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The Worth of GoodsValuation and Pricing in the Economy$
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Jens Beckert and Patrik Aspers

Print publication date: 2011

Print ISBN-13: 9780199594641

Published to Oxford Scholarship Online: April 2015

DOI: 10.1093/acprof:osobl/9780199594641.001.0001

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Infinite Surprises

Infinite Surprises

On the Stabilization of Value in the Creative Industries

Chapter:
(p.201) 9 Infinite Surprises
Source:
The Worth of Goods
Author(s):

Michael Hutter

Publisher:
Oxford University Press
DOI:10.1093/acprof:osobl/9780199594641.003.0009

This chapter examines the importance of individualistic value by focusing on the experiences enabled by products of ‘creative industries’, which include markets for theatre performances, books, paintings, and works of music, as well as goods such as museum visits, video and computer games, fashion, and even advertising services. The chapter first reviews the characteristics of surprise-generating products before proceeding with a discussion of two mechanisms for anchoring valuation: the infinity relation of ‘praise value’ and the equivalence of ‘price value’. It then considers evidence on the use of ‘infinity operators’ in the contributions of creators, producers, amateurs, and critics along the value chain of creative industries' products. Finally, it highlights the potential of surprise products and their valuations as a major driver of global economic growth.

Keywords:   individualistic value, creative industries, valuation, infinity relation, praise value, equivalence, price value, infinity operators, surprise products, economic growth

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