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

MPRA Paper from University Library of Munich, Germany

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.

Keywords: Arts; Experimentation; Financing; Incomplete Information; Bayes theorem (search for similar items in EconPapers)
JEL-codes: C72 Z11 (search for similar items in EconPapers)
Date: 2007-10
New Economics Papers: this item is included in nep-cul
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