nep-cul New Economics Papers
on Cultural Economics
Issue of 2023‒06‒19
four papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. The fundamental value of art NFTs By Fridgen, Gilbert; Kräussl, Roman; Papageorgiou, Orestis; Tugnetti, Alessandro
  2. The Effect of the Out of Africa Migration on Cultural Diversity By Daniel Crisóstomo Wainstock; Oded Galor; Marc Klemp
  3. Cultural Doorways in the Barriers to Development By Marcello D'Amato; Francesco Flaviano Russo
  4. Non-fungible token: Overview and use cases By Diefenbach, Carolin

  1. By: Fridgen, Gilbert; Kräussl, Roman; Papageorgiou, Orestis; Tugnetti, Alessandro
    Abstract: This paper examines the level of speculation associated with art non-fungible tokens (NFTs), comprehends the characteristics that confer value on them and designs a profitable trading strategy based on our findings. We analyze 860, 067 art NFTs that have been deployed on the Ethereum blockchain and have been involved in 317, 950 sales using machine learning methods to forecast the probability of sale, the trade frequency and the average price. We find that NFTs are highly speculative assets and that their price and recurrence of sale are heavily determined by the floor and the last sales prices, independent of any fundamental value.
    Keywords: Non-fungible tokens (NFTs), Machine Learning, Fundamental Value, Speculation, Ethereum, Blockchain, Non-fungible tokens (NFTs)
    JEL: C55 G11 Z11
    Date: 2023
  2. By: Daniel Crisóstomo Wainstock; Oded Galor; Marc Klemp
    Abstract: Evidence suggests that the Out of Africa Migration has impacted the degree of intra-population genetic and phenotypic diversity across the globe. This paper provides the first evidence that this migration has shaped cultural diversity. Leveraging a folklore catalogue of 958 oral traditions across the world, we show that ethnic groups further away from East Africa along the migratory routes have lower folkloric diversity. This pattern is consistent with the compression of genetic, phenotypic, and phonemic traits along the Out of Africa migration routes, setting conditions for the emergence and proliferation of differential cultural diversity and economic development across the world.
    Keywords: diversity, Out of Africa, culture
    JEL: Z10 O10
    Date: 2023
  3. By: Marcello D'Amato (University of Naples Suor Orsola Benincasa and CSEF); Francesco Flaviano Russo (Università di Napoli Federico II and CSEF)
    Abstract: We provide a new measure of cultural similarity among ethnic groups and countries, based on orally transmitted narratives. Compared to other measures of phylogenetic distances of the separation time of two ethnic groups, either linguistic, religious or based on the “molecular clock”, our index measures the intensity of cultural exchanges across group pairs in their history, after separation and before the recent great migrations. By the use of this index, a “cultural clock”, we provide further support to the hypothesis that the cultural channel is key to interpret the role of vertically transmitted traits in the account for the deep causes of observed pairwise distances in economic outcomes, at both the ethnic-group and the country level.
    Keywords: Culture; Phylogenetic Distances; Narratives, Comparative Development.
    JEL: J15 Z10
    Date: 2023–05–09
  4. By: Diefenbach, Carolin
    Abstract: Due to the rapid growth experienced by the market for non-fungible tokens in 2021, the topic has become much more present. Even people who have not previously dealt with the topic of cryptoassets are finding interest in it. What exactly is hidden behind the term NFT, which areas of application there are and in which direction crypto tokens are developing will be briefly presented in this article. Significant changes on the market and in the technological field will be highlighted, as well as opportunities and challenges.
    Keywords: crypto-assets, virtual assets, non-fungible token, smart contracts, blockchain, proof of work, proof of stake
    Date: 2023

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