nep-cul New Economics Papers
on Cultural Economics
Issue of 2022‒10‒31
three papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Kyoto A Creative City By Victor Mulas; Haruka Miki-Imoto; Vibhu Jain; Shoko Tawara; Michiko Kadono; Jamil Wyne
  2. Culture in Historical Political Economy By Sara Lowes
  3. Ether Volatility and NFT Markets By Yufeng Huang; Bowen Luo; Chenyu Yang

  1. By: Victor Mulas; Haruka Miki-Imoto; Vibhu Jain; Shoko Tawara; Michiko Kadono; Jamil Wyne
    Keywords: Culture and Development - Cultural Heritage & Preservation Culture and Development - Culture in Sustainable Development Urban Development - City Development Strategies Urban Development - National Urban Development Policies & Strategies Urban Development - Urban Economic Development
    Date: 2021
  2. By: Sara Lowes
    Abstract: Culture – the set of socially transmitted values and beliefs held by individuals – has important implications for a wide variety of economic outcomes. Both the causes and consequences of culture have been the subject of work in Historical Political Economy. I first outline several theories on the origins, evolution, and transmission of culture. I then discuss various strategies for measuring culture. Finally, I review recent research in HPE that explores the origins of variation in culture and the economic consequences of culture.
    JEL: N01 P0 P50 Z1
    Date: 2022–09
  3. By: Yufeng Huang (Simon Business School, University of Rochester, Rochester, NY 14627); Bowen Luo (D’Amore-McKim School of Business, Northeastern University, Boston, MA 02115); Chenyu Yang (3115E Tydings Hall, 7343 Preinkert Dr., University of Maryland, College Park, MD 20742)
    Abstract: Non-fungible Tokens (NFT) have emerged as a popular monetization mechanism for digital artists. We study the NFT market on, an NFT platform. We document significant heterogeneity of seller behaviors. 6.4% of sellers transfer out their proceeds to a crypto exchange, but they account for 26.4% of all artwork sales. We also find demand is not correlated with ether prices, but ether prices affect the listing prices set by sellers that do not transfer out proceeds. We conjecture that sellers that rely on NFT sales for income are better informed of the demand. We study the implications of the ether price volatility for market efficiency.
    Keywords: NFT, crypto price volatility, market efficiency
    JEL: D4 P4
    Date: 2022–10

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