Psychic Payoffs, Overpriced Assets, and Underpaid Superstars

Baumöl, William J.; Throsby, David

doi:10.1111/j.1467-6435.2012.00540.x

Cited by 14 publications

(6 citation statements)

References 19 publications

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“…The low return of the investment in art is in line with a classic result in cultural economics, usually motivated with the existence of a separate “psychic payoff” from the art investment (see Frey and Eichenberger, , and Baumol and Throsby, ).…”

supporting

confidence: 66%

The Market for Paintings in Paris between Rococo and Romanticism

Etro¹,

Степанова²

2015

Kyklos

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Summary We analyze art pricing in a unique dataset on Paris auctions between 700s and 800s. Prices reflect the objective features of the paintings and of the sale, and they reveal a substantial death effect, with upward jumps in the years after the death of the artists. Both the hedonic and repeated sale price indexes show a declining pattern for the price of paintings (relative to the cost of living) starting with the French Revolution. On this basis, we analyze the emerging role and market power of art dealers and employ network theory to study whether they created rings to manipulate the outcome of the auctions for their profits. Dealers appear to have been divided into four main communities heavily trading between themselves and we find evidence of collusive behavior with lower hammer prices for buyers belonging to the same community of the dealers organizing the auction.

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supporting

confidence: 66%

The Market for Paintings in Paris between Rococo and Romanticism

Etro¹,

Степанова²

2015

Kyklos

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“…Although artists do need to find ways to derive an income. There are obvious psychic benefits that motivate the performer to pursue a career despite the employment insecurity and uncertainty of income (see Baumol & Throsby, 2012 ). Artists often have intrinsic motivation to perform (Csikszentmihalyi, 1975 ; Frey, 1994 ), and that drives artists to pursue a creative career despite the likely prospect of low pay and employment insecurity.…”

Section: The Street Performer As An Artistmentioning

confidence: 99%

Beyond the realm of cash: street performers and payments in the online world

Elkins

Fry

2021

J Cult Econ

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Street performers are able to contribute to a fabric of a city’s creative dynamic. The exchange for money between a street performer and an audience is a changing landscape. As less cash is carried on people’s person and audiences want to participate in exchange, the industry is ripe for disruption. The paper uses a unique data set from the online busking platform ‘The Busking Project’ to analyse individual donations to 3757 active buskers. Using a Heckman selection model, we find that the number of fans does influence the number of donations and the artist’s genre matters for the likelihood of receiving donation and the amount received. Musicians are more likely to receive a donation; however, it is a smaller donation amount than other performers. The method of payment for receiving a donation and the anonymity of the donor also influences the amount received. The geographic location matters for receiving a donation but not the amount received.

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“…Entrepreneurs have even been shown to discount financial opportunities that undermine their independence (Wood et al, 2016). 7 As Baumol and Throsby (2012) note, that an artist, probably "receives two very different types of reward-one pecuniary, one psychological-and that any shortfall in the one must, at least partially, be made up for by the artist's very high valuation of the other." The activity is deeply rewarding in itself.…”

Section: Path B: Entrepreneurial Accessibility and Personal Eudaimoniamentioning

confidence: 99%

Entrepreneurial accessibility, eudaimonic well-being, and inequality

et al. 2021

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Amidst considerable debate on the relationship between entrepreneurship and economic inequality, scholarship only indirectly addresses how entrepreneurship informs individuals' relative well-being. We theorize on the nuanced relationship between entrepreneurship and equality of eudaimonic wellbeing through the lens of New Institutional Economics. Drawing on theories of human flourishing, we suggest that entrepreneurial action is an underappreciated mechanism by which individuals pursue well-being. Equality of well-being is thus influenced by a society's entrepreneurial accessibility: the freedom of individuals to choose to engage in entrepreneurial action. We present a multilevel framework in which institutional factors enable entrepreneurial action by promoting entrepreneurial accessibility-a factor, that, in turn, affects well-being for individual entrepreneurs as well as societal eudaimonic equality. The ex ante conditions for equality of well-being entail institutions that yield broad entrepreneurial accessibility. Our work highlights the institutional prerequisites for human flourishing in the entrepreneurial society beyond (unequal) economic distributions.

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Psychic Payoffs, Overpriced Assets, and Underpaid Superstars

Cited by 14 publications

References 19 publications

The Market for Paintings in Paris between Rococo and Romanticism

The Market for Paintings in Paris between Rococo and Romanticism

Beyond the realm of cash: street performers and payments in the online world

Entrepreneurial accessibility, eudaimonic well-being, and inequality

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