nep-cul New Economics Papers
on Cultural Economics
Issue of 2020‒06‒15
three papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Peer effects in art prices By Maria Marchenko
  3. Dominance Criteria on Grids for Measuring Seasonal Competitive Imbalance in Sports Leagues By Marc Dubois

  1. By: Maria Marchenko (Department of Economics, Vienna University of Economics and Business)
    Abstract: Art often serves as an investment tool. However, the prices for some of the pieces are not easy to predict, and removing the price uncertainty is crucial to attracting even more investment in the art market. This paper assumes that the reputation of the artists and their social connections can play a significant role in determining the prices of their work. I check if a link to a higher valued or more famous peer has a positive effect on the prices of art pieces and on the probability of a successful sale. To test this hypothesis, I use the network of abstract artists, whose works' value is not always straightforward determined, and the prices of their works auctioned in 2000-2015 at Sotheby's, one of the most significant art and collectibles brokers in the world. The results suggest that consumers are willing to pay more for a particular artist's work, once there is a connection between the artist and a more valuable set of peers. However, the probability of sale is not affected. The auctioneer's predictions about future prices exhibit a similar trend.
    Keywords: peer effects, art prices, art market
    JEL: C49 D44 D85 Z11
    Date: 2020–05
  2. By: Pierre Schweitzer (LID2MS - Laboratoire Interdisciplinaire Droit des Médias et Mutations Sociales - AMU - Aix Marseille Université)
    Abstract: Video games have evolved from a youth-oriented marginal activity to a global phenomenon which economic value outweighs many other cultural industries. However, criticisms are still quite common toward a leisure which many consider violent, useless and overall negative. In this article we start by describing the rise of the video-game industry, before we evaluate its current economic weight. Then we continue by taking into account the externalities and other economic effects not reflected by the price. Considering these elements, the overall economic effect of video-games appears to be much more positive than its media treatment could lead us to think, both on an individual and social level.
    Abstract: Les jeux-vidéos sont passés d'une activité marginale réservée à la jeunesse à un phénomène de société dont le poids économique dépasse celui de nombreuses autres industries culturelles. Cependant, les critiques sont toujours nombreuses à l'encontre d'un loisir dont certains soulignent le caractère violent, inutile et globalement néfaste. Dans cet article nous revenons dans un premier temps sur la montée en puissance de l'industrie vidéo-ludique avant d'évaluer son poids économique. Puis dans un second temps nous prenons en considération les externalités des jeux-vidéos et autres leurs autres effets économiques non reflétés par le prix. Compte-tenu de ces derniers éléments, le bilan économique global des activités vidéo-ludiques nous semble nettement plus positif que ne le laisse croire son traitement médiatique habituel.
    Keywords: online gaming,violence,video-games,video games,addiction,gamification,consoles,PC,Jeux Vidéo,vidéoludique,jeu,technologie,ludification,éducation,jeux en ligne
    Date: 2020–01–01
  3. By: Marc Dubois (RQMP - Regroupement Québécois sur les Matériaux de Pointe - EPM - École Polytechnique de Montréal - Université de Sherbrooke [Sherbrooke] - McGill University - Université de Montréal [Montréal] - FQRNT - Fonds Québécois de Recherche sur la Nature et les Technologies)
    Abstract: The paper proposes a dominance criterion that assesses whether a seasonal outcome of a sports league is more imbalanced than another. This criterion, known as downward seasonal balance (DSB), is proposed as a strategy to measure competitive imbalance when the Lorenz criterion is inconclusive. The DSB criterion places at least as much emphasis on competitive imbalance between leading competitors as on imbalance occurring among the non-leading competitors. DSB is a novel third-order stochastic dominance defined on finite sets of evenly spaced seasonal points (seasonal grids). An empirical application provides comparisons of seasonal outcomes of the five most competitive soccer leagues in Europe.
    Keywords: Stochastic dominance,Lorenz criterion,Grids,Competitive imbalance
    Date: 2020–05–25

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