Making rules to live by: Was the proposed regulatory regime for invasive species reasonable? Perceptions of the South African trout industry
- Marire, Juniours, Snowball, Jeanette D, Fraser, Gavin C G
- Authors: Marire, Juniours , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68566 , vital:29285 , http://2015.essa.org.za/fullpaper/essa_2938.pdf
- Description: Publisher version , Despite considerable economic impact of trout-based aquaculture and recreational fishing, the Department of Environmental Affairs has been focusing almost entirely on ecological criteria in deciding the regulatory regime for trout. We examined whether the proposed regulatory regime for alien and invasive species that was published by the Department of Environmental Affairs in 2014 for public comment was reasonable. The analysis produced factors that might matter in the design of reasonable institutional arrangements that impose a reasonable regulatory burden on economic sectors utilising invasive species. We conducted factor analysis using an online survey that we conducted between May and July 2014. We obtained four clusters of factors: participatory policymaking, people-centeredness, credible scientific evidence for listing species as invasive and contextualisation of international evidence. We then utilised the factors in a logistic regression framework to assess their influence on the probability of perceiving the regulations to be reasonable. The likelihood of a trout sector player perceiving the regulations to be reasonable was 1.2%. We found that a one standard deviation increase in the “credibility of scientific evidence” increased the odds of perceiving the regulations to be reasonable by 1645%. A one standard deviation increase in “participation” increased the odds of perceiving the regulations to be reasonable by 410%. A one standard deviation increase in “people-centeredness” increased the odds of perceiving the regulations to be reasonable by 600%. Lastly, a one standard deviation increase in the variable “contextualising international evidence” increased the odds of perceiving the regulations to be reasonable by 415%. This research demonstrates that properly addressing the socioeconomic aspects of new policies in addition to ecological criteria makes it far more likely that stakeholders will regard them as reasonable, even if the new policies impose increased regulatory transaction cost burden on users or reduced access to a resource.
- Full Text:
- Date Issued: 2015
- Authors: Marire, Juniours , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68566 , vital:29285 , http://2015.essa.org.za/fullpaper/essa_2938.pdf
- Description: Publisher version , Despite considerable economic impact of trout-based aquaculture and recreational fishing, the Department of Environmental Affairs has been focusing almost entirely on ecological criteria in deciding the regulatory regime for trout. We examined whether the proposed regulatory regime for alien and invasive species that was published by the Department of Environmental Affairs in 2014 for public comment was reasonable. The analysis produced factors that might matter in the design of reasonable institutional arrangements that impose a reasonable regulatory burden on economic sectors utilising invasive species. We conducted factor analysis using an online survey that we conducted between May and July 2014. We obtained four clusters of factors: participatory policymaking, people-centeredness, credible scientific evidence for listing species as invasive and contextualisation of international evidence. We then utilised the factors in a logistic regression framework to assess their influence on the probability of perceiving the regulations to be reasonable. The likelihood of a trout sector player perceiving the regulations to be reasonable was 1.2%. We found that a one standard deviation increase in the “credibility of scientific evidence” increased the odds of perceiving the regulations to be reasonable by 1645%. A one standard deviation increase in “participation” increased the odds of perceiving the regulations to be reasonable by 410%. A one standard deviation increase in “people-centeredness” increased the odds of perceiving the regulations to be reasonable by 600%. Lastly, a one standard deviation increase in the variable “contextualising international evidence” increased the odds of perceiving the regulations to be reasonable by 415%. This research demonstrates that properly addressing the socioeconomic aspects of new policies in addition to ecological criteria makes it far more likely that stakeholders will regard them as reasonable, even if the new policies impose increased regulatory transaction cost burden on users or reduced access to a resource.
