Law & Economics Seminar
Abstract: The US and most countries on the European continent have very different convictions about the protection of creative work. US law essentially considers creativity as a source of income. On the European continent, the artist also enjoys "moral rights". In a field experiment we test whether the European solution reflects the preferences of artists. We make it costly to reserve the right to have their name mentioned, to alter or to destroy their photo, and to grant the right to transfer these rights to third parties. We implement an incentive compatible second price auction. For all moral rights, only a minority is willing to trade. Reservation prices are substantial. This largely also holds for artists resident in the US.
Christoph Engel is Director of the Max Planck Institute for Research on Collective Goods, Bonn, and a member of the Faculty of Law and Economics at the University of Bonn. His research covers areas including Experimental Law and Economics, Behavioural Law and Economics, and broader Economic Law.
He is the author of Generating Predictability: Institutional Analysis and Design and other books.