Ich Bin Auch Ein Lemming: Herding and Consumption Capital in Arts and Culture

20 Pages Posted: 10 Feb 2006

See all articles by Bruno S. Frey

Bruno S. Frey

CREMA; University of Basel

Dominic Rohner

University of Zurich

Anna Winestein

University of Oxford

Date Written: January 2006

Abstract

Trends in arts and culture tend to be longer-lasting and less fragile than in other fields such as clothing design. Most herding models are not able to explain such stability, instead predicting informational cascades to be fragile and fads to be frequent. The present contribution is able to explain the hysterisis of trends in arts by incorporating the accumulation of consumption capital into a herding model. Further, the model is tested empirically by analyzing measures of relative and absolute concentration in the television business. It is concluded that by being exposed to art and culture people accumulate consumption capital for a particular style or artist and that this mechanism tends to make herding in arts stable over time.

Keywords: Art, Culture, Herding, Consumption Capital, Concentration

JEL Classification: C11, D82, D83, Z11

Suggested Citation

Frey, Bruno S. and Rohner, Dominic and Winestein, Anna, Ich Bin Auch Ein Lemming: Herding and Consumption Capital in Arts and Culture (January 2006). Available at SSRN: https://ssrn.com/abstract=880354 or http://dx.doi.org/10.2139/ssrn.880354

Bruno S. Frey (Contact Author)

CREMA ( email )

Südstrasse 11
Zurich, CH 8008
Switzerland
+41 44 380 00 78 (Phone)

University of Basel ( email )

Peter Merian-Weg 6
Basel, 4002
Switzerland

Dominic Rohner

University of Zurich ( email )

Muehlebachstrasse 86
Zurich, 8008
Switzerland

Anna Winestein

University of Oxford ( email )

Oxford
United Kingdom

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