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14 - Time and Preferences in Cultural Consumption

from PART FOUR - APPRECIATION AND RANKING

Marina Bianchi
Affiliation:
University of Cassino, Italy
Michael Hutter
Affiliation:
Witten/Herdecke University
David Throsby
Affiliation:
Macquarie University, Sydney
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Summary

Introduction

Only recently has economic theory started to address the problem of cultural value and valuation when consumers' choices are involved. One reason for this lack of analysis is the ambiguity that surrounds, in economics, the relationship between the use-value and exchange-value, or price, of goods. This may sound a bit paradoxical, since in economics use-value, in the form of utility and preferences, has occupied a central role in explaining the determination of prices, inverting the previous paradigm of cost-based determination. Yet, since use-values imply an inextricable interaction of objective and subjective attributes of goods, analyzing them proved to be problematic and was left outside economics, in the realm of psychology, sociology, or medicine. For economists, choices freely made reveal the individual's reservation price and subjective utility with no need for further investigation, since basic preferences are deemed to be coherent and stable over time.

Utility, then, remains the main goal individual choices are intended to maximize, but, emptied of any real meaning, it bears no explanatory power in solving the complex interplay that runs between individual desires and constraints. Yet how use-values are created and modified in consumption, and how they interact with exchange-values, cannot be lost sight of if actual choices are to be understood. This is especially true when cultural values are at stake.

Recent analyses both within and outside economics have started to fill this gap, recovering an earlier forgotten tradition, in which use-value and individual motivations were central to choice; this is the eighteenth-century philosophical tradition of David Hume and Adam Smith.

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Beyond Price
Value in Culture, Economics, and the Arts
, pp. 236 - 258
Publisher: Cambridge University Press
Print publication year: 2007

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