Journal article
Cultivation of Taste, Catastrophe Theory, and the Demand for Works of Art
The American economic review, Vol.71(2), pp.332-334
01 May 1981
Abstract
In the process of cultivation of taste, tastes are altered by the experience of consumption. In modeling this process, it is assumed that cultivation of taste for a particular good involves the change of only one parameter of the utility function. When multiple equilibria and endogenous determination of taste are considered, 2 other issues arise: 1. the assumption that consumers are either shortsighted or farsighted, and 2. the assumption that they are calculators or gropers. A model is presented that takes these factors into consideration, leading to a supply and demand model. Understanding the economics of cultivation of taste constitutes a necessary step in the construction of a theory of the demand for artistic performances and for works of art.
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Details
- Title
- Cultivation of Taste, Catastrophe Theory, and the Demand for Works of Art
- Creators
- Roger McCain
- Publication Details
- The American economic review, Vol.71(2), pp.332-334
- Publisher
- American Economic Association
- Resource Type
- Journal article
- Language
- English
- Academic Unit
- Economics (School of Economics)
- Identifiers
- 991021807011304721
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