economics of a good party --> currid, 2007 Flashcards
self-reinforcing feedback mechanisms
information cascades
bandwagon effect
herd behaviour
information cascade
ignore own information
follow others
believe others to have better information
bandwagon effect
ignore own information + follow others
–> infleunced by frequency / salience of observed behaviour
herd behaviour
follow others –> based on perceived social pressure to conform
as market demand is driven by taste
important to understand who taste makers are
value determined by form
social constructs of value
scenes
gatekeepers
buzz
scenes
taste determined by network
gatekeeper
art dealers, film critics, fashion editors
central to symbolic valorization of goods
buzz
consumers inluence each other’s behaviour
gallery as gatekeeper
instrumental in taste making
symbolic valorization of goods
art dealers, film critics & fashion editors
e.g. sotheby’s as intermediaries
an action house
transforming symbolic value into economic value
e.g. film distributors, buyers for record stores
gallery advantages
exposure, ease into market
ensure quality and consistency
gallery disadvantages
limit diversity, creativity and innovation
incorporate their own agendas, bias, prefernces
winner-take-all markets
value on cultural goods
inherently taste driven
determined by form not function
seemingly arbitrary
how do goods attain value
intricate network of gatekeeper, intermediaries and distributors
actively evaluate, distribute information, generate value and status systematically
valorization
process of deciding or increasing prices of value of goods, services etc
e.g. art dealer, movie critics, fashion editors signal taste
contact men
organisations e.g. public relations, advertiser who organise events to create buzz and legitimise their products
inform market of cultural goods
cultural commodification effects
large over the last 2 decades
subcultures e.g london punk have become widely accessible, sold in department stires
producing for massses vs niches
pursue styles faired by most prestigious critics
–> economic opportunities
place in product
value from place of production
affirms legitimacy
geographic competitive advantage
(+) externalities
art worlds
simultanously exclusive
universal litmus test
social production of art/culture
art worlds
consumed in social contexts - buzz
word of mouth
evaluated formally and informally
social milieu informs broader mechanisms of evluation through
acess to gatekeepers
interaction across sectors
establishment of weak ties
distinction and emerge of taste
genre and subculture
accesses to gatekeepers
social environments –> first taste of what to evaluate
hobbyist –> those who wish to specialise their culture consumptions –> lay experts
professional - critics
information - bloggers
peers - producers = consumers
cross fertilization
cultural producers in one realm often act as gatekeepers in anothers
e.g. fashion and film
commodification –> skills in one realm useful in another
e.g. film and video games
