Buy one painting, get two names. On the valuation of artist collaborations in the art market

2020 ◽  
Vol 10 (2) ◽  
pp. 99-121
Author(s):  
Anne-Sophie V. Radermecker
Keyword(s):  
Willingness To Pay ◽  
Art Market ◽  
Brand Names ◽  
Art World ◽  
Negative Effects ◽  
Data Set ◽  
Content Type ◽  
Auction Market ◽  
Average Value ◽  
Art Objects

PurposeTo analyze the market reception of multi-authored works of art through the lens of collaborative old master paintings (“formal/prestige collaboration”). This paper tests whether multi-authored attribution strategies (i.e. naming two artists as brand names) affect buyers' willingness to pay differently from single-authored works in the auction market.Design/methodology/approachThis case study focuses on collaborative paintings by Flemish masters, based on a data set comprising 11,630 single-authored and collaborative paintings auctioned between 1946 and 2015. Hedonic regressions have been employed to test whether or not co-branded artworks are differently valued by buyers and how the reputation of each artist might influence valuation.FindingsDespite the opportunity for buyers to purchase one artwork with two brand names, this study reveals that the average value of collaborative paintings is statistically lower than that of single-authored paintings. This is especially true when a reputed master was involved in the collaboration. The present findings suggest that the valuable characteristics of formal collaborations (i.e. double brand name, dual authorship and reputation, high-quality standards) are no longer perceived and valued as such by buyers, and that co-branding can affect the artist brand equity because of a contagion effect. We argue that integral authorship is more valued than partial authorship, suggesting that the myth of the artist as a lone genius is still well-anchored in purchasing habits.Research limitations/implicationsPrestige collaborations are a very particular form of early co-branding in the art world, with limited data available. Further research should consider larger samples to reiterate the analysis on other collaboration forms in order to challenge the current findings.Practical implicationsResearchers and living artists should be aware that brand building and co-branding are marketing strategies that may generate negative effects on prices in the art market. The perceived and market value of co-branded works are time-varying, and depends on both the context of reception of these works and the reputation of the artists at time t.Originality/valueThis market segment has never been considered in art market studies, although formal collaboration is one of the earliest documented forms of co-branding in the art world. This paper provides new empirical evidence from the auction market, based on buyers' willingness to pay, and it further highlights the reception of multi-authored art objects in Western art markets that particularly value individual creators.

Do the flipped impacts of hotels matter to the popularity of Airbnb?

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Bowen Yi ◽  
Da Shi ◽  
Fangfang Shi ◽  
Liang Zhang
Keyword(s):  
Spillover Effects ◽  
Set Covering ◽  
Negative Effects ◽  
Data Set ◽  
Content Type ◽  
Competitive Effects ◽  
Competition Theory ◽  
Relationship Model ◽  
Hotel Managers ◽  
Multidimensional Effects

Purpose By building on cooperation–competition theory, this study aims to investigate the multidimensional flipped effects of neighborhood hotels on Airbnb listings’ popularity, examining the degree to which such impacts are influenced by hotel types and geographical areas. Design/methodology/approach This study explores the interdependent and competitive relationship between neighborhood hotels and Airbnb from the perspective of effects on Airbnb listings’ popularity by exploring a data set covering 10,492 Airbnb listings and 2,691 hotels from Ctrip. Findings Results reveal that neighborhood hotels’ number of reviews, review ratings and prices each have positive spillover effects on Airbnb listings’ popularity, while quality assurance labels and negative review topic sentiments exert competitive effects on Airbnb popularity. Moreover, the number of budget chain hotels and high-star hotels have positive and negative effects on Airbnb popularity, respectively. Geographical areas also have a moderating effect on the relationship between various hotel-related influencing factors and Airbnb. Practical implications This study can offer hotel managers and Airbnb operators a clearer understanding of these businesses’ coexisting relationship. Findings can also provide Airbnb-specific guidelines for practitioners in terms of site selection, promotional features and development strategies for Airbnb listings. Originality/value This study establishes a cooperation–competition relationship model between hotels and Airbnb and considers the flipped effects of hotels on Airbnb for the first time. It expands previous studies by considering the multidimensional effects of hotels on Airbnb listings’ popularity and by examining the influences of hotel types and geographical areas on hotels’ impacts on Airbnb.

