| Preface | 6 |
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| Contents | 7 |
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| Introduction | 12 |
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| 1 What Is the Economics of Art and Culture? | 13 |
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| 1.1 A Challenging Discipline | 13 |
| 1.2 The Scientific Approach | 15 |
| 1.3 Fascinating Issues | 15 |
| 1.3.1 Does the Market Produce Bad Art? | 16 |
| 1.3.2 Can Arts Policy Be Left to Democracy? | 17 |
| 1.4 Conclusion | 19 |
| Related Literature | 19 |
| Aspects | 22 |
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| 2 The Social Value of Art | 23 |
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| 2.1 Contrasting Views | 23 |
| 2.1.1 Impact Studies | 23 |
| 2.1.2 Capturing Non-market Benefits of Art | 24 |
| 2.1.3 Different Views | 25 |
| 2.1.4 Evaluation | 26 |
| 2.2 Conclusion | 27 |
| Related Literature | 28 |
| 3 Art Markets and Auctions | 29 |
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| 3.1 Producers and Consumers of Art | 29 |
| 3.2 Equilibrium Between Supply and Demand | 30 |
| 3.3 Auctions | 30 |
| 3.4 Types of Art Market Risks | 32 |
| 3.4.1 Risks Inherent in Works of Art | 32 |
| 3.4.2 Unexpected Market Changes | 33 |
| 3.4.3 Behavioural Anomalies | 34 |
| 3.5 Why Do People Invest in Art? | 35 |
| 3.5.1 Diversification | 35 |
| 3.5.2 Biased Information | 35 |
| 3.5.3 Taxation and Money Laundering | 35 |
| 3.5.4 Conspicuous Consumption and Art Investment | 36 |
| 3.5.5 Love of Art | 36 |
| 3.6 Conclusion | 36 |
| Related Literature | 36 |
| 4 The Artists’ Labour Market | 38 |
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| 4.1 Starving or Rich Artists? | 38 |
| 4.2 Why Do People Become Artists? | 39 |
| 4.3 Who Is an Artist? | 40 |
| 4.4 Income | 40 |
| 4.5 Awards | 41 |
| 4.6 Superstars and Winner-Take-All Markets | 41 |
| 4.7 Creativity | 42 |
| 4.7.1 Personal Creativity | 42 |
| 4.7.2 Institutional Creativity | 43 |
| 4.8 Are Artists Really Unhappy? | 44 |
| 4.9 Conclusion | 44 |
| Related Literature | 45 |
| 5 Reproductions in Art | 46 |
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| 5.1 Contrasting Views on Copies and Fakes | 46 |
| 5.1.1 The Moral View | 46 |
| 5.1.2 The Legal View | 47 |
| 5.1.3 The Art Historic View | 47 |
| 5.2 Beneficial Aspects of Imitations | 48 |
| 5.2.1 Copies Provide Utility | 48 |
| 5.2.2 Artistic Capital Is Promoted | 48 |
| 5.2.3 Supporting Creativity | 48 |
| 5.3 Harmful Aspects of Imitations | 49 |
| 5.3.1 Demand Side | 49 |
| 5.3.2 Supply Side | 50 |
| 5.4 What to Do? | 50 |
| 5.5 Conclusion | 51 |
| Related Literature | 51 |
| Areas | 53 |
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| 6 Creative Cultural Economy | 54 |
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| 6.1 Creativity and Culture | 54 |
| 6.2 Economic Properties | 55 |
| 6.3 Conclusion | 56 |
| Related Literature | 56 |
| 7 The Performing Arts | 57 |
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| 7.1 Characteristics of the Performing Art | 57 |
| 7.2 Demand Side | 58 |
| 7.3 Supply Side | 58 |
| 7.3.1 Operas | 58 |
| 7.3.2 Drama | 60 |
| 7.3.3 Government Supported Organizations | 61 |
| 7.3.4 Profit-Oriented Enterprises | 62 |
| 7.3.5 Co-operative Organizations | 63 |
| 7.3.6 The Cost Disease | 64 |
| 7.4 Conclusion | 65 |
| Related Literature | 65 |
| 8 Festivals | 66 |
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| 8.1 An Abundance of Festivals | 66 |
| 8.2 A Paradox | 67 |
| 8.3 Features | 67 |
| 8.3.1 Demand Side | 67 |
| 8.3.2 Supply Side | 69 |
| 8.3.3 Possible Future Developments | 71 |
| 8.4 Conclusion | 72 |
| Related Literature | 72 |
| 9 Films | 74 |
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| 9.1 Characteristics | 74 |
| 9.1.1 Supply Side | 76 |
| 9.1.2 Demand Side | 78 |
| 9.2 Conclusion | 79 |
| Related Literature | 79 |
| 10 Museums | 80 |
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| 10.1 Types of Museums | 80 |
| 10.2 Demand for Museums | 81 |
| 10.2.1 Private Demand by Visitors | 81 |
| 10.2.2 Social Demand | 82 |
| 10.2.3 Effects on Markets | 83 |
| 10.3 Supply | 83 |
| 10.3.1 Cost Structure | 83 |
| 10.3.2 Firm Structure | 85 |
| 10.4 Museum Behaviour | 85 |
| 10.5 Collection Management | 88 |
| 10.6 Entrance Fees | 89 |
| 10.7 Commercial Activities | 89 |
| 10.8 Conclusion | 90 |
| Related Literature | 90 |
| 11 Superstar Museums and Special Exhibit
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