The Economics of Cultural Awards
James F. English, University of Pennsylvania, Philadelphia, USA
Abstract
This chapter considers the economic dimensions of prizes and awards in the arts. It first treats the role of awards in the markets for artistic goods: their effect on sales, earnings, and consumer demand, and their function as judgment devices or quality signals. Also discussed are the costs of mounting an awards program, and the economics of awards administration and presentation. The chapter then takes up a broader set of economic considerations, beyond those of commerce as such, discussing the role of prizes as a form of symbolic capital in the economy of prestige. This symbolic role includes their reputation effects and relation ...
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