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Effects of Oscar awards on movie production

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  • Agnani, Betty
  • Aray, Henry

Abstract

This article tests the effects of Oscar awards on the production of feature films. Time series data for Spain over the 1953-2014 period are used and a production function is estimated assuming that the Oscar effects accrue through the total factor productivity. A lag structure is introduced which allows for a general specification so that the Oscar awards could have constant or diminishing effects over time. The results show that the Oscar wins have significant positive effects on movie production and that some of them have caused structural breaks, while others have vanishing effects over time. The results are fairly robust to the introduction of control variables and different methods of estimation.

Suggested Citation

  • Agnani, Betty & Aray, Henry, 2016. "Effects of Oscar awards on movie production," Economics Discussion Papers 2016-8, Kiel Institute for the World Economy (IfW Kiel).
    • Handle: RePEc:zbw:ifwedp:20168
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    References listed on IDEAS

    as
    1. Jordi McKenzie, 2012. "The Economics Of Movies: A Literature Survey," Journal of Economic Surveys, Wiley Blackwell, vol. 26(1), pages 42-70, February.
    2. Betty Agnani & Henry Aray, 2010. "Subsidies and awards in movie production," Applied Economics Letters, Taylor & Francis Journals, vol. 17(15), pages 1509-1511.
    3. Francis Lee, 2009. "Cultural discount of cinematic achievement: the academy awards and U.S. movies’ East Asian box office," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 33(4), pages 239-263, November.
    4. Colin Hoskins & Stuart McFadyen & Adam Finn & Anne Jackel, 1997. "Evidence on the Performance of Canada/Europe Co-productions in Television and Film," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(2), pages 129-138, June.
    5. McCalman, Phillip, 2004. "Foreign direct investment and intellectual property rights: evidence from Hollywood's global distribution of movies and videos," Journal of International Economics, Elsevier, vol. 62(1), pages 107-123, January.
    6. Eva Deuchert & Kossi Adjamah & Florian Pauly, 2005. "For Oscar Glory Or Oscar Money?," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 29(3), pages 159-176, August.
    7. Nelson, Randy A, et al, 2001. "What's an Oscar Worth?," Economic Inquiry, Western Economic Association International, vol. 39(1), pages 1-16, January.
    8. Newey, Whitney & West, Kenneth, 2014. "A simple, positive semi-definite, heteroscedasticity and autocorrelation consistent covariance matrix," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 33(1), pages 125-132.
    9. VÍctor Blanco & JosÉ BaÑos Pino, 1997. "Cinema Demand in Spain: A Cointegration Analysis," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 21(1), pages 57-75, March.
    10. Thorsten Hennig-Thurau & Mark Houston & Gianfranco Walsh, 2007. "Determinants of motion picture box office and profitability: an interrelationship approach," Review of Managerial Science, Springer, vol. 1(1), pages 65-92, April.
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    Cited by:

    1. Henry Aray, 2021. "Oscar awards and foreign language film production: evidence for a panel of countries," Journal of Cultural Economics, Springer;The Association for Cultural Economics International, vol. 45(3), pages 435-457, September.

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    More about this item

    Keywords

    Movie production; Oscar awards; Cobb-Douglas Production Function;
    All these keywords.

    JEL classification:

    • Z10 - Other Special Topics - - Cultural Economics - - - General
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
    • C13 - Mathematical and Quantitative Methods - - Econometric and Statistical Methods and Methodology: General - - - Estimation: General

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