nep-cul New Economics Papers
on Cultural Economics
Issue of 2009‒05‒02
four papers chosen by
Roberto Zanola
University of the Piemonte Orientale

  1. Measuring intrinsic value – how to stop worrying and love economics By Bakhshi, Hasan; Freeman, Alan; Hitchen, Graham
  2. The economic value of virtue. By Fabio Mariani
  3. Actes des 13èmes Journées de Recherche en Marketing de Bourgogne. Distribution, achat, consommation - produits, services, culture, loisirs, tourisme. Dijon, 13-14 novembre 2008. By FILSER, Marc
  4. The Role of Media for Inflation Forecast Disagreement of Households and Professionals By Thomas Maag; Michael J. Lamla

  1. By: Bakhshi, Hasan; Freeman, Alan; Hitchen, Graham
    Abstract: This paper seeks to transcend entrenched misunderstandings between economists and arts policymakers, leaders and funders. These misunderstandings, which have long dogged discussion on arts funding in the UK, are most evident in the long-running debate about ‘instrumental’ and ‘intrinsic’ approaches to public expenditure on culture and the arts. As a general theory of public choice, economics provides tools for measuring the intrinsic as well as instrumental value of art in a way that is commensurable with other calls on the public purse. The reluctance to use rigorous economic methods has hindered rather than helped the case for the arts. This paper offers a provocative reconsideration of the outdated and poorly-informed prejudices which lie behind this reluctance. This is a prepublication draft. A version has been published electronically by Mission Models Money and can be accessed at e.php?id=34
    Keywords: cultural economics; creative industries; innovation; internet
    JEL: Z1 Z11
    Date: 2009–04
  2. By: Fabio Mariani (Paris School of Economics - Centre d'Economie de la Sorbonne)
    Abstract: We model virtue as an asset on the marriage market : since men value virginity in prospective mates, preserving their virtue increases girls' chances of getting a "good" husband, and therefore allows for upward social mobility. Consistent with some historical and anthropological evidence, we find that the diffusion (and the social value) of virginity, across societies and over time, can be determined, among others, by income inequality, gender differences, social stratification and overall economic development. This is a further example of how cultural and moral values can be affected by economic factors.
    Keywords: Mating, marriage, cultural values, social classes, inequality.
    JEL: D1 D31 J12 Z13
    Date: 2008–12
  3. By: FILSER, Marc (LEG-CERMAB - CNRS UMR 5118 - IAE - Université de Bourgogne)
    Keywords: Distribution ; achat ; consommation - produits ; services ; culture ; loisirs ; tourisme
    Date: 2008–11
  4. By: Thomas Maag (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Michael J. Lamla (KOF Swiss Economic Institute, ETH Zurich, Switzerland)
    Abstract: This paper investigates the effects of media coverage and macroeconomic con- ditions on inflation forecast disagreement of German households and professional forecasters. We adopt a Bayesian learning model in which media coverage of infla- tion affects forecast disagreement by influencing information sets as well as predictor choice. Our empirical results show that disagreement of households depends on the content of news stories (tone) but is unaffected by reporting intensity (volume) and by the heterogeneity of story content (information entropy). Disagreement of pro- fessionals does not depend on media coverage. With respect to the influence of macroeconomic variables we provide evidence that disagreement of households and professionals primarily depends on the current rate of inflation.
    Keywords: forecast disagreement, inflation expectations, media coverage, Bayesian learning
    JEL: E31 E37 D83
    Date: 2009–04

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