Information asymmetry on markets of cultural goods

A. Bulina ()
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A. Bulina: Department of Economic Theory and Economic Policy, Faculty of Economics, St. Petersburg State University

Annals of marketing-mba, 2013, vol. 2

Abstract: Specificity of the product of creative labor and the impossibility of testing raises a number of problems for cultural markets. One of the effects of information asymmetry in the market is adverse selection, which leads to a deterioration in the quality of services and goods on the market. This paper proposes an approach to the analysis of market failure in distribution of the creative products. Most of methods associated with the sphere of culture and art, are ineffective or impossible to use in this case.

Keywords: market of cultural valuables; adverse selection; information asymmetry; moral hazard problem; provenance. (search for similar items in EconPapers)
JEL-codes: M31 Z11 (search for similar items in EconPapers)
Date: 2013
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Citations: View citations in EconPapers (1)

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