On the Law and Economics of Arts: A Research Proposal

Julia Puaschunder ()

Scientia Moralitas Conference Proceedings from Research Association for Interdisciplinary Studies

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 (search for similar items in EconPapers)
Pages: 7 pages
Date: 2024-02
New Economics Papers: this item is included in nep-cul and nep-law
References: View references in EconPapers View complete reference list from CitEc
Citations:

Published in the Scientia Moralitas Conference Proceedings, February 15-16, 2024, pages 18-23

Downloads: (external link)
https://scientiamoralitas.education/wp-content/uploads/2024/03/01280.pdf Full text (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:smo:scmowp:01280

Access Statistics for this paper

More papers in Scientia Moralitas Conference Proceedings from Research Association for Interdisciplinary Studies
Bibliographic data for series maintained by Eduard David ().