NDLI: The pricing of soft and hard information: economic lessons from screenplay sales

Content Provider	Springer Nature Link
Author	Goetzmann, William N. Ravid, S. Abraham Sverdlove, Ronald
Copyright Year	2012
Abstract	This paper uses a unique data set on screenplay sales to learn how the information content of a sales pitch affects sale prices. This is one of the few studies that analyze “soft information” outside the banking industry. We find that “soft information” proxies, such as the descriptive complexity of a pitch, depress prices, in particular for less experienced writers, supporting the common industry view that high concept (short and simple) screenplays sell better. “Hard information” (measurable experience) variables are priced as well. We also find that large studios shun “soft information”, whereas small companies handle it better, as predicted by most theories. In the last part of the paper, we find that, surprisingly, buyers seem to be able to forecast the eventual success of a project based upon the purchased script, paying more for screenplays which will eventually culminate in more successful movies. In other words, perhaps “somebody knows something”.
Starting Page	271
Ending Page	307
Page Count	37
File Format	PDF
ISSN	08852545
Journal	Journal of Cultural Economics
Volume Number	37
Issue Number	2
e-ISSN	15736997
Language	English
Publisher	Springer US
Publisher Date	2012-09-12
Publisher Place	Boston
Access Restriction	One Nation One Subscription (ONOS)
Subject Keyword	Soft information Screenplays Movies Contracts Microeconomics Public Finance & Economics Economic Policy Arts Music Regional and Cultural Studies
Content Type	Text
Resource Type	Article
Subject	Economics, Econometrics and Finance

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1	Ministry of Education (GoI), Department of Higher Education	Sanctioning Authority	https://www.education.gov.in/ict-initiatives
2	Indian Institute of Technology Kharagpur	Host Institute of the Project: The host institute of the project is responsible for providing infrastructure support and hosting the project	https://www.iitkgp.ac.in
3	National Digital Library of India Office, Indian Institute of Technology Kharagpur	The administrative and infrastructural headquarters of the project	Dr. B. Sutradhar bsutra@ndl.gov.in
4	Project PI / Joint PI	Principal Investigator and Joint Principal Investigators of the project	Dr. B. Sutradhar bsutra@ndl.gov.in Prof. Saswat Chakrabarti will be added soon
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