Summary: Advanced Economic Aspects Of The Culture Industries
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4 Week 4: Industrial Organization part 2: THeory of the Firm, Vertical Integration and Contract Theory
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In Economic Properties of Creative Activities, Caves (2000) delineates the 'A-List/B-List principle' as one of the eight basic economic properties specific to the Creative Industries, underpinning their organization and structure.Can you explain what this principle means and point out how it highlights a difference between the Creative Industries and other areas of the economy?
- Replaceable Inputs.
- In other areas of the economy, inputs might reasonably be substituted.
- I.e., input A can be replaced by input B.
- Hierarchy of Creative Inputs.
- In the creative production their is a clear hierarchy of A list and B list inputs.
- E.g., Casting an A-List actor or a B-list actor.
- Producers of creative products need to manage which parts need to be A-List and which parts can be B-list.
- Moreover, how much can you pay A-list artist before the production becomes too expensive.
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7 Week 7: Digitization part 2: Two-sided Markets and Platforms
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7.1 Belleflamme & Petiz (2020) Ratings, reviews and recommendations
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Belleflamme & Petiz (2020) posit that 3R systems have existed for a long time to help consumers make better informed choices about cultural goods.What are 3R systems?
3R systems are the three most important ways in which consumers may gauge the quality of cultural goods—which are almost always experience goods—before they have consumed a good.- The 3Rs are:
Ratings .Reviews .- Recommendations.
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According to Belleflamme & Petiz (2020), digital technologies and the internet have dramatically altered the role that 3R systems play for cultural goods.In what three major ways has the role 3R systems play been altered, according to the authors?
- Massive Scale.
- Through digital platforms, 3R systems have reached an enormous scale, making them the main intermediaries guiding consumption of cultural goods.
- E.g., IMDB, Consumentenbond, Trustpilot.
- Strategic Instrument for Competitors.
- 3R systems have been turned into strategic instruments for competing platforms.
- Contaminating Cultural Diversity.
- 3R systems' increasing influence on consumers' choices has affected cultural diversity.
- Massive Scale.
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