Federico Etro
Dados Biográficos
| ID | 1019362 |
|---|---|
| NOME | Federico Etro |
| PRENOMES | Federico |
| SOBRENOME | Etro |
| ASSINATURA | ETRO F |
| AFILIAÇÕES | University of Florence |
| ORCID | 0000-0002-7184-8696 |
| VERIFICADO | Sim |
| TOTAL DE OBRAS | 17 |
| TOTAL DE CITAÇÕES | 41 |
| TOTAL COMO AUTOR | 17 |
| TOTAL COMO EDITOR | 0 |
| PRIMEIRO ANO DE PUBLICAÇÃO | 2004 |
| ANO MAIS RECENTE DE PUBLICAÇÃO | 2025 |
| ÍNDICE H | 4 |
Money in the air
A century of art dealing in New York. The rise of American art
We study art trade in New York between 1870 and 1970, analysing returns on investment by the renowned Knoedler gallery to shed light on the evolution of the American art market. A generalist art gallery should allocate investments to equalize expected returns, with differences in effective returns depending on purchase prices, number of traded works per artists, search costs, and shocks. We confirm these principles, finding that returns were high…
The “Bloomington Issue”
Art and Markets in the Greco-Roman World
We study art markets in the Greco-Roman world to explore the origins of artistic innovations in classical Greece and the mass production of imitative works in the Roman Empire. Economic factors may have played a role, on one side fostering product innovations when a few rival Greek city-states competed, outbidding each other to obtain higher-quality artworks, and on the other side fostering process innovations when a large integrated market promo…
The economics of art history
The study of art history has been traditionally focused on the description of artistic innovations, the role of the artists and the meaning of the artworks. It has often neglected the broader reasons why certain innovations took place in certain places, in specific times and in particular ways. We believe that the impact of institutional and economic factors has been critical in shaping the evolution of art history, and quantitative methods can b…
For a new cultural economics
Pommerehne Prize, President’s Prize and Young Researchers Workshop Best Paper Award
Liberalizing art. Evidence on the Impressionists at the end of the Paris Salon
The Economics of Renaissance Art
I analyzed the market of paintings in Florence and Italy (1285-1550). Hedonic regressions on real prices allowed me to advance evidence that the market was competitive and that an important determinant of artistic innovation was driven by economic incentives. Price differentials reflected quality differentials between painters as perceived at the time (whose proxy is the length of the biography of Vasari) and did not depend on regional destinatio…
Monopolistic Competition When Income Matters
We analyse monopolistic competition when consumers have an indirect utility that is additively separable. This leads to markups depending on income (both in the short and long run) but not on the market size, which generates pricing to market, incomplete pass‐through and pure gains from variety for countries that open up to trade. Firms’ heterogeneity à la Melitz implies a Darwinian effect of consumers’ spending on business creation and a Linderi…
Art Auctions and Art Investment in the Golden Age of British Painting
We analyse the evolution of the price of paintings in London auctions with a unique data set of over 200,000 sales in the period 1780–1840. We build a price index for the representative painting through hedonic regressions controlling for the characteristics of auctions and paintings and for the artists’ fixed effects. The emergence of an efficient secondary art market was an important opportunity for portfolio diversification. Estimating a CAPM …
Endogenous Market Structures and Innovation by Leaders
Models of competition for the market with endogenous market structures show that, contrary to the Arrow view, an endogenous entry threat induces the average firm to invest less in R&D and the incumbent leader to invest more. We test these predictions using a unique dataset for the German manufacturing sector (the Mannheim Innovation Panel). In line with our predictions, endogenous entry threats as perceived by the firms (in survey data) reduce R&…
The Market for Paintings in Italy During the Seventeenth Century
We study the seventeenth-century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize p…
Endogenous Market Structures and the Business Cycle
We characterise endogenous market structures under Bertrand and Cournot competition in a DSGE model. Short-run mark ups vary countercyclically because of the impact of entry on competition. Long-run mark ups are decreasing in the discount factor and in productivity, and increasing in the exit rate and in the entry costs. Dynamic inefficiency can emerge due to excessive entry under Cournot competition. Positive temporary shocks attract entry, whic…
Stackelberg Competition with Endogenous Entry
I characterise endogenous market structures where leaders have a first-mover advantage and entry is endogenous. Leaders are always more aggressive than the followers, independently from strategic substitutability or complementarity. Under quantity competition, leaders produce more than any follower and I determine the conditions for entry-deterrence (high substitutability and non-increasing marginal costs). Under price competition, leaders set lo…
