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  1. Famous after death
    the effect of a writer's death on book sales
    Autor*in: Ponzo, Michela; Scoppa, Vincenzo
    Erschienen: August 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    In the standard neoclassical model consumers use all the available information and the demand for goods depends exclusively on preferences and prices whereas other spurious information do not play any role. In the market for books, we investigate if... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 4
    Fernleihe:
    keine Fernleihe

     

    In the standard neoclassical model consumers use all the available information and the demand for goods depends exclusively on preferences and prices whereas other spurious information do not play any role. In the market for books, we investigate if - in contrast to the standard model - the death of a writer has an impact on demand for his/her books, that is, we ask if consumers are affected by factors such as emotions and limited attention, as highlighted in behavioral economics. We use bestseller lists at week level for about 30 years (1975-2005) and through a Regression Discontinuity Design we evaluate the impact of a writer's death on the probability of entering in the bestseller list in the period immediately following his/her death. Controlling for age, gender, literary prizes, publishers' relevance and time dummies we find that a writer's death increases the probability of being in the bestseller list of more than 100%. Using a non-parametric RD approach we find very similar results. A number of robustness checks - changing the time window around the death, the estimation method, the outcome variable, the sample used - confirm our findings. In the attempt to investigate which mechanism drives consumers' decisions, we find a much greater impact for writers dying at an early age, for more famous writers and when the news is covered more extensively, suggesting that emotions and media attention are the main drivers of the impact.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/265722
    Schriftenreihe: Discussion paper series / IZA ; no. 15501
    Schlagworte: book sales; writer's death; emotions; limited attention; salience; cultural economics; behavioral economics
    Umfang: 1 Online-Ressource (circa 24 Seiten), Illustrationen
  2. Understanding prices at art auctions
    a conceptual framework for the auction price mechanism
    Autor*in: Noll, Laura
    Erschienen: 2022

    Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Fernleihe:
    keine Fernleihe

     

    Since the growth of the art market into a capitalized global art industry, public and academic discourse on art auctions has been dominated by record prices. Despite the financial potential of art auctions as well as the public and academic interest in art, understanding of auction prices is limited. Price intransparency is exacerbated by contrasting approaches in theory and practice: Theory is dominated by quantitative studies that measure the effects of individual factors that determine prices. The literature body is broad but interdisciplinary and fragmented. Practice emphasizes the inadequacy of quantification. Instead, valuation relies on artwork-related characteristics and reference prices. To date, there is no comprehensive theory of auction prices that combines both perspectives. To fill this gap, the author conducts three studies: A systematic literature review (Study 1) of 100 high-impact journal articles summarizes the (quantitative) knowledge on price determinants. Eleven in- depth expert interviews (Study 2) clarify how these determinants and other factors that are unquantifiable or difficult to quantify influence prices. Two digital focus groups (Study 3) resolve remaining ambiguities between theory and practice and elucidate the role of marketing for auction prices. The result is a conceptual framework for the auction price mechanism that accounts for quantifiable and unquantifiable or difficult-to-quantify factors and reveals the underlying dynamics of the art market. The thesis is of high theoretical and practical relevance: It provides an empirical basis for valuation and price explanation. On this basis, it points to promising avenues for future research in various disciplines and suggests practical implications for different stakeholders in the art market. Beyond the art market, this thesis inspires marketing and pricing in other industries.

     
    Export in Literaturverwaltung   RIS-Format
      BibTeX-Format
    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    Weitere Identifier:
    5238
    Schlagworte: Kunst; Kunstmarkt; Kunstauktion; Auktion; Wert; Preis; Marktmechanismus; Preispolitik; Marketing; Kulturwirtschaft; marketing; art auction; price mechanism; Preismanagement; auction; price management; art economics; Art; value; art market; cultural economics; Preismechanismus; price; Kulturökonomie
    Umfang: 1 Online-Ressource (circa 219 Seiten), Illustrationen
    Bemerkung(en):

    Dissertation, University of St.Gallen, 2020