- Full Text:
- Date Issued: 2015
Art investment in South Africa: portfolio diversification and art market efficiency
- Botha, Ferdi, Snowball, Jeanette D, Scott, Brett
- Authors: Botha, Ferdi , Snowball, Jeanette D , Scott, Brett
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/64794 , vital:28601 , http://www.dx.doi.org/10.17159/2222-3436/2016/v19n3a4
- Description: Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel art price index offered the opportunity to test this theory in the South African context. Moreover, this paper tests whether art prices are efficient. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A vector autoregression of the art price index, Johannesburg stock exchange all-share index, house price index, and South African government bond index were used. Results show that, when there are increased returns on the stock market in a preceding period and wealth increases, there is a change in the Citadel art price index in the same direction. No significant difference was found between the house price index and the art price index, or between the art and government bond price indices. The art market is also found to be inefficient, thereby exacerbating the risk of investing in art. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2016
- Authors: Botha, Ferdi , Snowball, Jeanette D , Scott, Brett
- Date: 2016
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/64794 , vital:28601 , http://www.dx.doi.org/10.17159/2222-3436/2016/v19n3a4
- Description: Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel art price index offered the opportunity to test this theory in the South African context. Moreover, this paper tests whether art prices are efficient. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A vector autoregression of the art price index, Johannesburg stock exchange all-share index, house price index, and South African government bond index were used. Results show that, when there are increased returns on the stock market in a preceding period and wealth increases, there is a change in the Citadel art price index in the same direction. No significant difference was found between the house price index and the art price index, or between the art and government bond price indices. The art market is also found to be inefficient, thereby exacerbating the risk of investing in art. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2016
The willingness to pay for dusky kob (Argyrosomus japonicus) restocking: using recreational linefishing licence fees to fund stock enhancement in South Africa
- Palmer, Ryan M, Snowball, Jeanette D
- Authors: Palmer, Ryan M , Snowball, Jeanette D
- Date: 2009
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71322 , vital:29833 , https://doi.org/10.1093/icesjms/fsp075
- Description: The economic feasibility of stock enhancement of Argyrosomus japonicus in South Africa was investigated using a willingness-to-pay (WTP) survey. The pilot study provides a unique example of the use of the contingent valuation method as a valuation tool for a proposed stock enhancement programme. An increase in the cost of a recreational fishing permit is used as a potential vehicle of payment. The median value of the maximum that fishers were willing to pay for a recreational fishing permit was R155 (South African Rand) for frequent fishers and R100 for non-frequent fishers. Analysis showed that a fee of more than R100 excluded up to 50% of anglers from the fishery, but that a fee of R100 excluded only 28% of recreational anglers and would generate an additional R12 million annually from the sale of recreational fishing permits. The estimated costs of set-up and running of a stock enhancement programme are substantially lower than this, suggesting that stock enhancement may be an economically feasible management option that deserves more investigation. The WTP method itself produces robust results and is likely to be an effective tool in the management of the marine environment.
- Full Text:
- Date Issued: 2009
- Authors: Palmer, Ryan M , Snowball, Jeanette D
- Date: 2009
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71322 , vital:29833 , https://doi.org/10.1093/icesjms/fsp075
- Description: The economic feasibility of stock enhancement of Argyrosomus japonicus in South Africa was investigated using a willingness-to-pay (WTP) survey. The pilot study provides a unique example of the use of the contingent valuation method as a valuation tool for a proposed stock enhancement programme. An increase in the cost of a recreational fishing permit is used as a potential vehicle of payment. The median value of the maximum that fishers were willing to pay for a recreational fishing permit was R155 (South African Rand) for frequent fishers and R100 for non-frequent fishers. Analysis showed that a fee of more than R100 excluded up to 50% of anglers from the fishery, but that a fee of R100 excluded only 28% of recreational anglers and would generate an additional R12 million annually from the sale of recreational fishing permits. The estimated costs of set-up and running of a stock enhancement programme are substantially lower than this, suggesting that stock enhancement may be an economically feasible management option that deserves more investigation. The WTP method itself produces robust results and is likely to be an effective tool in the management of the marine environment.
- Full Text:
- Date Issued: 2009
Subjective well-being in Africa
- Botha, Ferdi, Snowball, Jeanette D
- Authors: Botha, Ferdi , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: article , text
- Identifier: http://hdl.handle.net/10962/61084 , vital:27946
- Description: Research on quality of life and subjective well-being (SWB) has witnessed a remarkable growth over the past four decades or so. Since Easterlin’s (1974) seminal contribution on the relationship between happiness and income, thousands of studies have followed that examine the intricacies of subjective well-being (for reviews, see Frey and Stutzer, 2002; Dolan et al., 2008; MacKerron, 2012). These studies have uncovered some very important aspects of individual well-being and have pointed to the fact that money or income is not always (as is often assumed) the most important determinant of SWB.
- Full Text:
- Date Issued: 2015
- Authors: Botha, Ferdi , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: article , text
- Identifier: http://hdl.handle.net/10962/61084 , vital:27946
- Description: Research on quality of life and subjective well-being (SWB) has witnessed a remarkable growth over the past four decades or so. Since Easterlin’s (1974) seminal contribution on the relationship between happiness and income, thousands of studies have followed that examine the intricacies of subjective well-being (for reviews, see Frey and Stutzer, 2002; Dolan et al., 2008; MacKerron, 2012). These studies have uncovered some very important aspects of individual well-being and have pointed to the fact that money or income is not always (as is often assumed) the most important determinant of SWB.
- Full Text:
- Date Issued: 2015
Measuring the value of the arts to society: the importance of the value of externalities for lower income and education groups in South Africa
- Snowball, Jeanette D, Antrobus, Geoffrey G
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2001
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/143134 , vital:38204 , https://doi.org/10.1111/j.1813-6982.2001.tb00034.x
- Description: Governments in many countries have cut their support of the arts on the grounds that it is the pleasure of the higher income, well educated members of society that they are sponsoring. In the 1980's government support of the arts, even in developed countries, fell by 30 per cent (Throsby 1994). While it is true that many studies have found that arts attenders represent the educated, prosperous minority of society (Morrison and West, 1986; Dobson and West, 1990; Hendon 1990), this paper argues that if the social as well as the more traditional economic measures of the value of the arts are considered, it can be shown that many of the positive externalties provided by the arts accrue to lower income and education groups.