Political geography
Innovation by Leaders
A new rationale for the persistence of monopolies is based on a precommitment of the incumbent monopolist to invest in R&D. In a patent race, as long as entry is free, the Arrow effect disappears: the incumbent has more incentives to invest than any outsider. Paradoxically, a market with some persistence of monopoly is competitive, while one with continuous leap-frogging must hide some barriers to entry. When the size of innovations is endogenous…
Innovation by Leaders
A new rationale for the persistence of monopolies is based on a precommitment of the incumbent monopolist to invest in R&D. In a patent race, as long as entry is free, the Arrow effect disappears: the incumbent has more incentives to invest than any outsider. Paradoxically, a market with some persistence of monopoly is competitive, while one with continuous leap-frogging must hide some barriers to entry. When the size of innovations is endogenous…
The Economics of Renaissance Art
I analyzed the market of paintings in Florence and Italy (1285-1550). Hedonic regressions on real prices allowed me to advance evidence that the market was competitive and that an important determinant of artistic innovation was driven by economic incentives. Price differentials reflected quality differentials between painters as perceived at the time (whose proxy is the length of the biography of Vasari) and did not depend on regional destinatio…
The Market for Paintings in Italy During the Seventeenth Century
We study the seventeenth-century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize p…
Endogenous Market Structures and the Business Cycle
We characterise endogenous market structures under Bertrand and Cournot competition in a DSGE model. Short-run mark ups vary countercyclically because of the impact of entry on competition. Long-run mark ups are decreasing in the discount factor and in productivity, and increasing in the exit rate and in the entry costs. Dynamic inefficiency can emerge due to excessive entry under Cournot competition. Positive temporary shocks attract entry, whic…
Monopolistic Competition When Income Matters
We analyse monopolistic competition when consumers have an indirect utility that is additively separable. This leads to markups depending on income (both in the short and long run) but not on the market size, which generates pricing to market, incomplete pass‐through and pure gains from variety for countries that open up to trade. Firms’ heterogeneity à la Melitz implies a Darwinian effect of consumers’ spending on business creation and a Linderi…
Stackelberg Competition with Endogenous Entry
I characterise endogenous market structures where leaders have a first-mover advantage and entry is endogenous. Leaders are always more aggressive than the followers, independently from strategic substitutability or complementarity. Under quantity competition, leaders produce more than any follower and I determine the conditions for entry-deterrence (high substitutability and non-increasing marginal costs). Under price competition, leaders set lo…
Art Auctions and Art Investment in the Golden Age of British Painting
We analyse the evolution of the price of paintings in London auctions with a unique data set of over 200,000 sales in the period 1780–1840. We build a price index for the representative painting through hedonic regressions controlling for the characteristics of auctions and paintings and for the artists’ fixed effects. The emergence of an efficient secondary art market was an important opportunity for portfolio diversification. Estimating a CAPM …
Political geography
Art and Markets in the Greco-Roman World
We study art markets in the Greco-Roman world to explore the origins of artistic innovations in classical Greece and the mass production of imitative works in the Roman Empire. Economic factors may have played a role, on one side fostering product innovations when a few rival Greek city-states competed, outbidding each other to obtain higher-quality artworks, and on the other side fostering process innovations when a large integrated market promo…
Endogenous Market Structures and Innovation by Leaders
Models of competition for the market with endogenous market structures show that, contrary to the Arrow view, an endogenous entry threat induces the average firm to invest less in R&D and the incumbent leader to invest more. We test these predictions using a unique dataset for the German manufacturing sector (the Mannheim Innovation Panel). In line with our predictions, endogenous entry threats as perceived by the firms (in survey data) reduce R&…
Innovation by Leaders
A new rationale for the persistence of monopolies is based on a precommitment of the incumbent monopolist to invest in R&D. In a patent race, as long as entry is free, the Arrow effect disappears: the incumbent has more incentives to invest than any outsider. Paradoxically, a market with some persistence of monopoly is competitive, while one with continuous leap-frogging must hide some barriers to entry. When the size of innovations is endogenous…
Political geography
Stackelberg Competition with Endogenous Entry
