INTRODUCTION TO ECONOMICS OF ART AND CULTURE II

Teaching framework in the course of the study course
The Introduction to the economics of art and culture course is taught in two modules, to allow students to learn both the general foundations of economic theory and administration principles and the application of these foundations to a vast field such as that of production and cultural consumption.
The second module of the course is therefore conceived as a deepening of the concepts developed in the first module. The general notions regarding the supply and demand of artistic and cultural goods and services will be considered in their application to the various sectors, and economic market concepts will be used.

Knowledge of the microeconomic basic foundations of the behavior of cultural enterprises on the market, to allow elements of analysis in the cultural and artistic sectors.The course will lead the student to interpret the links between economy and culture, with specific reference to the art market and the creativity industry. The student will make his own the general scheme of interpretation of the links between the economic and cultural sphere also thanks to an economic analysis of the sectors of cultural heritage, live art, auctions of works of art, visual art and cinema, editorial and television sectors accompanied by design and investment models. As a result of this, the student will be able to interpret the functioning of the art market, and the economic and artistic value of artistic goods and services, the remuneration and selection of the artists, the museum reality and temporary exhibitions and permanent collections. The production activities that contribute to generating economic value and employment and that are partly attributable to the sectors of the cultural and creative dimension (Core) and partly to activities that, although not part of the chain, employ cultural content and skills (Creative driven).
Within the core activities, it will be possible to identify four sectors, which in turn can be divided into sub-sectors or areas of specialization:
- conservation and enhancement of the historical and artistic heritage (museums, libraries, archives, monuments);
- the non-reproducible activities of cultural goods and services, definable as performing arts and visual arts, summarized with everything that revolves around live shows (theater, concerts, etc.).
- activities related to the production of cultural goods and services according to an industrial logic of replicability, defined as cultural industries (cinema, radio-TV; video games and software; publishing and printing; music);
- creative industries, related to the world of services (communication, architecture and design).
The cultural process of the Italian economy is progressing, thanks to digital technology and the consequent need to renew traditional value creation mechanisms. The phenomenon affects the sectors of creativity (from fashion to furniture, from food to mobility).
 

They are not expected, but the contents of module I are considered acquired.

Course content
1. The different markets of art and culture.
2. Negotiating competition and monopoly.
3. The auction markets and the auctioneer figure
4. The information asymmetry
5. Project financing, the cost of money and tax savings
4. The market value of the works
5. The market value of cultural projects: present value and internal rate of return
6. The different components of costs and revenues in transactions
7. The evolved cultural districts and smart cities

Lecture notes by the teacher published on Moodle.
Slides by the teacher published on Moodle.
Readings and applications of texts and cases

Verification of learning
Written test.
The verification of learning takes place through a written test, which ensures the acquisition of knowledge and skills achieved by the student. The vote is expressed in thirtieths.
The duration of the written test is 2 hours.
During the exam it is not possible to use books, notes or digital or electronic equipment.

Teaching methods
Frontal lessons; interventions by external experts; group work coordinated by the teacher.

Italian

written

This subject deals with topics related to the macro-area "Cities, infrastructure and social capital" and contributes to the achievement of one or more goals of U. N. Agenda for Sustainable Development