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American Economic Review: Vol. 101 No. 3 (May 2011)

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Rock and Roll Bands, (In)complete Contracts, and Creativity

Article Citation

Ceulemans, Cédric, Victor Ginsburgh, and Patrick Legros. 2011. "Rock and Roll Bands, (In)complete Contracts, and Creativity." American Economic Review, 101(3): 217-21.

DOI: 10.1257/aer.101.3.217

Abstract

Members of a rock and roll band are endowed with different amounts of creativity. They match, compose songs, and share credit. The presence of more creative members increases the probability of success, but those more creative members may also claim a larger share of the pie. In our theoretical model, the nature of matching as well as the covariation between the probability of success and the allocation of credit among individual members are a function of the completeness of contracting. The data show that rock bands tend to enter into incomplete contracts and positive assortative matching.

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Authors

Ceulemans, Cédric (ECARES, Free U Brussels)
Ginsburgh, Victor (ECARES, Free U Brussels and CORE, Catholic U Louvain)
Legros, Patrick (ECARES, Free U Brussels)

JEL Classifications

D86: Economics of Contract: Theory
L82: Entertainment; Media


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