Lowell, Sylvia Plath, and a series of other poets, from the 1950s on, made their art out of the experiences of their own lives. Yet art scholars have not analyzed...

Aggregate art price patterns mask a lot of underlying variation--both in the time series and in the cross- section. We argue that, to increase our understanding of the market for aesthetics, it is helpful to take a micro perspective on the formation of art prices, and acknowledge that each...

While both cultural and legal norms (institutions) help foster cooperation, culture is the more primitive of the two and itself sustains formal institutions. Cultural changes are rarer and slower than changes in legal institutions, which makes it difficult to identify the role played by culture....

There have been two very different life cycles for important modern artists: some, including Picasso, have made their greatest contributions early in their careers, whereas others, like C‚zanne, have produced their best work late in their lives. Art's young geniuses have worked deductively to...

There have been two very different life cycles for great modern artists: some have made their major contributions early in their careers, while others have produced their best work later in their lives. These patterns have been associated with different artistic goals and working methods:...

A survey of the illustrations in textbooks of modern art produces the startling finding that art scholars consider Robert Smithson's Spiral Jetty to be the most important individual work made by an American artist during the past 150 years. More generally, quantifying the evidence of the...

In this paper I use a large data set to analyze two aspects of the Latin American arts: (1) the nature of artistic creative process, and (2) Latin American art as an investment. I use data on auctions to understand the relation between artists' age and the value of their work. The analysis on...

Evidence from laboratory experiments suggests that important disparities exist between willingness to pay (WTP) and compensation demanded for the same good. This study advances, and experimentally tests, a new explanation of the WTP/WTA disparity--a dynamic theory based on the presence of...

During World War II and the Korean War, real GDP grew by about half the amount of the increase in government purchases. With allowance for other factors holding back GDP growth during those wars, the multiplier linking government purchases to GDP may be in the range of 0.7 to 1.0, a range...