nep-cul New Economics Papers
on Cultural Economics
Issue of 2022‒08‒08
seven papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Art as investment By Menconi, Denise
  2. Does the digital world open up an increasing divide in access to print books? By Miyako Ikeda; Giannina Rech
  3. Legal aspects and business ethics in the national film industry By Nuryadi Wijiharjono
  4. Litigating Barbie: Trade Mark Infringement, Parody and Free Speech By Ram Mohan, M.P.; Gupta, Aditya
  5. The market for wine quality evaluation: evolution and future perspectives By Dubois, Magalie
  6. Analysis of Tennessee Wine and Grape Industry Trends, 2020 By Hughes, David W.
  7. The Signaling Values of Nested Wine Names By Ay, Jean-Sauveur; Le Gallo, Julie

  1. By: Menconi, Denise
    Abstract: This paper applies the Fama-French three-factors model, augmented with Momentum and Liquidity factors, to analyze Art as an Investment. It also compares investing in Art to several other traditional and non-traditional investments. There is evidence that Market and Momentum factors explain the risk premia in some Art sub-segments. The Market Beta, in particular, is lower than what is found in the existing literature, whereas the Momentum factor might explain part of the premia of Contemporary Art and Old Masters. There is no evidence, however, that Art and its subsegments command a Liquidity premium. The paper also discusses the efficient share of Art in a diversified portfolio.
    Date: 2022–03–14
  2. By: Miyako Ikeda; Giannina Rech
    Abstract: Over the last two decades, reading has shifted from taking place on paper to, increasingly, screens. As digitalisation spreads, there have been growing concerns about unbalanced access to new types of resources between socio-economically advantaged and disadvantaged students. PISA 2018 results show that while disadvantaged students are catching up in terms of access to digital resources, their access to cultural capital like paper books at home has diminished, and the socio-economic gap has been persistent over the last two decades. This policy brief draws education stakeholders’ attention to this issue and provides evidence for the discussion of equity in education by examining how access to books at home is related to students’ prevalent mode of reading books, their performance in reading and their enjoyment of reading.
    JEL: I24
    Date: 2022–07–12
  3. By: Nuryadi Wijiharjono (UHAMKA - Universitas Muhammadiyah Prof Dr Hamka)
    Abstract: The revolution of information technology also has implications for the national film market. From the legal aspects and business ethics, this is especially true for pirated products, which can harm the national film industry. In fact, it was not only the film industry that was hit, but a series of industries were also hit. Film influence people's behavior and culture. There is a need for law enforcement and ethical commitments that are based on nation's moral values from all parties, especially among filmmakers, in producing film so that quality films are produced, not only artistically but also commercially. The purpose of this this paper is to examine the business environment of the national film industry from the perspective of law and business ethics.
    Keywords: Indonesian films,business ethics,law,film censorship,national film industry
    Date: 2022–05–02
  4. By: Ram Mohan, M.P.; Gupta, Aditya
    Abstract: In the contemporary marketplace, trade marks are not mere monikers of origin. While often regarded as commercial symbols, trade marks sometimes become part of the commonplace vocabulary and are indelibly linked to expressing ideas and thoughts. In recent years, the dichotomy of expansive protection offered through the trade mark law and use of marks as part of expressive vocabulary has become increasingly controversial. One such trade mark which has amassed immense communicative strength is Mattel Incs Barbie. The mark has assumed an enduring prominence in contemporary language and has assumed the status of a cultural icon. The present study examines the regulation of expressive secondary uses of trade marks by employing Barbie as a case study. Comparatively analysing the treatment of the Barbie mark in India, the USA, and Canada, the authors underline an imperative need to adopt a legislative framework to protect the expressive and artistic secondary use of popular trade marks.
    Date: 2022–07–15
  5. By: Dubois, Magalie
    Abstract: Most economic studies on expert wine evaluation focus on this evaluation as a determinant of wine prices, whereas most management research on the topic tackles its impact on the perception of wine quality: wine consumers use expert evaluation as an external quality cue. In the present research, we intend to fill the gap in valuation studies. We propose a first extensive exploration and categorization of five decades of research on wine quality signaling and evaluation through market analysis. We review the emergence and evolution of a consumer- oriented wine evaluation market, providing a critical account of demand, and unveil the market structure and mechanisms. The parallel development of scientific knowledge and technical practices over the last few decades has had a significant impact on wine quality definition and evaluation. It also influenced the way consumers obtain information about wine quality. We provide a historical perspective, exploring the emergence and standardization of wine quality evaluation and identifying the 1970s as the turning point from a production-driven market to a consumer-oriented one. Important changes are afoot on the market for wine evaluation: in areas traditionally set aside for experts, the roles of social media and experts have evolved meaningfully over the past decade with the growing self-confidence and self-reliance of wine consumers and the disappearance of the demarcation between marketplace and prescription.
    Keywords: Marketing, Agribusiness
    Date: 2021
  6. By: Hughes, David W.
    Abstract: This publication presents an analysis of recent trends for the Tennessee wine and grape industries. Growth in both the wine and grape sectors has been substantial but has recently slowed. These sectors have begun to lag behind those of key neighboring states. The data for these states are also presented for purposes of comparison. The COVID-19 pandemic has important implications for the Tennessee industry. A set of policy recommendations aimed at leveling the playing field for Tennessee’s wine and grape industry with that of other states, bolstering sales, and increasing production of Tennessee wines and Tennessee grapes are also made.
    Keywords: Agribusiness
    Date: 2020–08–28
  7. By: Ay, Jean-Sauveur; Le Gallo, Julie
    Abstract: Unobserved quality challenges the empirical content of signaling theory, and often precludes the valuation of quality signals such as wine names. This paper uses the location of vineyard plots to control for unobserved wine quality when estimating the causal value of wine names on vineyard prices. The identification tackles unobserved spatial heterogeneity by newly combining a multi-cutoff spatial regression discontinuity design with plausibly exogenous name variations. We deal with standard requirements of causal inference – unconfoundedness and overlap – with instrumental variables and high-dimensional propensity models in a double robust framework. For the Burgundy region of France, we then recover the full causal signaling scheme of nested wine names with both a horizontal and a vertical dimension. This typical structure of names is monotone and complementary, as the names are consistently ordered within each dimension (rank preservation) and they present spillovers between them (umbrella effect). We find a high importance for unobserved wine quality, which produces heterogeneous signaling values.
    Keywords: Agribusiness, Consumer/Household Economics
    Date: 2021

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