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on Cultural Economics |
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Issue of 2024‒09‒23
five papers chosen by Roberto Zanola, Università degli Studi del Piemonte Orientale |
| By: | François Moreau (CEPN - Centre d'Economie de l'Université Paris Nord - LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord - CNRS - Centre National de la Recherche Scientifique - Université Sorbonne Paris Nord, LABEX ICCA - UP13 - Université Paris 13 - Université Sorbonne Nouvelle - Paris 3 - CNRS - Centre National de la Recherche Scientifique - UPCité - Université Paris Cité - Université Sorbonne Paris Nord); Patrik Wikström (QUT - Queensland University of Technology [Brisbane]); Ola Haampland (Inland Norway University of Applied Sciences - Høgskolen i Innlandet); Rune Johannessen (Inland Norway University of Applied Sciences - Høgskolen i Innlandet) |
| Abstract: | Music streaming platforms' models for sharing revenues with content providers have been the subject of intense debate for nearly a decade. The dominating model involves pooling platform revenues and allocating these funds to songs based on a song's share of the total number of platform streams. Since this model has several controversial consequences, alternative models have been proposed. This paper uses a novel approach to assess the two most discussed modelsthe "user-centric" and the "artist-centric". Our approach relies on a unique data set of 154, 505 streaming platform users (890 million streams) and simulates how a large-scale implementation of these models may reallocate revenues across different songs and rightsholders. We disentangle the static effects of a transition to a "user-centric" or an "artist-centric" model across each of six different song characteristics. We then compare the results of the two models. We show that contrary to its objective, an artist-centric payment system does not significantly improve remuneration to professional artists while the user-centric payment system would generate more significant changes in revenue reallocation, mainly at the expense of Rap & Hip-hop songs, superstars and new releases. Finally, we analyze the positions of the various stakeholders with regard to each of them. |
| Keywords: | Streaming, User-centric, Music industry |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:hal:journl:hal-04679366 |
| By: | Alagöz, Nazli (Tilburg University, School of Economics and Management) |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:tiu:tiutis:511ceba0-62a0-4c60-a76c-f1bfc35e5114 |
| By: | Julia M. Puaschunder (Columbia University, USA) |
| Abstract: | Arts is as old as humankind and a worldwide phenomenon. A scientific investigation of arts, however, is rather seldom since the arts are oftentimes applied and touch on multiple disciplines. Arts production and consumption are perceived as less rational and tangible than classic goods and services. Neoclassical economics therefore hardly has any account of the commercialization of arts. The opening of the neoclassical economics model for behavioral aspects in the behavioral economics revolution has now paved the way to start researching the arts and surreal pricing mechanisms in the arts world. This paper is a call for research of arts from a Law and Economics perspective. Law and Economics offers ways to understand the value of arts in society and derive inferences on how to improve certain features and peculiarities of the arts market. A Behavioral Law and Economics perspective could help elucidate social welfare enhancement potential for the individual passive consumer of arts, the active arts market actors as well as economies and society as a whole, including future generations. With the growing commercialization of arts and rising use of arts as an unregulated collateral in the finance world, capturing the peculiar dynamics of arts markets holds unprecedented value. Legal recommendations could target at addressing market downfalls and risk management strategies in the arts world. |
| Keywords: | arts, behavioral economics, commercialization of arts, cryptocurrencies, culture, non-fungible token (NFT), private goods, public goods, tickets, tokens |
| Date: | 2024–02 |
| URL: | https://d.repec.org/n?u=RePEc:smo:scmowp:01280 |
| By: | Andrea Canidio; Felix Henneke |
| Abstract: | Blockchain trade intent auctions currently intermediate approximately USD 5 billion monthly. Due to production complementarities, the auction is combinatorial: when multiple trade intents from different traders are auctioned off simultaneously, a bidder (here called solver) can generate additional efficiencies by winning a batch of multiple trade intents. However, unlike other combinatorial auctions studied in the literature, the auction has no numeraire. Fairness is a concern as the efficiencies from batching cannot be easily shared between traders. We formalize this problem and study the most commonly used auction formats: batch auctions and multiple simultaneous auctions. We also propose a novel fair combinatorial auction that combines batch auction and multiple simultaneous auctions: solvers submit individual-trade bids and batched bids, but batched bids are considered only if they are better for all traders relative to the outcome of multiple simultaneous auctions (constructed using the individual-trade bids). We find a trade-off between the fairness guarantees provided by the auction (i.e., the minimum each trader can expect to receive) and the expected value of the assets returned to the traders. Also, the amount that each trader receives in the equilibrium of the fair combinatorial auction may be higher or lower than what they receive in the equilibrium of the simultaneous auctions used as a benchmark for fairness. |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2408.12225 |
| By: | J. James Reade (University of Reading); Jan C. van Ours (Erasmus University Rotterdam) |
| Abstract: | In 1983 England’s fifth-tier football competition introduced a two-points-for-a- home-win and three-points-for-an-away-win reward system. This system was abolished after three seasons. The anomalous point system may have been introduced to reduce home advantage but the reasons are not fully clear and neither are the reasons for abolishing the system shortly after its introduction. We find that the new point system did not affect match outcomes but it did influence match attendance negatively. We speculate that the alternative point system was perceived as unfair to potential buyers of seasonal tickets or individual match tickets some of whom as a response decided to avoid watching the game in person. Consumer perceptions seem to matter. |
| Keywords: | Consumer behaviour, sports, football, performance |
| JEL: | D12 L83 Z21 |
| Date: | 2024–04–10 |
| URL: | https://d.repec.org/n?u=RePEc:tin:wpaper:20240023 |