- Full Text:
- Date Issued: 2001
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2001
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/143134 , vital:38204 , https://doi.org/10.1111/j.1813-6982.2001.tb00034.x
- Description: Governments in many countries have cut their support of the arts on the grounds that it is the pleasure of the higher income, well educated members of society that they are sponsoring. In the 1980's government support of the arts, even in developed countries, fell by 30 per cent (Throsby 1994). While it is true that many studies have found that arts attenders represent the educated, prosperous minority of society (Morrison and West, 1986; Dobson and West, 1990; Hendon 1990), this paper argues that if the social as well as the more traditional economic measures of the value of the arts are considered, it can be shown that many of the positive externalties provided by the arts accrue to lower income and education groups.
- Full Text:
- Date Issued: 2001
The economic impact of Rhodes University students on the Grahamstown economy
- Snowball, Jeanette D, Antrobus, Geoffrey G
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2005
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67475 , vital:29099
- Description: Publisher version , From Executive Summary: This study compares the spending patterns and economic impact of three groups of Rhodes University students: South Africans (SA), Other Africans and students from the Rest of the World (RoW). Data was collected via self-completion questionnaires and the final sample size was 163. Despite differences in spending patterns, total spending was found to be remarkably similar across groups, the major differences being between those students in university residence and those in digs (rented accommodation in town). Total monthly spending for those in residence was highest for SA students (R1034), then Other Africans (R850) and finally RoW (R777). For those in digs, total monthly spending was very similar, but again highest for SA students (R2495), then RoW (R2480) and then students from Other African countries (R2461). SA students have a considerably lower average unearned income than other groups, with students from the RoW having the highest unearned income (R1060 for those in residence and R2300 for those in digs). However, 55% of SA students, compared to 47% of foreign students, have sources of earned income, usually related to the university. Monthly income also tended to be higher for SA students (R654) than for other groups (Other Africa = R557; RoW = R575). The general conclusion that can be drawn is that there is very little difference in total spending between groups, although SA students have a somewhat higher average than others. A straight line ordinary least squares regression showed that, holding all else constant, SA students spent on average R169 more per month than foreign students (significant at the 10% level).
- Full Text:
- Date Issued: 2005
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2005
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67475 , vital:29099
- Description: Publisher version , From Executive Summary: This study compares the spending patterns and economic impact of three groups of Rhodes University students: South Africans (SA), Other Africans and students from the Rest of the World (RoW). Data was collected via self-completion questionnaires and the final sample size was 163. Despite differences in spending patterns, total spending was found to be remarkably similar across groups, the major differences being between those students in university residence and those in digs (rented accommodation in town). Total monthly spending for those in residence was highest for SA students (R1034), then Other Africans (R850) and finally RoW (R777). For those in digs, total monthly spending was very similar, but again highest for SA students (R2495), then RoW (R2480) and then students from Other African countries (R2461). SA students have a considerably lower average unearned income than other groups, with students from the RoW having the highest unearned income (R1060 for those in residence and R2300 for those in digs). However, 55% of SA students, compared to 47% of foreign students, have sources of earned income, usually related to the university. Monthly income also tended to be higher for SA students (R654) than for other groups (Other Africa = R557; RoW = R575). The general conclusion that can be drawn is that there is very little difference in total spending between groups, although SA students have a somewhat higher average than others. A straight line ordinary least squares regression showed that, holding all else constant, SA students spent on average R169 more per month than foreign students (significant at the 10% level).
- Full Text:
- Date Issued: 2005
The valuation of campus built heritage from the student perspective: comparative analysis of Rhodes University in South Africa and St. Mary’s College of Maryland in the United States
- Poor, Joan P, Snowball, Jeanette D
- Authors: Poor, Joan P , Snowball, Jeanette D
- Date: 2010
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67488 , vital:29102 , https://doi.org/10.1016/j.culher.2009.05.002
- Description: Pre-print , Many universities and colleges around the world have done extensive surveys of their campus built heritage resources. A detailed description and accounting of a campus's built heritage, landscape heritage and archaeology, are often used for historic preservation planning, and sustaining built culture is also an important aspect of campus master planning of future buildings. Such institutions of higher education have deep historical roots, in Europe it is not uncommon for buildings to be dated prior to the sixteenth century. In countries where European colonies were established, institutions of higher education often date to the eighteenth and early nineteenth centuries. Once students have arrived at their chosen campus, however, except for perhaps the first week orientation rituals, do the students actually develop ties to their campus built heritage? This research investigates the knowledge students possess of their respective campus built heritage and the importance of built heritage as a legacy to them. Two institutions are included in this study in an effort of draw comparative assessments. A student questionnaire was administered at Rhodes University in South Africa and St. Mary's College of Maryland in the United States during April 2008. Results indicate students on both campuses place positive intrinsic value on their respective campus built heritage. Just over half (52%) of Rhodes students and about 68% of St. Mary's students were willing to pay some positive amount to protect campus built heritage. Empirical probit model results combining the data from both institutions found that current student knowledge of their respective campus built heritage did not positively relate to the value they place on preservation, even though the visual identity was significant for students and influenced their decision to attend the particular institution. The lack of significance regarding a racial variable coefficient estimate suggests that the use of an institution's visual identity in terms of built heritage may have important marketing implications, particularly in cases where universities or colleges are trying to attract students from more diverse backgrounds. We found no significant relationships between willingness to pay to preserve an institution's built heritage and the demographic variables included in our empirical model. Fundraising data analysis includes positive willingness to pay for conserving built heritage, yet funding for new construction was not significant.
