In this paper, we present a model in which the performing arts are modelled as congestible public goods. In accordance with empirical evidence, the production of seat capacity is assumed to be subject to fixed costs. We estimate the parameters of the model's demand and cost functions using...

Cultural capital is assumed to benefit all members of society. It is built up by the aggregate consumption of cultural goods and is diminished through depreciation. In the no-policy market economy, consumers tend to ignore the beneficial external effects of their cultural good consumption on the...

Culture manifests itself in everything human, including the ordinary business of everyday life. Culture and art have their own value, but economic values are also constrained. Art sponsorships and subsidies suggest a value that exceeds market price. So what is the real value of culture? Unlike...

Cultural capital is assumed to benefit all members of society. It is accumulated through the consumption of cultural services and is diminished through depreciation. Using the stock of cultural goods, cultural services are provided by the cultural services industry; the stock of cultural goods...

Four types of economics" relevant for institutional analysis are distinguished: Standard Neoclassical Economics; Socio-Economics or Social Economics; New Institutional Economics; and Psychological Economics (often misleadingly called Behavioural Economics). The paper argues that an extension of...