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Ich Bin Auch ein Lemming: Herding and Consumption Capital in Arts and Culture


Rohner, Dominic; Winestein, Anna; Frey, Bruno S (2006). Ich Bin Auch ein Lemming: Herding and Consumption Capital in Arts and Culture. Working paper series / Institute for Empirical Research in Economics No. 270, University of Zurich.

Abstract

Trends in arts and culture tend to be longer-lasting and less fragile than in other fields such as clothing design. Most herding models are not able to explain such stability, instead predicting informational cascades to be fragile and fads to be frequent. Thenpresent contribution is able to explain the hysterisis of trends in arts by incorporating thenaccumulation of consumption capital into a herding model. Further, the model is testednempirically by analyzing measures of relative and absolute concentration in the television business. It is concluded that by being exposed to art and culture people accumulate consumption capital for a particular style or artist and that this mechanism tends to make herding in arts stable over time.

Abstract

Trends in arts and culture tend to be longer-lasting and less fragile than in other fields such as clothing design. Most herding models are not able to explain such stability, instead predicting informational cascades to be fragile and fads to be frequent. Thenpresent contribution is able to explain the hysterisis of trends in arts by incorporating thenaccumulation of consumption capital into a herding model. Further, the model is testednempirically by analyzing measures of relative and absolute concentration in the television business. It is concluded that by being exposed to art and culture people accumulate consumption capital for a particular style or artist and that this mechanism tends to make herding in arts stable over time.

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Additional indexing

Item Type:Working Paper
Communities & Collections:03 Faculty of Economics > Department of Economics
Working Paper Series > Institute for Empirical Research in Economics (former)
Dewey Decimal Classification:330 Economics
Language:English
Date:January 2006
Deposited On:29 Nov 2011 22:47
Last Modified:07 Dec 2017 10:13
Series Name:Working paper series / Institute for Empirical Research in Economics
ISSN:1424-0459
Official URL:http://www.econ.uzh.ch/wp.html

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