Investment in early American art: the impact of transaction costs and no-sales on returns

2015 ◽  
Vol 40 (3) ◽  
pp. 335-357 ◽  
Author(s):  
Seth C. Anderson ◽  
Robert B. Ekelund ◽  
John D. Jackson ◽  
Robert D. Tollison
Keyword(s):  
Transaction Costs ◽  
American Art ◽  
Early American ◽  
The Impact

Early and Contemporary American Art as Investment Vehicles

2017 ◽  
Author(s):  
Robert B. Ekelund ◽  
John D. Jackson ◽  
Robert D. Tollison
Keyword(s):  
Transaction Costs ◽  
Contemporary Art ◽  
American Art ◽  
Auction House ◽  
Early American ◽  
Market Portfolio ◽  
Psychic Income

American art, both pre-1950 art and contemporary works, are examined as investment vehicles in this chapter. This study, unlike others, factors in both buyer’s and seller’s premiums charged by the auction house. These transaction costs must be considered when calculating actual returns from utilizing art at auction as an investment. We find that, under various assumptions of these transaction expenses, early American art (pre-1950) provides a modest return of between a negative 3-plus and a positive 2 percent. Contemporary American art, for our sample, yields a far higher return in the range of 18 percent and above. However, contemporary art carries a higher risk than holding a market portfolio, although quite naturally the return must include psychic income. This chapter, moreover, provides clear evidence that early and contemporary American art are two distinct markets.

The impact of transaction costs on the use of mixed service delivery by local governments

2015 ◽  
Vol 1 (4) ◽  
pp. 239-267 ◽  
Author(s):  
Trevor L Brown ◽  
Matthew Potoski ◽  
David M Van Slyke
Keyword(s):  
Service Delivery ◽  
Transaction Costs ◽  
Local Governments ◽  
The Impact

scholarly journals The Turkish wheat market: spatial price transmission and the impact of transaction costs

Agribusiness ◽  
2010 ◽  
Vol 27 (2) ◽  
pp. 147-161 ◽  
Author(s):  
Stephan Brosig ◽  
Thomas Glauben ◽  
Linde Götz ◽  
Enno-Burghard Weitzel ◽  
Ahmet Bayaner
Keyword(s):  
Transaction Costs ◽  
Price Transmission ◽  
Wheat Market ◽  
Spatial Price ◽  
The Impact

Analysis of Externalities of Economic Activity of the Enterprise

2021 ◽  
Vol 2021 (2) ◽  
pp. 86-94
Author(s):  
Dmytro V. Kozlov
Keyword(s):  
Transaction Costs ◽  
Economic Activity ◽  
Environmental Externalities ◽  
Negative Externalities ◽  
Time Duration ◽  
Marginal Costs ◽  
Positive Externalities ◽  
State And Market ◽  
The Impact

The problems of research of internalities and externalities with the further development of the general classification of externalities of economic activity of the enterprise are defined. The influence of negative and positive externalities on society and enterprise is considered. The concept of negative externalities differs from transaction costs. It is noted that transaction costs can be reflected in cash and can be offset by market inclusion in the price of the products, but this is not possible for externalities. It is emphasized that the purpose of economic activity of any enterprise is to exceed the positive externalities over the negative and achieve the maximum difference between them. The different time duration of the impact of the enterprise on third parties is given. The sign of externalities on the scale of action is emphasized. The externalities of the enterprise are considered in their essence according to the principles of sustainable development, highlighting economic, social and environmental externalities. It is emphasized that economic externalities can arise in the course of the whole business cycle of full-fledged work of all parts of the enterprise. In contrast to economic, social externalities affect people both within the enterprise, that is workers and citizens of the society in which the enterprise operates. And when it comes to environmental externalities, the mediator between the source and recipient of externalities is the environment. Externalities are distinguished according to the means of accounting and the degree of influence on the subject of perception. The necessity of regulation of externalities through internalization and actions of the enterprise with the help of state and market instruments is substantiated. It is emphasized that internalization is the transformation of negative externalities into positive ones in terms of convergence of marginal costs and benefits of the enterprise to marginal social costs and utility.

scholarly journals Experimental Markets and Environmental Policy

1993 ◽  
Vol 22 (2) ◽  
pp. 117-129 ◽  
Author(s):  
Jason F. Shogren
Keyword(s):  
Environmental Policy ◽  
Transaction Costs ◽  
Experimental Auction ◽  
Dynamic Choice ◽  
Auction Markets ◽  
Experimental Markets ◽  
Reduction Mechanisms ◽  
Sequential Reduction ◽  
The Impact ◽  
Coasian Bargaining

Experimental markets can be a useful tool to guide and evaluate environmental policy. This paper reviews four experiments to illustrate. Two institutional experiments are considered—Coasian bargaining with positive transaction costs, and a gaming experiment of dynamic choice in a conflict. Two valuation experiments are also discussed—the impact of sequential reduction mechanisms on the value of risk, and experimental auction markets to elicit the value of safer food.

