Replication data for: Art as an Investment and Conspicuous Consumption Good

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LICENSE.txt	text/plain	14.6 KB	10/12/2019 05:52:AM
calibrate_final.m	text/plain	541 bytes	10/12/2019 05:52:AM
modart_final.m	text/plain	938 bytes	10/12/2019 05:52:AM
modequity_final.m	text/plain	662 bytes	10/12/2019 05:52:AM
modmain_final.m	text/plain	3.2 KB	10/12/2019 05:52:AM
simulation_readme.pdf	application/pdf	35.2 KB	10/12/2019 05:52:AM

Project Citation:

Mandel, Benjamin R. Replication data for: Art as an Investment and Conspicuous Consumption Good. Nashville, TN: American Economic Association [publisher], 2009. Ann Arbor, MI: Inter-university Consortium for Political and Social Research [distributor], 2019-10-12. https://doi.org/10.3886/E113326V1

Project Description

Summary: This paper provides a simple and empirically plausible model of artworks as investment vehicles. It reconciles the observation that average financial returns for collectibles are low and volatile with the theory of consumption-based asset pricing. Art assets are appealing both for their ability to transfer consumption over time and for their use as signals of wealth, as in the literature on the demand for luxuries. Adding art value to utility, returns also reflect this "conspicuous consumption" dividend; as a result, average financial returns are low. Risk premia for artworks are predicted to be modest or even negative. (JEL G11, Z11)

Scope of Project

JEL Classification:
G11 Portfolio Choice; Investment Decisions
Z11 Cultural Economics: Economics of the Arts and Literature

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Published Versions

V1 [2019-10-12]

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