- Full Text:
- Date Issued: 2010
- Authors: Poor, Joan P , Snowball, Jeanette D
- Date: 2010
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67488 , vital:29102 , https://doi.org/10.1016/j.culher.2009.05.002
- Description: Pre-print , Many universities and colleges around the world have done extensive surveys of their campus built heritage resources. A detailed description and accounting of a campus's built heritage, landscape heritage and archaeology, are often used for historic preservation planning, and sustaining built culture is also an important aspect of campus master planning of future buildings. Such institutions of higher education have deep historical roots, in Europe it is not uncommon for buildings to be dated prior to the sixteenth century. In countries where European colonies were established, institutions of higher education often date to the eighteenth and early nineteenth centuries. Once students have arrived at their chosen campus, however, except for perhaps the first week orientation rituals, do the students actually develop ties to their campus built heritage? This research investigates the knowledge students possess of their respective campus built heritage and the importance of built heritage as a legacy to them. Two institutions are included in this study in an effort of draw comparative assessments. A student questionnaire was administered at Rhodes University in South Africa and St. Mary's College of Maryland in the United States during April 2008. Results indicate students on both campuses place positive intrinsic value on their respective campus built heritage. Just over half (52%) of Rhodes students and about 68% of St. Mary's students were willing to pay some positive amount to protect campus built heritage. Empirical probit model results combining the data from both institutions found that current student knowledge of their respective campus built heritage did not positively relate to the value they place on preservation, even though the visual identity was significant for students and influenced their decision to attend the particular institution. The lack of significance regarding a racial variable coefficient estimate suggests that the use of an institution's visual identity in terms of built heritage may have important marketing implications, particularly in cases where universities or colleges are trying to attract students from more diverse backgrounds. We found no significant relationships between willingness to pay to preserve an institution's built heritage and the demographic variables included in our empirical model. Fundraising data analysis includes positive willingness to pay for conserving built heritage, yet funding for new construction was not significant.
- Full Text:
- Date Issued: 2010
Five unpublished coins of Alexander the great and his successors in the Rhodes University collection
- Snowball, Jeanette D, Snowball, Warren D
- Authors: Snowball, Jeanette D , Snowball, Warren D
- Date: 2005
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70359 , vital:29648 , http://dx.doi.org/10.7445/50-0-73
- Description: The article briefly discusses the economic and political significance of the Alexander III(“the Great”) type silver tetradrachm and publishes three of his coins currently held by the Rhodes University Classics Museum. Based on stylistic elements, they are classified as from the Amphipolis and Arados mints and were probably minted during his lifetime. Two further tetradrachms from the empires of Alexander’s successors, Ptolemy II and Seleucus IV, are also published.
- Full Text:
- Date Issued: 2005
Five unpublished coins of Alexander the great and his successors in the Rhodes University collection
- Authors: Snowball, Jeanette D , Snowball, Warren D
- Date: 2005
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70359 , vital:29648 , http://dx.doi.org/10.7445/50-0-73
- Description: The article briefly discusses the economic and political significance of the Alexander III(“the Great”) type silver tetradrachm and publishes three of his coins currently held by the Rhodes University Classics Museum. Based on stylistic elements, they are classified as from the Amphipolis and Arados mints and were probably minted during his lifetime. Two further tetradrachms from the empires of Alexander’s successors, Ptolemy II and Seleucus IV, are also published.
- Full Text:
- Date Issued: 2005
The energy transition patterns of low-income households in South Africa: an evaluation of energy programme and policy
- Israel-Akinbo, Sylvia O, Snowball, Jeanette D, Fraser, Gavin C G
- Authors: Israel-Akinbo, Sylvia O , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2018
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69397 , vital:29518 , https://doi.org/10.17159/2413-3051/2018/v29i3a3310
- Description: The transition to modern energy carriers like electricity is an important way to achieve to eradicate energy poverty. This study investigated energy transition patterns and trends in low-income South African households. The marginal effects of the different determinants on the probability of choosing a specific energy carrier were computed and the influence of some endogenous characteristics in transitioning to modern energy carriers was explored. It was found that energy ladder behaviour exists for cooking while energy stacking was most likely for space heating and the pattern for lighting tended towards energy stacking. Dwelling type, household size and geographical location were among the key determinants of the energy transition pattern. Policies to reduce energy poverty need a multi-pronged approach and not only a focus on electricity access.
