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Journal of Cultural Economics

, Volume 43, Issue 2, pp 173–188 | Cite as

Cultural and economic value: a critical review

  • Francesco AngeliniEmail author
  • Massimiliano Castellani
Original Article

Abstract

In this paper we present the state of the art concerning the distinction between economic and cultural value and the way the two values interact with each other. Our review espouses Klamer’s idea of creating a value-based approach in economics, systematizing the literature on the economic and cultural value of cultural goods. In order to analyze the relationship between the artist’s characteristics and the cultural goods’ values, we also propose a model of how fame and talent affect the economic and cultural value of cultural goods. In particular, the artist’s fame and talent and the cultural good’s price are included in the dynamic formation process of economic and cultural values.

Keywords

Cultural good Cultural value Economic value Talent Fame 

JEL Classification

Z11 

Notes

Compliance with ethical standards

Conflict of interest

This study was not funded, and the authors declare that they have no conflict of interest.

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Authors and Affiliations

  1. 1.Department of StatisticsUniversity of BolognaRiminiItaly
  2. 2.The Rimini Centre for Economic AnalysisWaterlooCanada

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