Reduction of tension effects on partner evaluation

2018 ◽  
Vol 36 (4) ◽  
pp. 425-439
Author(s):  
Ossi Pesämaa ◽  
Peter Dahlin ◽  
Christina Öberg
Keyword(s):  
Structural Equation ◽  
Negative Impact ◽  
Equation Modeling ◽  
Negative Effects ◽  
Data Set ◽  
Content Type ◽  
Business Partners ◽  
Positive Side ◽  
Tension Management ◽  
Business To Business

Purpose The purpose of this paper is to examine how tension management as a means of achieving compromise and overcoming minor conflicts reduces the effects of the opportunism and bargaining costs of relationships on the evaluation of business partners. The paper proposes and tests a theoretical model with a full-information approach using structural equation modeling. Design/methodology/approach The data set was based on 312 observations from a unique survey based on a business-to-business relationship sample in Sweden. The measurements reflect the effects of partner opportunism, bargaining costs, and tension management on partner evaluations. Findings The findings corroborate that partner opportunism and bargaining costs have a negative impact on partner evaluation. In addition, the model shows that tension management weakens the negative effects of opportunism and bargaining costs on the evaluation. Originality/value This study offers evidence on how negative effects are reduced through intervening constructs. With most studies focusing on the positive side of relationships, this paper makes an important contribution to the literature through not only describing negative effects, but also how these can be decreased.

Determining the factors affecting the consumers' willingness to pay higher prices for genetically unmodified products

2009 ◽  
Vol 111 (11) ◽  
pp. 1188-1199 ◽  
Author(s):  
Z. Gokalp Goktolga ◽  
Kemal Esengun
Keyword(s):  
Willingness To Pay ◽  
Household Income ◽  
Consumer Preference ◽  
Household Size ◽  
Negative Effects ◽  
Content Type ◽  
Factors Affecting ◽  
Monthly Household Income ◽  
Positive Effects ◽  
Conducting Research

PurposeThe purpose of this paper is to determine the factors affecting the consumers' willingness to pay higher prices for genetically unmodified products.Design/methodology/approachTomato was selected as a model crop. Data used in this study were gathered from questionnaires conducted in Tokat province of Turkey in April 2006. Questionnaires were accomplished via face‐to‐face interviews over 262 households. “Ordered logit model” was used in determining the factors that affect the willingness of consumers for higher prices for genetically unmodified products. Ordered models are those that limit dependent variables to certain intervals. According to the results, variables of household size, monthly household income, household's monthly food consumption expenditure and level of consumers' sensitivity over the issue affected the willingness to pay higher prices for genetically unmodified products.FindingsResults of the study indicated that household size and monthly household income had negative effects on the willingness to pay extra, while monthly food expenditure and concern had positive effects.Originality/valueThe results of the study will be beneficial for the policy makers, producers, consumers and those conducting research in this area alike. Carrying out studies aimed at determining consumer preference, such as this, will help form consumer consciousness, especially in Turkey, to protect consumer health.

The branding of contemporary Chinese art and its politics

2014 ◽  
Vol 4 (1/2) ◽  
pp. 25-44 ◽  
Author(s):  
Chloe Preece
Keyword(s):  
Visual Arts ◽  
Marketing Research ◽  
Art Market ◽  
Chinese Art ◽  
Art World ◽  
Content Type ◽  
Avant Garde ◽  
Political Ideas ◽  
Ethnographic Data ◽  
Contemporary Chinese