- Full Text:
- Date Issued: 2018
- Authors: Israel-Akinbo, Sylvia O , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2018
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69397 , vital:29518 , https://doi.org/10.17159/2413-3051/2018/v29i3a3310
- Description: The transition to modern energy carriers like electricity is an important way to achieve to eradicate energy poverty. This study investigated energy transition patterns and trends in low-income South African households. The marginal effects of the different determinants on the probability of choosing a specific energy carrier were computed and the influence of some endogenous characteristics in transitioning to modern energy carriers was explored. It was found that energy ladder behaviour exists for cooking while energy stacking was most likely for space heating and the pattern for lighting tended towards energy stacking. Dwelling type, household size and geographical location were among the key determinants of the energy transition pattern. Policies to reduce energy poverty need a multi-pronged approach and not only a focus on electricity access.
- Full Text:
- Date Issued: 2018
'Committed, motivated and joyful?'Job satisfaction and organisational commitment of managers at a South African public utility:
- Authors: Snowball, Jeanette D
- Date: 2017
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70495 , vital:29667 , https://doi.org/10.1080/09548963.2017.1380706
- Description: The cultural and creative industries (CCIs) have been hailed as offering great potential to create jobs and to be socially inclusive. Since artistic success is defined by individual talent, or merit, the CCIs should be one sector that is especially open to, and appreciative of, social diversity in terms of race, class, cultural group and gender. However, as expected, recent studies in both the UK and the US have revealed that employment in the CCIs is heavily dominated by the middle classes, and is not as diverse in terms of other characteristics. Since the advent of democracy in South Africa in 1994, transformation of firm ownership, previously dominated by white people, to include more black, coloured and Indian/Asian-origin South Africans, has been an important part of achieving greater economic equality and social cohesion, as well as being more representative of the cultures of the majority of the population. Using data from a survey of 2400 CCIs firms in South Africa, this paper examines the extent to which the CCIs in South Africa have transformed in terms of ownership and employment. Comparisons are also made across the six UNESCO [(2009). Framework for cultural statistics. UNESCO Institute for Statistics. Retrieved from http://www.uis.unesco.org/culture/Pages/framework-cultural-statistics.aspx] “Cultural Domains” in terms of ownership, average monthly turnover and the number of full-time, part-time and contract employees. Results show some diversity in the industry, but significant differences between the Domains. Statistical analysis demonstrates that CCI funding policy in South Africa is sensitive to advancing the transformation agenda in that more transformed firms were shown to be more likely to have received some form of government grant as part of their income.
- Full Text:
- Date Issued: 2017
- Authors: Snowball, Jeanette D
- Date: 2017
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/70495 , vital:29667 , https://doi.org/10.1080/09548963.2017.1380706
- Description: The cultural and creative industries (CCIs) have been hailed as offering great potential to create jobs and to be socially inclusive. Since artistic success is defined by individual talent, or merit, the CCIs should be one sector that is especially open to, and appreciative of, social diversity in terms of race, class, cultural group and gender. However, as expected, recent studies in both the UK and the US have revealed that employment in the CCIs is heavily dominated by the middle classes, and is not as diverse in terms of other characteristics. Since the advent of democracy in South Africa in 1994, transformation of firm ownership, previously dominated by white people, to include more black, coloured and Indian/Asian-origin South Africans, has been an important part of achieving greater economic equality and social cohesion, as well as being more representative of the cultures of the majority of the population. Using data from a survey of 2400 CCIs firms in South Africa, this paper examines the extent to which the CCIs in South Africa have transformed in terms of ownership and employment. Comparisons are also made across the six UNESCO [(2009). Framework for cultural statistics. UNESCO Institute for Statistics. Retrieved from http://www.uis.unesco.org/culture/Pages/framework-cultural-statistics.aspx] “Cultural Domains” in terms of ownership, average monthly turnover and the number of full-time, part-time and contract employees. Results show some diversity in the industry, but significant differences between the Domains. Statistical analysis demonstrates that CCI funding policy in South Africa is sensitive to advancing the transformation agenda in that more transformed firms were shown to be more likely to have received some form of government grant as part of their income.
