Selling Picasso paintings: the efficiency of auction houses.

Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central tendencies. In order to focus on auction houses as a unit we have applied a benchmarking technique, DEA, developed for efficiency studies. Categorial and continuous variables are used as inputs and auction prices as outputs. Performance indicators are defined and calculated giving an insight into auction house differences impossible to obtain using hedonic price approach.painting; auction house; hedonic price; DEA; efficiency

The performance of auction houses selling Picasso Prints.

It has been observed that similar prints can obtain quite different prices at different auctions within the same auction period. Previous works applying hedonic price technique to determine the formation of auction prices of objects of art have found no conclusive result about the impact of auction houses on final prices. In these studies the object of art has been the unit, and influence of auction houses is analysed by testing whether auction house impact on price is significant or not within a framework of central tendencies. In order to focus on auction houses as a unit we have applied a benchmarking technique, DEA, developed for efficiency studies. Performance indexes are defined and calculated giving an insight into auction house differences difficult to obtain using hedonic price approach.Performance; auction house; Picasso prints; hedonic price; benchmarking; best practice; DEA

Distribution Conventionality in the Movie Sector: An Econometric Analysis of Cinema Supply

This paper empirically analyzes the impact of several factors on a ‘conventionality index’ in the specific context of the cinema exhibition sector. To our knowledge, it is the first time that a standard conventionality index has been constructed for this purpose. Econometric analysis of the determinants of variation in this index provides decision-makers with an empirical focus for analyzing distributional aspects of the movie exhibition market, with particular emphasis on product differentiation. Specifically, (i) do cinemas based in a city area have a different or ‘specialized’ focus in contrast to cinemas in small towns? Or, (ii) do multiplexes have a different or more specialized focus in comparison with cinemas? To this end, cross-sectional econometric models are estimated to help analyze these effects in three Italian regions for a sample of cinemas covering the 2006 season

What's in a Sign? Trademark Law and Economic Theory

Abstract: The aim of this paper is to summarise the extant theory as it relates to the economics of trademark, and to give some suggestions for further research with reference to distinct streams of literature. The proposed line of study inevitably looks at the complex relationship between signs and economics. Trademark is a sign introduced to remedy a market failure. It facilitates purchase decisions by indicating the provenance of the goods, so that consumers can identify specific quality attributes deriving from their own, or others', past experience. Trademark holders, on their part, have an incentive to invest in quality because they will be able to reap the benefits in terms of reputation. In other words, trademark law becomes an economic device which, opportunely designed, can produce incentives for maximising market efficiency. This role must, of course, be recognised, as a vast body of literature has done, with its many positive economic consequences. Nevertheless, trademark appears to have additional economic effects that should be properly recognized: it can determine the promotion of market power and the emergence of rent-seeking behaviours. It gives birth to an idiosyncratic economics of signs where very strong protection tends to be assured, even though the welfare effects are as yet poorly understood. In this domain much remains to be done and the challenge to researchers is open

Multilinguisme et variétés linguistiques en Europe à l’aune de l’intelligence artificielle Multilinguismo e variazioni linguistiche in Europa nell’era dell’intelligenza artificiale Multilingualism and Language Varieties in Europe in the Age of Artificial Intelligence

Il presente volume è il frutto di una riflessione interdisciplinare e multilingue maturata attorno a diversi eventi organizzati nell’ambito del panel concernente i diritti e le variazioni linguistiche in Europa nell’era dell’intelligenza artificiale all’interno del progetto Artificial Intelligence for European Integration, promosso dal Centro studi sull’Europa TO-EU dell’Università di Torino e cofinanziato dalla Commissione europea. L’interrogativo iniziale che abbiamo voluto sollevare è se l’IA potesse avere un impatto negativo sulle varietà linguistiche e sul multilinguismo, valore “aggiunto” dell’UE, o se potesse, e in che modo, divenire utile per la promozione di essi. Il volume, interamente inedito, può dirsi tra i primi ad affrontare, almeno in Europa, questo tipo di tematiche.This book is the outcome of an interdisciplinary multilingual reflection carried out on research into linguistic rights, multilingualism and language varieties in Europe in the age of artificial intelligence. It is part of the Artificial Intelligence for European Integration project, promoted by the Centre of European Studies To-EU of the University of Turin and co-financed by the European Commission. Our aim was to investigate more generally the negative and/or positive outcomes of AI on language varieties and multilingualism, the latter a key value for the EU. The result is a volume of original unpublished research being made generally available for the first time, at least in Europe.Ce livre a été élaboré à partir d’une réflexion interdisciplinaire et multilingue qui a été menée dans le cadre d’une recherche sur les droits, le multilinguisme et les variétés linguistiques en Europe à l’aune de l’intelligence artificielle à l’intérieur du projet Artificial Intelligence for European Integration promu par le Centre d’études européennes To-EU de l’Université de Turin et cofinancé par la Commission de l’Union européenne. Notre propos était de réfléchir plus généralement sur les conséquences négatives et/ou positives de l’IA sur les variétés linguistiques et le multilinguisme, ce dernier étant une valeur de l’UE. Ce que nous proposons par ce numéro est un livre inédit qui peut se vanter d’être parmi les premiers à s’occuper de ce type de thématique, du moins en Europe

The Dynamics of Art Prices: The Selection Corrected Repeat-Sales Index

Universit\ue0 del Piemonte Orientale, Working Paper POLI