Handbook of Cultural Economics, Third Edition
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Handbook of Cultural Economics, Third Edition

Edited by Ruth Towse and Trilce Navarrete Hernández

Cultural economics has become well established as a subject of interest for students and teachers of courses ranging from economics to arts administration as well as for policy-makers and practitioners in the creative industries. Digitisation has had a tremendous impact on many areas of the creative economy and the third edition of this popular book fully reflects it.
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Chapter 24: Demand

Jordi McKenzie and Sunny Y. Shin

Abstract

This chapter reviews some of the main themes that studies of demand for cultural goods and services have examined over recent years. Earlier demand studies were generally related to demand for a specific category of cultural product (for example, performing arts). These studies often considered basic but necessary issues, such as demographic profiles of consumers as well as estimation of demand elasticities. Other early studies highlighted the experiential aspect of consumption and the cumulative nature of consumption capital as defining idiosyncrasies of cultural demand. More recently, demand studies on cultural industries have evolved with specific focus on demand for individual products rather than broad categories of cultural products. This has been actioned by applying increasingly more sophisticated econometric techniques as well as wider conceptual models such as (1) information asymmetry faced by consumers unable to judge quality prior to consumption, (2) demand for superstar products versus niche products, and (3) demand for domestic versus imported products. This evolution of studies on demand for cultural goods and services is also broadly related to globalisation and digitisation of cultural industries.

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