- Full Text:
- Date Issued: 2017
Could a regulated market approach for rhinoceros horns work in South Africa? Some practical issues and concerns
- Collins, Alan, Fraser, Gavin C G, Snowball, Jeanette D
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68600 , vital:29292 , http://www.essa2013.org.za/fullpaper/essa2013_2708.pdf
- Description: Publisher version , One of the proposals for fighting rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach (RMA), which would require a vote at the 2016 CITES meeting in order to overturn the ban on the trade in rhino horn. The legal trade in rhino horn would enable the auctioning of stockpiles of horn and encourage captive breeding programmes. The aim of increasing the supply of horn is to reduce incentives to poach by driving down the price. This paper uses a conceptual/theoretical approach to consider the practical implications of the adoption of an RMA, drawing on demand, supply and production theory. The intention is explicitly to set out some practical concerns and issues that seem to have been underplayed or neglected in most published economic discourse on the subject. To secure a stockpile for some species needs biological success in captive breeding programs (CBPs) but this varies across species and habitats. Rhinoceros herds in a CBP would need relatively spatially extensive terrain and costly permanent security measures, and only appear feasible for the less aggressive “white” rhino. Thus, market price would actually need to be sustained at a high level to cover the start-up and security costs of such a programme that are unlikely to fall significantly. This is a double-edged sword in that the persistent high price of rhino horn provides an incentive for continued poaching activities. Supplementary policy measures that differentiate among consumer groups may also prove necessary.
- Full Text:
- Date Issued: 2013
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68600 , vital:29292 , http://www.essa2013.org.za/fullpaper/essa2013_2708.pdf
- Description: Publisher version , One of the proposals for fighting rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach (RMA), which would require a vote at the 2016 CITES meeting in order to overturn the ban on the trade in rhino horn. The legal trade in rhino horn would enable the auctioning of stockpiles of horn and encourage captive breeding programmes. The aim of increasing the supply of horn is to reduce incentives to poach by driving down the price. This paper uses a conceptual/theoretical approach to consider the practical implications of the adoption of an RMA, drawing on demand, supply and production theory. The intention is explicitly to set out some practical concerns and issues that seem to have been underplayed or neglected in most published economic discourse on the subject. To secure a stockpile for some species needs biological success in captive breeding programs (CBPs) but this varies across species and habitats. Rhinoceros herds in a CBP would need relatively spatially extensive terrain and costly permanent security measures, and only appear feasible for the less aggressive “white” rhino. Thus, market price would actually need to be sustained at a high level to cover the start-up and security costs of such a programme that are unlikely to fall significantly. This is a double-edged sword in that the persistent high price of rhino horn provides an incentive for continued poaching activities. Supplementary policy measures that differentiate among consumer groups may also prove necessary.
- Full Text:
- Date Issued: 2013
Are arts events a good way of augmenting the economic impact of sport?: The case of the 2010 FIFA world cup and the national arts festival in South Africa
- Authors: Snowball, Jeanette D
- Date: 2012
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71430 , vital:29848 , https://econrsa.org/system/files/publications/working_papers/wp294.pdf
- Description: Despite the debate about whether arts consumers are also sports consumers, many countries have used cultural events to leverage further tourism spending from sports events, the most famous example being the cultural Olympics. This paper reports the findings of research conducted at the 2010 South African National Arts Festival, which was specifically timed to coincide with SoccerWorld Cup matches being played in a nearby city. Of the 600 interviews conducted with Festival-goers, only 23% reported also attending World Cup soccer matches. Regression analysis revealed that, while there is some overlap between arts and sports attendees, their demographics and consumption habits are significantly different. However, consumption outside of major events showed somewhat more overlap. This suggests that staging cultural events at the same time as major sporting events is not an ideal strategy, since they tend to compete with, rather than complement, each other.
- Full Text:
- Date Issued: 2012
- Authors: Snowball, Jeanette D
- Date: 2012
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71430 , vital:29848 , https://econrsa.org/system/files/publications/working_papers/wp294.pdf
- Description: Despite the debate about whether arts consumers are also sports consumers, many countries have used cultural events to leverage further tourism spending from sports events, the most famous example being the cultural Olympics. This paper reports the findings of research conducted at the 2010 South African National Arts Festival, which was specifically timed to coincide with SoccerWorld Cup matches being played in a nearby city. Of the 600 interviews conducted with Festival-goers, only 23% reported also attending World Cup soccer matches. Regression analysis revealed that, while there is some overlap between arts and sports attendees, their demographics and consumption habits are significantly different. However, consumption outside of major events showed somewhat more overlap. This suggests that staging cultural events at the same time as major sporting events is not an ideal strategy, since they tend to compete with, rather than complement, each other.
- Full Text:
- Date Issued: 2012
Breaking into the conversation: cultural value and the role of the South African National Arts Festival from apartheid to democracy
- Snowball, Jeanette D, Webb, Arthur C M
- Authors: Snowball, Jeanette D , Webb, Arthur C M
- Date: 2008
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71311 , vital:29832 , https://doi.org/10.1080/10286630802106326
- Description: The paper examines the value of the South African National Arts Festival (NAF) in the transition to democracy using theories of cultural capital. NAF history from 1974 to 2004 is used to argue that the Festival provided an important arena for the expression of political resistance in the 1980s and, to some degree, continues to do so today. It is concluded that an important part of the value of the arts is their ability to provide a forum for debating the goals and values of society and that individualistic utility theory is not always successful in measuring such social value.
