Includes bibliographical references and index.

1. Value and Valuation in Art and Culture: Introduction and Overview / Michael Hutter and David Throsby -- Pt. 1. Origins of Meaning -- 2. Creating Value between Cultures: Contemporary Australian Aboriginal Art / Terry Smith -- 3. Entertainment Value: Intrinsic, Instrumental, and Transactional / Richard Shusterman -- 4. Creating Artistic from Economic Value: Changing Input Prices and New Art / Michael Hutter -- Pt. 2. The Creation of Value in Artistic Work -- 5. The Creation of Value by Artists: The Case of Hector Berlioz and Symphonie Fantastique / David Throsby -- 6. Art, Honor, and Excellence in Early Modern Europe / Elizabeth Honig -- 7. Rubbish and Aura: Archival Economics / Kurt Heinzelman -- Pt. 3. Continuity and Innovation -- 8. Value in Yolngu Ceremonial Song Performance: Continuity and Change / Steven Knopoff -- 9. The Ritual and the Promise: Why People Value Social Ritual / Lourdes Arizpe -- 10. "More than Luther of These Modern Days": The Construction of Emerson's Reputation in American Culture, 1882-1903 / Richard F. Teichgraeber III -- Pt. 4. Appreciation and Ranking -- 11. Quantitative Approaches to Valuation in the Arts, with an Application to Movies / Victor Ginsburgh and Sheila Weyers -- 12. Confluences ofValue: Three Historical Moments / Neil De Marchi -- 13. The Intrinsic Value of a Work of Art: Masaccio and the Chapmans / Carolyn Wilde -- 14. Time and Preferences in Cultural Consumption / Marina Bianchi -- Pt. 5. Cultural Policies -- 15. What Values Should Count in the Arts? The Tension between Economic Effects and Cultural Value / Bruno S. Frey -- 16. The Public Value of Controversial Art: The Case of the Sensation Exhibit / Arthur C. Brooks -- 17. Going to Extremes: Commercial and Nonprofit Valuation in the U.S. Arts System / Bill Ivey.