Ginsburgh, Victor A.; Buelens, Nathalie - Solvay Brussels School of Economics and Management, … - 1993
We show that Baumol's conclusion that returns on bonds are higher than returns on paintings is too pessimistic. There are segments in the market for which returns are significantly higher than returns on bonds and stocks, during long periods of time (20 to 40 years); since tastes do change...
