nep-cul New Economics Papers
on Cultural Economics
Issue of 2011‒02‒05
four papers chosen by
Roberto Zanola
University Amedeo Avogadro

  1. Sale Rates and Price Movements in Art Auctions By Orley Ashenfelter; Kathryn Graddy
  2. How are Journal Impact, Prestige and Article Influence Related? An Application to Neuroscience By Chang, C-L.; McAleer, M.J.; Oxley, L.
  3. Anti-piracy policy and quality differential in markets for information goods By Francisco Martínez-Sánchez; Javier M. López Cuñat
  4. The Value of Terroir: Hedonic Estimation of Vineyard Sale Prices By Cross, Robin; Plantinga, Andrew J.; Stavins, Robert N.

  1. By: Orley Ashenfelter (Princeton University); Kathryn Graddy (Department of Economics, Brandeis University)
    Abstract: This paper examines the relationship between sale rates and price shocks in art auctions. Using data on contemporary and impressionist art, we show that while sale rates appear to have little relationship to current prices, there exists a strong negative relationship of sale rates to unexpected price shocks, which is reminiscent of a Phillips curve. We estimate an empirical model that suggests that the reserve price is set on average at about 70% of the low estimate.
    Date: 2011–01
  2. By: Chang, C-L.; McAleer, M.J.; Oxley, L.
    Abstract: The paper analyses the leading journals in Neurosciences using quantifiable Research Assessment Measures (RAM), highlights the similarities and differences in alternative RAM, shows that several RAM capture similar performance characteristics of highly cited journals, and shows that some other RAM have low correlations with each other, and hence add significant informational value. Alternative RAM are discussed for the Thomson Reuters ISI Web of Science database (hereafter ISI). The RAM that are calculated annually or updated daily include the classic 2-year impact factor (2YIF), 5-year impact factor (5YIF), Immediacy (or zero-year impact factor (0YIF)), Eigenfactor score, Article Influence score, C3PO (Citation Performance Per Paper Online), h-index, Zinfluence, PI-BETA (Papers Ignored - By Even The Authors), 2-year and historical Self-citation Threshold Approval Ratings (STAR), Impact Factor Inflation (IFI), and Cited Article Influence (CAI). The RAM are analysed for 26 highly cited journals in the ISI category of Neurosciences. The paper finds that the Eigenfactor score and PI-BETA are not highly correlated with the other RAM scores, so that they convey additional information regarding journal rankings, that Article Influence is highly correlated with some existing RAM, so that it has little informative incremental value, and that CAI has additional informational value to that of Article Influence. Harmonic mean rankings of the 13 RAM criteria for the 26 highly cited journals are also presented. Emphasizing the 2-year impact factor of a journal to the exclusion of other informative RAM criteria is shown to lead to a distorted evaluation of journal performance and influence, especially given the informative value of several other RAM.
    Keywords: impact factor;prestige;immediacy;eigenfactor;article Influence;h-index;C3PO;zinfluence;PI-BETA;STAR;IFI;cited article influence
    Date: 2011–01–25
  3. By: Francisco Martínez-Sánchez (Universidad de Alicante); Javier M. López Cuñat (Universidad de Alicante)
    Abstract: In this paper we analyze the strategic decisions of the government, the incumbent and the pirate in a market where the good is piratable. We show that deterred or accommodated piracy can occur in equilibrium, but pure monopoly cannot occur for any anti-piracy policy. We also show that the initial quality differential between the original and the pirated product is essential to explain the effects of an increase in the quality of pirated product on both the level of piracy and the optimal monitoring rate. Assuming a one-stage entry process and a sufficiently high quality differential, we prove that the incumbent always prefers to move first and make a credible commitment to a price. However, this is not true with a two-stage entry process.
    Keywords: for-profit piracy, quality, monitoring, price competition.
    JEL: K42 L13 L86
    Date: 2011–01
  4. By: Cross, Robin (Oregon State University); Plantinga, Andrew J. (Oregon State University); Stavins, Robert N. (Harvard University)
    Abstract: We examine the value of terroir, which refers to the special characteristics of a place that impart unique qualities to the wine produced. We do this by conducting a hedonic analysis of vineyard sales in the Willamette Valley of Oregon to ascertain whether site attributes, such as slope, aspect, elevation, and soil types, or designated appellations are more important determinants of price. We find that prices are strongly determined by sub-AVA appellation designations, but not by specific site attributes. These results indicate that the concept of terroir matters economically, although the reality of terroir--as proxied for by locational attributes--is not significant.
    JEL: C20 Q11
    Date: 2011–01

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