An economic model of artistic behavior

Abstract

What we have accomplished is to provide a framework in which artists are seen as economic individuals who base decisions on the same set of factors as nonartists. We are uncomfortable with the notion that artists are a “special breed” who are not responsive to economic incentives. We are also uncomfortable with the notion that “nonartists” could never be artists. However, the model as presented does allow for the possibility that an artist will incorrectly estimate the worth of his or her works, and continue to pursue an artistic career. It also allows for the possibility that some nonartists may also make the wrong choice and pursue a nonartistic career instead of an artistic one.