When David Throsby undertook his first application of a Contingent Valuation Method to the Arts in 1983 he did it to discuss the assumption that the arts were a case of market failure. But what makes the Arts to an example of market failure and how far could this particular method of research be used to overcome it? Throughout this essay I will shortly summarize some of those aspects of market failure that can be applied to art markets emphasising the necessity to know the collective willingness to pay and willingness to accept of all parties involved in a particular market. On that general basis I shall discuss the Contingent Valuation Method (CVM) under the perspective of its usefulness to a policy decision maker, who is trying to prevent market failure from developing into governmental failure. I will point out, that CVM can provide a collective willingness to pay or willingness to accept as one of the main indicators for a failure within markets of the Arts in general. It is understood that applying the whole theory of market failure to the arts surely would go beyond the scope of this very essay. I therefore will concentrate on those aspects of market failure theory that may show the strengths and limitations of CVM and that may have an impact on public cultural policy.
Table of Contents
I. Introduction
1. General Theory of market failure
2. Asymmetric information within the Arts
3. Uncertainty and Adverse selection within the Arts
4. Public goods: Positive extern effects
5. Welfare Economics: Why and when should the government intervene?
II. The Contingent Valuation Method
1. What does the Contingent Valuation Method show
2. What are the weaknesses of CVM
3. What can CVM contribute to decision makers of public policy to overcome the particular reasons of Market failure within the Arts?
III. Conclusion
Contingent Valuation Method and “The New Political Economy”
IV. Literature Overview
- Citar trabajo
- Friedrich Ansgar Drywa (Autor), 2008, The Contingent Valuation Method as a policy instrument, Múnich, GRIN Verlag, https://www.grin.com/document/166570
-
¡Carge sus propios textos! Gane dinero y un iPhone X. -
¡Carge sus propios textos! Gane dinero y un iPhone X. -
¡Carge sus propios textos! Gane dinero y un iPhone X. -
¡Carge sus propios textos! Gane dinero y un iPhone X. -
¡Carge sus propios textos! Gane dinero y un iPhone X. -
¡Carge sus propios textos! Gane dinero y un iPhone X.