Purpose – The purpose of this paper is to examine the branding of the Cynical Realist and Political Pop contemporary art movements in China. The trajectory this brand has taken over the past 25 years reveals some of the power discourses that operate within the international visual arts market and how these are constructed, distributed and consumed. Design/methodology/approach – A review of avant-garde art in China and its dissemination is undertaken through analysis of historical data and ethnographic data collected in Beijing, Shanghai and Hong Kong. Findings – The analysis exposes the ideological framework within which the art market operates and how this affects the art that is produced within it. In the case of Cynical Realism and Political Pop, the art was framed and packaged by the art world to reflect Western liberal political thinking in terms of personal expression thereby implicitly justifying Western democratic, capitalist values. Research limitations/implications – As an exploratory study, findings contribute to macro-marketing research by demonstrating how certain sociopolitical ideas develop and become naturalised through branding discourses in a market system. Practical implications – A socio-cultural branding approach to the art market provides a macro-perspective in terms of the limitations and barriers for artists in taking their work to market. Originality/value – While there have been various studies of branding in the art market, this study reveals the power discourses at work in the contemporary visual arts market in terms of the work that is promoted as “hot” by the art world. Branding here is shown to reflect politics by circulating and promoting certain sociocultural and political ideas.

The problem of heterogeneity between protected geographical indications: a meta-analysis

2018 ◽  
Vol 120 (12) ◽  
pp. 2843-2856 ◽  
Author(s):  
Daniel Leufkens
Keyword(s):  
Willingness To Pay ◽  
Meta Analysis ◽  
Data Set ◽  
Content Type ◽  
Marginal Willingness To Pay ◽  
Great Heterogeneity ◽  
Long Time ◽  
Heterogeneity Analysis ◽  
The Individual ◽  
First Time

Purpose For a long time the European geographical indication (GI) regulation has been of great interest to economists and policymakers. To justify exclusive European regulation it is necessary to prove the positive value of a GI quality signal (i.e. label), which is often achieved by quantifying its monetary value for the consumers. But even though a large number of literary contributions already deal with this question, they lack the evaluation of overall effect sizes for the GI label. The purpose of this paper is, therefore, to quantify and evaluate the overall marginal consumer willingness to pay for the European GI label. Design/methodology/approach To reach this aim, a meta-analysis is used for which a literature survey had been carried out in order to determine the GI label effects (LEs). In addition to previous works, this paper not only includes a meta-analysis, but also implements a heterogeneity analysis to distinguish between the LEs of individual GI standards. To eliminate study- and product-specific determinants of heterogeneity, moderator variables are used. Findings The empirical results indicate that consumers have a highly significant and positive marginal willingness to pay for GIs. However, the marginal willingness to pay differs significantly between the individual GI standards and indicates great heterogeneity between the protected products. Originality/value As an extension to previous studies and meta-analysis; this paper includes the most extensive GIs meta-data set so far, and conducts for the first time an independent heterogeneity analysis to distinguish between the LEs of individual GI standards and implements a moderator analysis to eliminate study- and product-specific determinants of heterogeneity from the GI effects.

A segmented machine learning modeling approach of social media for predicting occupancy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Apostolos Ampountolas ◽  
Mark P. Legg
Keyword(s):  
Machine Learning ◽  
Social Media ◽  
Life Cycles ◽  
Machine Learning Techniques ◽  
Learning Approach ◽  
Negative Effects ◽  
Data Set ◽  
Content Type ◽  
Learning Techniques ◽  
The Usa