- Full Text:
- Date Issued: 2008
- Authors: Snowball, Jeanette D , Webb, Arthur C M
- Date: 2008
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/71311 , vital:29832 , https://doi.org/10.1080/10286630802106326
- Description: The paper examines the value of the South African National Arts Festival (NAF) in the transition to democracy using theories of cultural capital. NAF history from 1974 to 2004 is used to argue that the Festival provided an important arena for the expression of political resistance in the 1980s and, to some degree, continues to do so today. It is concluded that an important part of the value of the arts is their ability to provide a forum for debating the goals and values of society and that individualistic utility theory is not always successful in measuring such social value.
- Full Text:
- Date Issued: 2008
Issues and concerns in developing regulated markets for endangered species products: the case of rhinoceros horns
- Collins, Alan, Fraser, Gavin C G, Snowball, Jeanette D
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/124877 , vital:35706 , https://doi.org/10.1093/cje/bev076
- Description: A proposal for addressing rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach, overturning the current trade ban. This orthodox economic prescription aims to reduce incentives to poach endangered wildlife by driving down the market price of their products via auctioned stockpile releases. Biologists are clear, however, that securing a stockpile for some species needs biological success in captive breeding programmes (CBPs), which varies markedly across species and habitats. Rhinoceros herds in a CBP would need spatially extensive terrain and costly permanent security measures; this only appears feasible for the less aggressive ‘white’ rhino. We argue that the market price would actually need to be sustained at a high level to cover protection costs over the longer reproduction cycles in CBPs and that, without extensive monitoring and the correct institutional structures being in place, legalising trade may encourage, rather than prevent, poaching. Supplementary policy measures that differentiate among consumer groups would also likely prove necessary.
- Full Text:
- Date Issued: 2015
- Authors: Collins, Alan , Fraser, Gavin C G , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/124877 , vital:35706 , https://doi.org/10.1093/cje/bev076
- Description: A proposal for addressing rhinoceros poaching is to legalise the trade in rhino horn and adopt a regulated market approach, overturning the current trade ban. This orthodox economic prescription aims to reduce incentives to poach endangered wildlife by driving down the market price of their products via auctioned stockpile releases. Biologists are clear, however, that securing a stockpile for some species needs biological success in captive breeding programmes (CBPs), which varies markedly across species and habitats. Rhinoceros herds in a CBP would need spatially extensive terrain and costly permanent security measures; this only appears feasible for the less aggressive ‘white’ rhino. We argue that the market price would actually need to be sustained at a high level to cover protection costs over the longer reproduction cycles in CBPs and that, without extensive monitoring and the correct institutional structures being in place, legalising trade may encourage, rather than prevent, poaching. Supplementary policy measures that differentiate among consumer groups would also likely prove necessary.
- Full Text:
- Date Issued: 2015
Perceptions of the natural environment from a rural African perspective: a case of Cylondropuntia fulgida var. fulgida in Gwanda district, Zimbabwe
- Dube, Nqobizitha, Snowball, Jeanette D, Fraser, Gavin C G
- Authors: Dube, Nqobizitha , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68578 , vital:29289 , http://2015.essa.org.za/fullpaper/essa_2994.pdf
- Description: Publisher version , Community environmental perceptions are instrumental in environmental management programmes given that perspectives govern human-environment relations. Despite numerous studies on environmental perceptions, little is known about how the rural poor particularly in Africa conceptualize, live with, and respond to pressing environmental issues facing them. As such, this paper uses the case of an invasive alien plant (IAP) (Cylindropuntia fulgida var. fulgida (Cff)) in a rural community (Gwanda district, Zimbabwe) to unveil the conceptualisation of the natural environment from a rural African perspective. This paper discloses the environmental worldview of the community and explains the formulation of the attitudes by the local households towards species in the environment. The study uses two horizontal dimensions of environmental attitudes formulation (New Environmental Paradigm (NEP) Scale and Kellet’s (1996) classification of environmental values). Data was collected using a questionnaire survey, group discussions and key informant interviews. A sample of 156 individuals comprised the study respondents. Results showed the residents of rural Gwanda district to hold both a conservation and utilisation conviction (syncretic view) towards the environment. However, utilisation outweighs conservation. Furthermore, older residents are more inclined to conservation in comparison to the youth. The study also divulged that the origin of a species in the natural environment was insignificant to the host community. However, the livelihood effects that species had (regardless of origins) were the major determinants of attitudes developed towards it.
