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on Cultural Economics |
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Issue of 2016‒12‒04
two papers chosen by Roberto Zanola Università degli Studi del Piemonte Orientale |
| By: | Laurie Binge (Department of Economics, University of Stellenbosch); Willem H Boshoff (Department of Economics, University of Stellenbosch) |
| Abstract: | The South African art market has grown markedly over the last two decades, and yet there is currently very little research on this market. This paper aims to make three contributions to the literature. The first is to estimate new quality-adjusted price indices for South African art since the turn of the millennium. The paper estimates central tendency indices, as a baseline for comparisons, as well as various hedonic indices that control for quality-mix or compositional changes over time. The second contribution is to estimate alternative art price indices by applying a simple hybrid repeat sales method to art prices. This approach addresses the problem of lack of repeat sales observations in the data and to some extent the potential omitted variable bias inherent in the hedonic method. This has not been attempted for art prices in any country. The hedonic and hybrid repeat sales indices seem to point to the same general trend in South African art prices. According to these measures, the South African art market experienced a huge price increase in the run-up to the Great Recession. The third contribution of the paper is to study the art price indices for evidence of a bubble in the South African art market over the period. The hedonic and hybrid repeat sales indices seem to point to consistent evidence of mildly explosive price behaviour in the run-up to the Great Recession. |
| Keywords: | South African Art, Hedonic Price Index, Pseudo Repeat Sales, Explosive Prices |
| JEL: | C43 E31 G12 Z11 |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:sza:wpaper:wpapers274&r=cul |
| By: | Sonia Livingstone; Jasmina Byrne; Daniel Kardefelt Winther; Mariya Stoilova; UNICEF Office of Research - Innocenti |
| Abstract: | With children making up an estimated one third of internet users worldwide, living in the ‘digital age’ can have important implications for children’s lives. Currently, close to 80 per cent of people in Europe, North America and Australia have internet access, compared with less than 25 per cent in some parts of Africa and South Asia. The international community has recognized the importance of internet access for development, economic growth and the realization of civil rights and is actively seeking ways to ensure universal internet access to all segments of society. Children should be an important part of this process, not only because they represent a substantial percentage of internet users but also because they play an important part in shaping the internet. The internet in turn plays an important part in shaping children’s lives, culture and identities. |
| Keywords: | adolescents; internet; social surveys; |
| Date: | 2016 |
| URL: | http://d.repec.org/n?u=RePEc:ucf:inorer:inorer869&r=cul |