Purpose This study aims to predict hotel demand through text analysis by investigating keyword series to increase demand predictions’ precision. To do so, this paper presents a framework for modeling hotel demand that incorporates machine learning techniques. Design/methodology/approach The empirical forecasting is conducted by introducing a segmented machine learning approach of leveraging hierarchical clustering tied to machine learning and deep learning techniques. These features allow the model to yield more precise estimates. This study evaluates an extensive range of social media–derived words with the most significant probability of gradually establishing an understanding of an optimal outcome. Analyzes were performed on a major hotel chain in an urban market setting within the USA. Findings The findings indicate that while traditional methods, being the naïve approach and ARIMA models, struggled with forecasting accuracy, segmented boosting methods (XGBoost) leveraging social media predict hotel occupancy with greater precision for all examined time horizons. Additionally, the segmented learning approach improved the forecasts’ stability and robustness while mitigating common overfitting issues within a highly dimensional data set. Research limitations/implications Incorporating social media into a segmented learning framework can augment the current generation of forecasting methods’ accuracy. Moreover, the segmented learning approach mitigates the negative effects of market shifts (e.g. COVID-19) that can reduce in-production forecasts’ life-cycles. The ability to be more robust to market deviations will allow hospitality firms to minimize development time. Originality/value The results are expected to generate insights by providing revenue managers with an instrument for predicting demand.

Flood risk and buyer search behavior in Ho Chi Minh City

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Hong Thi Bich Nguyen ◽  
Norman G. Miller ◽  
Nam Khanh Pham ◽  
Hiep Thanh Truong
Keyword(s):  
Developed Countries ◽  
Negative Effects ◽  
Data Set ◽  
Content Type ◽  
Property Insurance ◽  
Market Effects ◽  
Climate Risks ◽  
Buyer Search ◽  
Property Losses ◽  
The Government

Purpose This study aims to investigate countries without national property insurance and see how experience affects behavior toward higher-risk flood prone property. Design/methodology/approach Using a unique data set that captures the flood experiences of homeowners that search for new housing, the authors examine the premiums or discounts of such experience on homes at risk. The authors use hedonic property modeling to estimate the effects of experience on values. Findings The authors find that such experiences play a strong role in convincing buyers of the real risks imposed by climate change and sea level rise and the authors expect these demand-side behavioral changes to persist. This finding is unlike more developed markets where insurance may be subsidized and negative effects on value dissipate within a few years. Research limitations/implications The world is starting to pay more attention to climate risk and the results in developed countries have been biased by the extensive insurance provided by the government or emergency funding. Practical implications Providing market transparency on climate risks will result in permanent market effects, if not otherwise subsidized. Social implications The governments should encourage market disclosure. Originality/value No one has ever had a data set like this before where the authors get to observe the behavior of those already experiencing property losses from flooding.

scholarly journals Does certified food production reduce agrochemical use in China?

2018 ◽  
Vol 10 (3) ◽  
pp. 386-405 ◽  
Author(s):  
Zihan Nie ◽  
Nico Heerink ◽  
Qin Tu ◽  
Shuqin Jin
Keyword(s):  
Food Production ◽  
Chemical Fertilizer ◽  
Set Covering ◽  
Negative Effects ◽  
Data Set ◽  
Content Type ◽  
Household Level ◽  
Heterogeneous Effects ◽  
Environmental Goals ◽  
The Impact

Purpose The purpose of this paper is to examine the effect of adopting certified food production on chemical fertilizer and pesticide use in China. Design/methodology/approach The authors estimate fixed effect models to track the changes in agrochemical consumption at household level over time and evaluate the effect of certified food production, using an unbalanced panel data set covering 4,830 households in six provinces over the period 2005–2013. Findings On average, the authors do not find significant effects of certified food production on either chemical fertilizer or pesticide consumption among Chinese farmers. The effects are heterogeneous across villages, but the heterogeneous effects show no clear pattern that is consistent with different types of certification. The findings are robust to the use of alternative panel structure and certification indicators. The lack of knowledge about certification among farmers, the price premium and differences in regulation enforcement across regions may explain why the authors do not find negative effects on agrochemical use. Practical implications This study suggests that careful inspections and strong enforcement of certified food production is needed to ensure that the environmental goals of certified food production can be achieved and the reputation of certification in China can be improved. The inspection of certification producers and the enforcement of current regulations should be stricter for the further healthy development of certified food production in China. Originality/value This study is the first attempt to systematically evaluate the impact of food certification on the use of agrochemicals in Chinese agriculture.

