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Information externality in the arts and the public intervention: a brief note

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  • Cellini, Roberto
  • Cuccia, Tiziana

Abstract

The presence of information externality, and the consequent necessity of public intervention to amend the effect of market failure, has been deeply analysed in the case of scientific research. In this Note we argue that the same point is particularly appropriate also in the case of arts: the presence of information externality concerning the personal skills of artists can represent a valid reason to believe that purely private funding of arts is inefficient, and to call for public intervention in this sector.

Suggested Citation

  • Cellini, Roberto & Cuccia, Tiziana, 2007. "Information externality in the arts and the public intervention: a brief note," MPRA Paper 5193, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:5193
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    References listed on IDEAS

    as
    1. Bruno S. Frey, 1997. "Not Just for the Money," Books, Edward Elgar Publishing, number 1183.
    2. Tyler Cowen & Alexander Tabarrok, 2000. "An Economic Theory of Avant-Garde and Popular Art, or High and Low Culture," Southern Economic Journal, John Wiley & Sons, vol. 67(2), pages 232-253, July.
    3. Throsby, David, 1994. "The Production and Consumption of the Arts: A View of Cultural Economics," Journal of Economic Literature, American Economic Association, vol. 32(1), pages 1-29, March.
    4. Ashish Arora & Alfonso Gambardella, 1997. "Public Policy towards Science : Picking Stars or Spreading the Wealth ?," Revue d'Économie Industrielle, Programme National Persée, vol. 79(1), pages 63-75.
    5. Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-858, December.
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    More about this item

    Keywords

    Arts; Experimentation; Financing; Incomplete Information; Bayes theorem;
    All these keywords.

    JEL classification:

    • Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
    • C72 - Mathematical and Quantitative Methods - - Game Theory and Bargaining Theory - - - Noncooperative Games

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