par Buelens, Nathalie 
;Ginsburgh, Victor
Référence European Economic Review, 37, 7, page (1351-1371)
Publication Publié, 1993
;Ginsburgh, Victor Référence European Economic Review, 37, 7, page (1351-1371)
Publication Publié, 1993
Article révisé par les pairs
| Résumé : | We show that Baumol's conclusion that returns on bonds are higher than returns on paintings is too pessimistic. There are segments in the market for which returns are significantly higher than returns on bonds and stocks, during long periods of time (20 to 40 years); since tastes do change slowly (though not in a predictable way), this may imply that beating the market is not impossible. We also construct price indexes for paintings over the last 200 years. |
