Research-based policy analysis and commentary
By Sacit Hadi Akdede, Victor Ginsburgh and Aynur Uçkaç
We all know the big productions of older classical theatre have full imposing casts yet theatre productions are progressively losing cast size. Is this a response to changes in consumer taste or simply a way to lower the growing production costs?
Continue reading “INTERNALIZING PRODUCTION COST AND CHANGES OF TASTES: MORE RECENT THEATRE PLAYS FEATURE FEWER ROLES”By John Sedgwick and Mike Pokorny
William Goldman, the screenwriter of Butch Cassidy and the Sundance Kid, posited that ‘nobody knows anything’ about the financial risks associated with the film industry, elevated by the Harvard professor Richard Caves to the ‘nobody knows’ principle. Our research suggests otherwise: analysis of the tremendous economic success of film studios over the past 100 years suggests to us that film making is not such a risky business and that somebody would seem to know something!
EconomistsTalkArt.org
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