nep-cul New Economics Papers
on Cultural Economics
Issue of 2019‒04‒15
four papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Monthly art market returns By BOCART Fabian Y.R.P.,; GHYSELS Eric,; HAFNER Christian,
  2. Paywalls and the demand for online news By Skjeret, Frode; Steen, Frode; Wyndham, Timothy G.A.
  3. Work and Play - Experiences in Toy Town By Vicki Thomas
  4. The Production of Information in an Online World: Is Copy Right? By Julia Cage; Nicolas Hervé; Marie-Luce Viaud

  1. By: BOCART Fabian Y.R.P., (Artnet, New York); GHYSELS Eric, (Kenan-Flager Business School); HAFNER Christian, (ISBA and CORE, Université catholique de Louvain)
    Abstract: We provide an innovative methodological contribution to the measurement of returns on infrequently traded assets using a novel approach to repeat-sales regression estimation. The model for price indices we propose allows for correlation with other markets, typically with higher liquidity and high frequency trading. Using the new econometric approach, we propose a monthly art market index, as well as sub-indices from Impressionist, Modern, Post-War, and Contemporary paintings based on repeated sales at a monthly frequency. The correlations enable us to update the art index via observed transactions in other markets that have a link with the art market.
    Keywords: art index, repeated sales, correlation
    JEL: C14 C43 Z11
    Date: 2018–09–10
  2. By: Skjeret, Frode (SNF); Steen, Frode (Dept. of Economics, Norwegian School of Economics and Business Administration); Wyndham, Timothy G.A. (Dept. of Economics, Norwegian School of Economics and Business Administration)
    Abstract: The digitisation of society has posed a challenge to news outlets. Seeking advertising revenues and facing competition for the attention of their readers, many news outlets entered the digital era with unrestricted access to their online content. More recently, news outlets have sought to restrict the amount of content available for free. We quantify the impact of introducing a paywall on the demand for news in Norway. The short-run average impact of a paywall is negative and between 3 and 4%, in the long run the effect increases to between 9 and 11%. We find heterogeneity in the response to paywalls. The largest news outlet within its market experiences larger effects than the other news outlets. After introducing a paywall, the largest news outlets face a long-run reduction in demand between 13 and 15%, as compared to the others who experience a decrease of between 8 and 11%. The timing of introducing a paywall does not seem to affect the demand response very much.
    Keywords: Online news; paywalls; business models; two-sided markets
    JEL: D40 L20 L82
    Date: 2019–05–22
  3. By: Vicki Thomas (University of Northampton (UNITED KINGDOM) - University of Northampton (UNITED KINGDOM))
    Abstract: The University of Northampton is in a town known for its shoe industry, but during the twentieth century it became 'Toy Town' and a national centre of innovation for the British toy industry. The University has been working with the town's industry and organisations, to capture the local toy history but more importantly to understand the creative value of play and toy design to the locality. Drawing on experience in teaching and working with toy businesses this paper focuses on the creative relationship between work and play. How do the toys you play with as child lead to a career choice? How is the world of work reflected in toy design today? Is play as 'a child's work'? Or is this a notion that is being undermined in today's schools? Does playing with games and toys develop skills for work? Is a 'play' office interior truly creative? Does continuing to use play aspects of work-such as tinkering-keep us happier in retirement? Our studies into the value of play started with toy design projects on undergraduate courses, where we observed that play seemed to encourage creativity. Has this experience been shared in other disciplines and with more recent cohorts? How have our graduates transferred their skills to the local industry and into the work place? The paper sets out to reflect on the community experience of staff, graduates and local employers and to share some provisional thoughts about the vital creative links between work and play.
    Keywords: creativity,play,work,community,toy design,innovation
    Date: 2018–07–11
  4. By: Julia Cage (Département d'économie); Nicolas Hervé (Institut national de l'audiovisuel); Marie-Luce Viaud (Institut national de l'audiovisuel)
    Abstract: This paper documents the extent of copying and estimates the returns to originality in online news production. We build a unique dataset combining all the online content produced by French news media during the year 2013 with new micro audience data. We develop a topic detection algorithm that identifies each news event, trace the timeline of each story, and study news propagation. We unravel new evidence on online news production. First, we document high reactivity of online media: one quarter of the news stories are reproduced online in under 4 minutes. Second, we show that this comes with extensive copying: only 33% of the online content is original. Third, we investigate the cost of copying for original news producers. Using article-level variations and media-level daily audience combined with article-level social media statistics, we find that readers partly switch to the original producers, thereby mitigating the newsgathering incentive problem raised by copying.
    Keywords: Internet; Information spreading; Copyright; Social media; Reputation
    JEL: L11 L15 L82 L86
    Date: 2019–04

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