Abstract
The Economics of Superstars sets out to explain the relationship between talent and success
in the arts, but there is no agreement about what this relationship is. But whatever its other features may be, superstardom means that market output is concentrated on just a few artists. Concentration always raises the question of efficiency. Superstardom may be inefficient not only because it raises prices for consumers but also because it deprives other artists of the opportunity to practice art. Artists who do not practice art lose psychic income. Because psychic income cannot be transferred from one person to another, the loss of this income may be inefficient. This chapter reviews theories of superstardom and theories about the emergence of stars. The efficiency of superstardom is discussed in terms of effects on consumers and the use of publicity rights by the star. The chapter goes on to deal with the loss of opportunities to practice art that are caused by superstardom and suggests ways to alleviate the problem. Finally the empirical literature that tests the different theories of superstardom is reviewed.
Keywords
superstars, stardom, talent
JEL classification: Z1, Z10
* The author would like to thank David Throsby and Victor Ginsburgh for their invaluable suggestions that greatly improved this chapter. Tony Bryant and Ellen Adler also provided important comments. In addition, the author would like to thank the participants at the conference of the authors at Princeton in the Fall of 2004.
Handbook of the Economics of Art and Culture, Volume 1
Edited by Victor A. Ginsburgh and David Throsby
Copyright © 2006 Elsevier B.V. All rights reserved
DOI: 10.1016/S1574-0676(06)01025-8
The Economics of Superstars sets out to explain the relationship between talent and success
in the arts, but there is no agreement about what this relationship is. But whatever its other features may be, superstardom means that market output is concentrated on just a few artists. Concentration always raises the question of efficiency. Superstardom may be inefficient not only because it raises prices for consumers but also because it deprives other artists of the opportunity to practice art. Artists who do not practice art lose psychic income. Because psychic income cannot be transferred from one person to another, the loss of this income may be inefficient. This chapter reviews theories of superstardom and theories about the emergence of stars. The efficiency of superstardom is discussed in terms of effects on consumers and the use of publicity rights by the star. The chapter goes on to deal with the loss of opportunities to practice art that are caused by superstardom and suggests ways to alleviate the problem. Finally the empirical literature that tests the different theories of superstardom is reviewed.
Keywords
superstars, stardom, talent
JEL classification: Z1, Z10
* The author would like to thank David Throsby and Victor Ginsburgh for their invaluable suggestions that greatly improved this chapter. Tony Bryant and Ellen Adler also provided important comments. In addition, the author would like to thank the participants at the conference of the authors at Princeton in the Fall of 2004.
Handbook of the Economics of Art and Culture, Volume 1
Edited by Victor A. Ginsburgh and David Throsby
Copyright © 2006 Elsevier B.V. All rights reserved
DOI: 10.1016/S1574-0676(06)01025-8
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