What Is Art? Surprisingly, the Crowdfunders and Experts Agree
Episode Description
Crowds are smarter than one might think. A Wharton research paper discovered that the artistic tastes of the masses are remarkably aligned with those of experts. More: http://knlg.net/1c03M6j
Read the full paper: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=2443114 📂 Finance & Accounting 🏷️ Research
Brief Summary
Crowdfunding in the arts shows crowds often make wise funding choices, challenging traditional expert evaluations.
Key points
- The Rise of Crowdfunding in the Arts. More money goes to the arts through Kickstarter than the National Endowment of the Arts.
- Crowd vs. Expert Judgment. Experts and crowds generally agree on art projects, but crowds are more willing to fund.
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Episode highlights
- The Rise of Crowdfunding in the ArtsMore money goes to the arts through Kickstarter than the National Endowment of the Arts.“What does that mean, right?”0:22May 21, 2015
- Crowd vs. Expert JudgmentExperts and crowds generally agree on art projects, but crowds are more willing to fund.“The crowd actually seemed to do a pretty good job of selecting high variance projects.”1:39May 21, 2015
