The Economics of Experiences, the Arts and Entertainment

Abstract

The Economics of Experiences, the Arts and Entertainment serves as a welcome and unique introduction to various economic aspects of the production and consumption of art and entertainment products. The book begins with analyses and discussion of neoclassical production and utility functions, with a focus on art and entertainment as instances of experience goods or services. The authors then go on to present alternative Austrian and institutional approaches which focus on the role of creative entrepreneurs in the market process. Aesthetic and psychological theories are also discussed with a focus on their impact on producers’ and consumers’ decisions, as well as historical examples of creative centres, such as Renaissance Florence and Post World War II New York.