scholarly journals INSTITUTIONAL ISSUES FOR THE BULGARIAN TOURISM INDUSTRY FOLLOWING AMENDMENTS IN TAX LEGISLATION

2019 ◽  
Vol 17 (Suppl.1) ◽  
pp. 64-68
Author(s):  
M. Georgiev ◽  
Iv. Dimitrova
Keyword(s):  
Transaction Costs ◽  
Institutional Environment ◽  
Tourism Industry ◽  
Economic Effects ◽  
Coordination Mechanisms ◽  
Tax Legislation ◽  
Institutional Issues ◽  
Tourism Sector ◽  
Retail Outlets ◽  
The Impact

The current study examines the institutional issues in the tourism sector of Bulgaria in terms of the impact of the by-law Ordinance № 18 of 13 December 2006 on the registration and reporting of sales in retail outlets through fiscal devices. The research applies: (1) defining the legal “error”; (2) the information asymmetries that pose a problem to the coordination mechanisms of the organization are described; (3) the negative economic effects are presented through the measurement of transaction costs. In conclusion, proposals have been made to improve this section of the institutional environment.

scholarly journals The Impact of Supply Chain Partnership on Firm Performance: an Empirical Study Based on Listed Manufacturing Companies in China

2021 ◽  
Vol 14 ◽  
pp. 22-38
Author(s):  
Panxin Zhou
Keyword(s):  
Supply Chain ◽  
Firm Performance ◽  
Transaction Costs ◽  
Resource Sharing ◽  
Information Exchange ◽  
Business Environment ◽  
Manufacturing Companies ◽  
Additional Test ◽  
Global Business ◽  
The Impact

Today, Supply Chain Management (SCM) is regarded as an essential strategic factor, which has a great deal of influence on earning competitiveness in global business environment. There are conflicts among all members of the SCM. In order to maximize the total profit of the SCM, negotiation among all members is necessary. For enterprise in the supply chain, the supply chain partnership has become a significant factor affecting firm performance. In this paper, I examine the impact of cooperation between enterprise and its supply chain partners. Specifically, I collect survey data from Chinese manufacturing firms about their relations with partners and use regression analysis to test hypotheses about the associations between firm performance and supply chain partnership. My results support that superior supplier partnership has a positive impact on reducing transaction costs and improving financial and market performance. In additional test, I establish a series of models with interactive terms. The results of additional test indicate that the impact is enhanced if the competition of each sub industry of the manufacturing industry is different. Above all, I put forward the following suggestions. Enterprise managers could establish an evaluation mechanism of suppliers and retailers, which select high-quality cooperative partners and reduce low-quality transaction costs for enterprises. When participating in business operation, shareholders could comprehensively understand the business conditions of various supply partners and choose reliable supply chain partners for investment. Also, the government can guide the realization of resource sharing and information exchange among supply chain enterprises, which is beneficial to create a more competitive supply chain to promote economic development.

The impact of seed market access and transaction costs on potato biodiversity and yields in Bolivia

2012 ◽  
Vol 17 (5) ◽  
pp. 633-661 ◽  
Author(s):  
Lina Salazar ◽  
Paul Winters
Keyword(s):  
Transaction Costs ◽  
Market Access ◽  
Market Participation ◽  
Market Choice ◽  
Crucial Effect ◽  
Negative Effect ◽  
Seed Market ◽  
Using Data ◽  
The Impact

AbstractUsing data from Bolivia, this paper analyzes seed market participation and how transaction costs in these markets influence intracrop biodiversity and the influence of biodiversity on yields. Results indicate that seed market attributes such as distance and market-level biodiversity have a crucial effect on a farmer's market choice, suggesting that farmers are willing to sacrifice time and income to travel further distances in order to reach markets with a broader range of varieties. This study finds that farmers from this sample who have access to seed markets are more likely to have higher levels of intracrop biodiversity. In addition, for market-integrated farmers, intracrop biodiversity does not seem to have a negative effect on yields, which suggests that improved market access does not threaten biodiversity in contexts with similar characteristics to the study site.

The Closing and Lasting Impact of CLAEM

2020 ◽  
pp. 162-176
Author(s):  
Eduardo Herrera
Keyword(s):  
Latin American ◽  
Classical Music ◽  
Social Bonds ◽  
American Art ◽  
Art Music ◽  
Lessons Learned ◽  
Latin American Art ◽  
American Composers ◽  
Avant Garde ◽  
The Impact

This chapter evaluates the conditions leading to the closing of CLAEM and the impact the center as a whole had on the Latin American art music scene. Touching upon the three main themes of the book, the chapter discusses the lessons learned and the weaknesses revealed from the most significant philanthropic incursion into avant-garde art music in Latin America, and the lasting legacy of a generation of fellowship holders, both in terms of their embrace or rejection of the avant-garde, and their adoption of an identification as Latin American composers based on strong and intimate social bonds. It argues that the impact that the relatively short-lived center had during the following fifty years on the classical music of the region was the result of calculated philanthropic efforts, the embodied and multi-faceted embrace of avant-garde ideas, and the conscious and strategic construction and identification of Latin American composers.

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