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Price and death : modeling the death effect in art price formation

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2016

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Itaya, Jun-ichi

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https://doi.org/10.1016/j.rie.2016.07.005
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Research in Economics. 2016, 70(3), pp. 431-445. ISSN 1090-9443. eISSN 1090-9451. Available under: doi: 10.1016/j.rie.2016.07.005

Zusammenfassung

How does an artist׳s death impact on the price of her works of art? We investigate this question by analyzing a Stackelberg differential game played by an artist and a continuum of collectors. Employing the “piecewise open-loop strategy” concept, we find that the art price remains at some well-defined “pseudo-competitive” level as long as the artist is alive. When the artist unexpectedly dies, the price increases on impact. This so-called death effect varies negatively with the artist׳s age at death.

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ISO 690ITAYA, Jun-ichi, Heinrich URSPRUNG, 2016. Price and death : modeling the death effect in art price formation. In: Research in Economics. 2016, 70(3), pp. 431-445. ISSN 1090-9443. eISSN 1090-9451. Available under: doi: 10.1016/j.rie.2016.07.005
BibTex
@article{Itaya2016-09Price-36286,
  year={2016},
  doi={10.1016/j.rie.2016.07.005},
  title={Price and death : modeling the death effect in art price formation},
  number={3},
  volume={70},
  issn={1090-9443},
  journal={Research in Economics},
  pages={431--445},
  author={Itaya, Jun-ichi and Ursprung, Heinrich}
}
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