The double-edged sword of cultural distance in international alliances

2017 ◽  
Vol 24 (1) ◽  
pp. 33-54 ◽  
Author(s):  
Robin Pesch ◽  
Ricarda B. Bouncken
Keyword(s):  
Joint Ventures ◽  
Manufacturing Industry ◽  
Cultural Distance ◽  
Equation Modeling ◽  
Negative Effects ◽  
Data Set ◽  
Content Type ◽  
Positive Effects ◽  
International Alliances ◽  
Perceived Cultural Distance

Purpose While previous studies have primarily assumed dysfunctional effects of cultural distance in joint ventures and M&A, this paper elucidates from a positive organizational scholarship perspective how perceived cultural distance can advance firms’ new product development within non-equity alliances. The purpose of this paper is to explain how perceived cultural distance stimulates task discourse that supports alliance partners’ employees in recognizing and applying culture-related differences as complementary problem-solving potentials. Due to a lower integration level in non-equity alliances compared to joint ventures or M&A, this paper assumes that the positive effects outweigh the negative effects of cultural distance. Design/methodology/approach This study applies structural equation modeling to test the hypothesized effects on a sample of 246 international alliances in the manufacturing industry. Findings The analysis mainly supports the hypothesized model and unravels how positive effects can emerge from perceived cultural distance. Practical implications The findings provide managerial implications. Alliance managers should note that cultural distance can have positive and negative effects, and thus it is not a barrier per se in alliances. Firms can benefit from cultural distance if they are able to leverage culture-specific complementarities through task discourse among partners in alliances. Originality/value The manuscript uses a unique data set of 246 international alliances from the global manufacturing industry. The manuscript has not been published elsewhere.

Disentangling the relationship between high-involvement-work-systems and job satisfaction

2016 ◽  
Vol 38 (4) ◽  
pp. 620-642 ◽  
Author(s):  
Andrea Ollo-López ◽  
Alberto Bayo-Moriones ◽  
Martin Larraza-Kintana
Keyword(s):  
Job Satisfaction ◽  
Secondary Data ◽  
Negative Effects ◽  
Data Set ◽  
Work Systems ◽  
High Involvement ◽  
Content Type ◽  
Mediating Mechanisms ◽  
Ordered Probit Models ◽  
The Relationship

Purpose – The purpose of this paper is to study how high-involvement work systems (HIWS) affect job satisfaction, and tries to disentangle the mechanisms through which the effect occurs. Design/methodology/approach – The authors use data for a representative sample of 10,112 Spanish employees. In order to test the mediation mechanism implied by the hypotheses, the authors follow the procedure outlined in Baron and Kenny (1986). Given the nature of the dependent variables, ordered probit models were estimated to study the effect of HIWS on the mediating variables (job interest, effort and wages), and regression models were estimated to analyze the effect of HIWS on the final attitudinal variable (job satisfaction). Findings – Empirical results show that HIWS results in higher levels of effort, higher wages and perceptions of a more interesting job. Moreover, greater involuntary physical effort reduces job satisfaction while higher wages, greater voluntary effort, involuntary mental effort and having an interesting job increase job satisfaction. The net effect of these opposing forces on job satisfaction is positive. Research limitations/implications – The use of secondary data posits some constrains in aspects such as the type of measures or the failure to control for personal traits. Additionally, the non-longitudinal nature of the data set implies that some relationships cannot be considered causal in the intended direction. Practical implications – Managers should implement HIWS since in general they increase job satisfaction. A significant portion of this positive effect is channeled through perceptions of interesting job, higher wages and increased effort demands. Managers should pay attention to implementation issues. Originality/value – The paper contributes to enrich the understanding of the relationship between the HIWS and job satisfaction, proposing a model that aims to disentangle the mediating mechanisms through which HIPWS affect job satisfaction. Unlike previous attempts, this model integrates opposing views about the positive or negative effects associated with HIWS.

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