I characterise endogenous market structures where leaders have a first-mover advantage and entry is endogenous. Leaders are always more aggressive than the followers, independently from strategic substitutability or complementarity. Under quantity competition, leaders produce more than any follower and I determine the conditions for entry-deterrence (high substitutability and non-increasing marginal costs). Under price competition, leaders set lo…
Endogenous Market Structures and the Business Cycle
We characterise endogenous market structures under Bertrand and Cournot competition in a DSGE model. Short-run mark ups vary countercyclically because of the impact of entry on competition. Long-run mark ups are decreasing in the discount factor and in productivity, and increasing in the exit rate and in the entry costs. Dynamic inefficiency can emerge due to excessive entry under Cournot competition. Positive temporary shocks attract entry, whic…
The Market for Paintings in Italy During the Seventeenth Century
We study the seventeenth-century market for figurative paintings in Italy analyzing original contracts between patrons and artists. We show that a number of supply and demand factors affected prices. We find a positive and concave relation between prices and size of paintings reflecting economies of scale. We show evidence of a positive relationship between prices and the number of figures depicted. Trade in paintings was sufficient to equalize p…
Endogenous Market Structures and Innovation by Leaders
Models of competition for the market with endogenous market structures show that, contrary to the Arrow view, an endogenous entry threat induces the average firm to invest less in R&D and the incumbent leader to invest more. We test these predictions using a unique dataset for the German manufacturing sector (the Mannheim Innovation Panel). In line with our predictions, endogenous entry threats as perceived by the firms (in survey data) reduce R&…
Art Auctions and Art Investment in the Golden Age of British Painting
We analyse the evolution of the price of paintings in London auctions with a unique data set of over 200,000 sales in the period 1780–1840. We build a price index for the representative painting through hedonic regressions controlling for the characteristics of auctions and paintings and for the artists’ fixed effects. The emergence of an efficient secondary art market was an important opportunity for portfolio diversification. Estimating a CAPM …
Monopolistic Competition When Income Matters
We analyse monopolistic competition when consumers have an indirect utility that is additively separable. This leads to markups depending on income (both in the short and long run) but not on the market size, which generates pricing to market, incomplete pass‐through and pure gains from variety for countries that open up to trade. Firms’ heterogeneity à la Melitz implies a Darwinian effect of consumers’ spending on business creation and a Linderi…
The Economics of Renaissance Art
I analyzed the market of paintings in Florence and Italy (1285-1550). Hedonic regressions on real prices allowed me to advance evidence that the market was competitive and that an important determinant of artistic innovation was driven by economic incentives. Price differentials reflected quality differentials between painters as perceived at the time (whose proxy is the length of the biography of Vasari) and did not depend on regional destinatio…
Liberalizing art. Evidence on the Impressionists at the end of the Paris Salon
Pommerehne Prize, President’s Prize and Young Researchers Workshop Best Paper Award
For a new cultural economics
The economics of art history
The study of art history has been traditionally focused on the description of artistic innovations, the role of the artists and the meaning of the artworks. It has often neglected the broader reasons why certain innovations took place in certain places, in specific times and in particular ways. We believe that the impact of institutional and economic factors has been critical in shaping the evolution of art history, and quantitative methods can b…
The “Bloomington Issue”
Art and Markets in the Greco-Roman World
We study art markets in the Greco-Roman world to explore the origins of artistic innovations in classical Greece and the mass production of imitative works in the Roman Empire. Economic factors may have played a role, on one side fostering product innovations when a few rival Greek city-states competed, outbidding each other to obtain higher-quality artworks, and on the other side fostering process innovations when a large integrated market promo…
Money in the air
A century of art dealing in New York. The rise of American art
We study art trade in New York between 1870 and 1970, analysing returns on investment by the renowned Knoedler gallery to shed light on the evolution of the American art market. A generalist art gallery should allocate investments to equalize expected returns, with differences in effective returns depending on purchase prices, number of traded works per artists, search costs, and shocks. We confirm these principles, finding that returns were high…
Economics (14 obras) · Art History and Market Analysis (9 obras) · Microeconomics (9 obras) · Art (8 obras) · Political science (8 obras) · Law (7 obras) · Art history (6 obras) · Cultural economics (5 obras) · The arts (5 obras) · Historical Economic and Social Studies (4 obras)