The Economics Of Art Museums (national Bureau Of Economic Research Conference Report)

The Economics of Art Museums A National Bureau of Economic Research Conference Report The Economics of Art Museums Edited and with an Introduction by Martin Feldstein The University of Chicago Press Chicago and London MARTIN FELDSTEIN is the George F. Baker Professor of Economics at Harvard University, and is president and chief executive officer of the National Bureau of Economic Research. The University of Chicago Press, Chicago 60637 The University of Chicago Press, Ltd., London © 1991 by the National Bureau of Economic Research All rights reserved. Published 1991 Printed in the United States of America 00 99 98 97 96 95 94 93 92 5432 ISBN (cloth): 0-226-24073-8 Library of Congress Cataloging-in-Publication Data The Economics of art museums / edited and with an introduction by Martin Feldstein. p. cm. -(A National Bureau of Economic Research conference report) Includes bibliographical references and index. I. Art museums-Economic aspects-United States. I. Feldstein, Martin S. II. National Bureau of Economic Research. III. Series: Conference report (National Bureau of Economic Research) N510.E27 1991 338.4'770813-dc20 91-27088 CIP @>The paper used in this publication meets the minimum requirements of the American National Standard for Information Sciences-Permanence of Paper for Printed Library Materials, ANSI Z39.48-1984. National Bureau of Economic Research Officers George T. Conklin, Jr., chairman Paul W. McCracken, vice chairman Martin Feldstein, president and chief executive officer Geoffrey Carliner, executive director Charles A. Walworth, treasurer Sam Parker, director offinance and administration Directors at Large John H. Biggs Andrew Brimmer Carl F. Christ George T. Conklin, Jr. Kathleen B. Cooper Jean A. Crockett George C. Eads Morton Ehrlich Martin Feldstein George Hatsopoulos Lawrence R. Klein Franklin A. Lindsay Paul W. McCracken Leo Melamed Michael H. Moskow James J. O'Leary Robert T. Parry Peter G. Peterson Robert V. Roosa Richard N. Rosett Bert Seidman Eli Shapiro Donald S. Wasserman Directors by University Appointment Jagdish Bhagwati, Columbia William C. Brainard, Yale Glen G. Cain, Wisconsin Franklin Fisher, Massachusetts Institute of Technology Jonathan Hughes, Northwestern Saul H. Hymans, Michigan Marjorie B. McElroy, Duke James L. Pierce, California. Berkeley Andrew Postlewaite, Pennsylvania Nathan Rosenberg, Stanford Harold T. Shapiro, Princeton Craig Swan, Minnesota Michael Yoshino, Harvard Arnold Zellner, Chicago Directors by Appointment of Other Organizations Rueben C. Buse, American Agricultural Economics Association Richard A. Easterlin, Economic History Association Gail Fosler, The Conference Board A. Ronald Gallant, American Statistical Association Robert S. Hamada, American Finance Association David Kendrick, American Economic Association Ben E. Laden, National Association of Business Economists Rudolph A. Oswald, American Federation of Labor and Congress of Industrial Organizations Dean P. Phypers, Committee for Economic Development Douglas D. Purvis, Canadian Economics Association Charles A. Walworth, American Institute of Certified Public Accountants Directors Emeriti Moses Abramovitz Emilio G. Collado Frank W. Fetter Thomas D. Flynn Gottfried Haberler Geoffrey H. Moore George B. Roberts Willard L. Thorp William S. Vickrey Since this volume is a record of conference proceedings, it has been exempted from the rules governing critical review of manuscripts by the Board of Directors of the National Bureau (resolution adopted 8 June 1948, as revised 21 November 1949 and 20 April 1968). Contents Preface ix Introduction Martin Feldstein I. PANEL DISCUSSIONS 1. The Mus