Reel Representation: The Economic Impact of Gender on Bollywood Box Office Revenue
by Sidharth Ravi
Abstract
The Hindi Film Industry, known as Bollywood, is seen as a gatekeeper of Indian culture.
Annually thousands of films are produced, half a million workers across India are
employed and millions in revenue is created. Although Bollywood has ensured increased
employment and wage opportunities for women on and off screen, the overall
representation of women remains severely low. Little is known about their impact on
Bollywood’s film revenue. This study uses a novel dataset to estimate the impact of
female representation on Bollywood revenue from 2009-2019. We apply a traditional
linear regression and use a ratio of female to male characters in a film’s cast as a proxy
for female representation. Results indicate there is not a significant relationship between
an increased female cast composition on box office performance. To check for the diverse
impact of star power, I analyzed the gender makeup of the movie star in a film, finding
this to have a significant impact on box office revenue. In addition, there is a significant
effect of production budgets and genre on box office performance.
Professor Genna Miller, Faculty Advisor
Professor Grace Kim, Seminar Advisor
JEL Codes: L820, F63, J16, Z11
Keywords: Film Economics, Bollywood, Gender, Female Representation
Arts Organizations and Community Socioeconomic Development
by Madeleine Reinhard
Abstract
This paper studies the effects of arts organizations on local socioeconomic development at the U.S. ZIP code tabulation area (ZCTA) level. While prior studies have qualitatively examined the impact of the arts industry or artistic individuals on their communities, few have approached this question econometrically, and even fewer have investigated the effects of arts organizations specifically. My analysis examines data from Southern Methodist University’s Cultural Data Profile, which contains financial and programmatic information through an online survey on nonprofit arts, culture, and humanities organizations, combined with American Community Survey 5-year estimates for a variety of ZCTA-level demographic and economic measures. First difference regressions estimate how the founding of arts organizations over recent five- and 10-year periods impacts gentrification, economic health, racial demographics, median home value, and resident displacement over the corresponding period. During 2012-2022, new arts organizations are estimated to affect all of these categories, most strongly in urban areas. This conclusion largely holds for both of the encompassed five-year periods as well. Specifically, when more arts organizations are founded, community gentrification levels, economic development, and home values all increase, but these socioeconomic improvements are accompanied by reduced racial diversity.
Professor Jeffrey DeSimone, Faculty Advisor
Professor Grace Kim, Faculty Advisor
Professor Michelle Connolly, Faculty Advisor
JEL Codes: J11, Z11
Tale of Two Cities An Econometric Analysis of East & West Coast Fine Art Galleries
by Daniella Victoria Paretti
Abstract
In a 2021 report published alongside Art Basel and UBS, renowned cultural economist Dr. Clare McAndrew posited that the value of art sales in 2020 amounted to an impressive $50 billion (although this actually marks an over 10-year low). It is no secret that the global art markets are extremely lucrative, attracting the interest of industry magnates and business tycoons alike. Though it is important to note that art markets are historically quite distinct from their normal good counterparts — the sector is laden with issues regarding transparency, high barriers to entry, and hiding of wealth. Amidst the COVID-19 pandemic, however, the tides began to turn; online platforms for museums, auction houses, and galleries were employed more than ever before, effectively modernizing the antiquated industry and expanding its reach to new consumers. How has this trend of digitalization changed and improved art markets? More specifically, how can data analytics and other technological resources serve the interests of private galleries? Using sales data from a parent gallery with multiple locations across the United States (each displaying similar works/artists), I have conducted a number of qualitative and statistical analyses to identify key differences between the West and East coast locations. In short, the gallery on the West coast sold more works and at a lower average cost than its counterpart, providing key insights into this local market’s consumer base. Beyond this, factors like size, medium, and artist gender were found to have statistically significant effects on the ultimate sale price and turnover rate of works. My findings suggest that means of data analytics should be utilized by all actors in the art markets to optimize their approach to business, as well as understand their consumers better than ever before.
Professor Michelle Connolly, Faculty Advisor
Professor Hans Van Miegroet, Faculty Advisor
JEL Codes: Z11, C10, J11, O33
User Loyalty and Willingness to Pay for a Music Streaming Subscription
By Nell Jones
Music streaming has increased industry revenue and displaced piracy, but limited profits for artists. In this thesis, I examine user loyalty to streaming platforms, focusing on the asset specificity of features and estimating what users are willing to pay for each of these features. A structural equation model of survey data shows that feature satisfaction positively affects both asset specificity of and overall satisfaction with streaming platforms, strengthening user loyalty. Using conjoint analysis, I estimate that users are willing to pay at least $14.40 for platforms that offer algorithm, playlist and social features, and the ability to download music.
Advisors: Professor Michael Munger, Professor Grace Kim | JEL Codes: Z1, Z11, M21
Increased Foreign Revenue Shares in the United States Film Industry: 2000 – 2014
By Victoria Lim
The American film industry, which has historically been driven by the domestic market, now receives an increasing proportion of its revenue from abroad (foreign share). To determine the factors influencing this trend, this paper analyzed data from 11 countries of 2,337 American films released during 2000 – 2014. Both film and country attributes were analyzed to determine each attribute’s effect on foreign share, whether its effect size has changed over time and whether each attribute has changed in frequency amongst films released. The results identified six attributes, star actors, sequels, releases in top markets, release time lag, GDP growth and a match in language, that contributed to the increase in foreign share over this period.
Advisor: James Roberts, Kent Kimbrough | JEL Codes: F40, L82, Z11 | Tagged: Foreign Share, International Box Office Revenue, Motion Picture Industry
Optimal Ordering in Sequential English Auctions: A Revenue-Comparison Model for 18th Century Art Auctions in London and Paris
By Amaan Mitha
We develop a model based on several auction parameters to test the widely held notion that in a sequential English auction, it is optimal for the seller to arrange the lots in order of decreasing value. We test this model against two datasets of 18th century auctions, one of various auctions from Paris and the other from Christie’s sales in London. We find that the Paris data support the claim, while the Christie’s data seem to refute the optimal strategy. We also find a rationale for bidders in the Christie’s auctions to alter their strategies, accounting for the discrepancy.
Advisor: Neil De Marchi | JEL Codes: D4, Z11 | Tagged: Auctions, English Auction, Lot Ordering, Optimal Auction Strategy, Sequential Auctions
Understanding the Role of the Arts and Women in the Economy: The Contributions of Creative Literature.
by Danielle P. Petrilli
Abstract
This article considers the role of the arts and women in the economy from the late 19th into the early 20th century. Throughout this time period, the economics discipline did very little to address the place of either the arts or women in the modernizing economy and what little was done, on the whole, lacked complexity. This article thus begins with a brief outline of the views of the arts and women in the economy by economists during this time, but finding a greater wealth of information on these topics within creative literature, uses the work of prominent novelists as its primary research material
Professor Crauford Goodwin, Faculty Advisor
JEL Codes: B54, Z11,