- Full Text:
- Date Issued: 2015
- Authors: Dube, Nqobizitha , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68578 , vital:29289 , http://2015.essa.org.za/fullpaper/essa_2994.pdf
- Description: Publisher version , Community environmental perceptions are instrumental in environmental management programmes given that perspectives govern human-environment relations. Despite numerous studies on environmental perceptions, little is known about how the rural poor particularly in Africa conceptualize, live with, and respond to pressing environmental issues facing them. As such, this paper uses the case of an invasive alien plant (IAP) (Cylindropuntia fulgida var. fulgida (Cff)) in a rural community (Gwanda district, Zimbabwe) to unveil the conceptualisation of the natural environment from a rural African perspective. This paper discloses the environmental worldview of the community and explains the formulation of the attitudes by the local households towards species in the environment. The study uses two horizontal dimensions of environmental attitudes formulation (New Environmental Paradigm (NEP) Scale and Kellet’s (1996) classification of environmental values). Data was collected using a questionnaire survey, group discussions and key informant interviews. A sample of 156 individuals comprised the study respondents. Results showed the residents of rural Gwanda district to hold both a conservation and utilisation conviction (syncretic view) towards the environment. However, utilisation outweighs conservation. Furthermore, older residents are more inclined to conservation in comparison to the youth. The study also divulged that the origin of a species in the natural environment was insignificant to the host community. However, the livelihood effects that species had (regardless of origins) were the major determinants of attitudes developed towards it.
- Full Text:
- Date Issued: 2015
Is economic impact a good way of justifying the inclusion of foreign students at local universities?
- Snowball, Jeanette D, Antrobus, Geoffrey G
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67470 , vital:29098 , http://dx.doi.org/10.4314/sajhe.v20i3.25593
- Description: Pre-print , In the debate surrounding the costs and benefits of having foreign students at South African universities, the financial contributions of foreign students to their host economies is sometimes cited. This article reports the results of a comparison between the economic impact on the Grahamstown economy of the spending of foreign and local students at Rhodes University. It finds that the spending patterns of both types of students are remarkably similar and that the somewhat higher economic impact of foreign students is largely as a result of their propensity to choose the more expensive residence accommodation, rather than as a result of greater average spending generally. We suggest that economic impact studies should be used with caution when making the case for continued public subsidy of goods with significant non-market values and that opportunity costs should also be considered.
- Full Text:
- Date Issued: 2006
Is economic impact a good way of justifying the inclusion of foreign students at local universities?
- Authors: Snowball, Jeanette D , Antrobus, Geoffrey G
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67470 , vital:29098 , http://dx.doi.org/10.4314/sajhe.v20i3.25593
- Description: Pre-print , In the debate surrounding the costs and benefits of having foreign students at South African universities, the financial contributions of foreign students to their host economies is sometimes cited. This article reports the results of a comparison between the economic impact on the Grahamstown economy of the spending of foreign and local students at Rhodes University. It finds that the spending patterns of both types of students are remarkably similar and that the somewhat higher economic impact of foreign students is largely as a result of their propensity to choose the more expensive residence accommodation, rather than as a result of greater average spending generally. We suggest that economic impact studies should be used with caution when making the case for continued public subsidy of goods with significant non-market values and that opportunity costs should also be considered.
- Full Text:
- Date Issued: 2006
Is Fairtrade in commercial farms justifiable?: its impact on commercial and small-scale producers in South Africa
- Jari, Bridget, Snowball, Jeanette D, Fraser, Gavin C G
- Authors: Jari, Bridget , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69408 , vital:29519 , https://doi.org/10.1080/03031853.2013.847036
- Description: Fairtrade initially was limited to improving the lives of small-scale and peasant farmers, but later on it embraced commercial farmers, which attracted criticism. While there are a number of justifications for the Fairtrade organization's decision, there are authors who feel that meaningful “fair trade” cannot be achieved with the inclusion of commercial farms. This paper investigates the impact of Fairtrade on commercial farms and small-scale farmer cooperatives in South Africa. Fairtrade on South African commercial farms embraces a number of policy concerns related to land reform, BEE and sustainable development. The results of the study show that when commercial farms are included in the Fairtrade model, communities in which these farmers live benefit from developmental projects. In addition, in some instances, farm workers gain shares in the commercial farms, and benefit from the farm owners’ knowledge and capital.
- Full Text:
- Date Issued: 2013
- Authors: Jari, Bridget , Snowball, Jeanette D , Fraser, Gavin C G
- Date: 2013
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/69408 , vital:29519 , https://doi.org/10.1080/03031853.2013.847036
- Description: Fairtrade initially was limited to improving the lives of small-scale and peasant farmers, but later on it embraced commercial farmers, which attracted criticism. While there are a number of justifications for the Fairtrade organization's decision, there are authors who feel that meaningful “fair trade” cannot be achieved with the inclusion of commercial farms. This paper investigates the impact of Fairtrade on commercial farms and small-scale farmer cooperatives in South Africa. Fairtrade on South African commercial farms embraces a number of policy concerns related to land reform, BEE and sustainable development. The results of the study show that when commercial farms are included in the Fairtrade model, communities in which these farmers live benefit from developmental projects. In addition, in some instances, farm workers gain shares in the commercial farms, and benefit from the farm owners’ knowledge and capital.
- Full Text:
- Date Issued: 2013
What matters in economics teaching and learning? A case study of an introductory macroeconomics course in South Africa
- Snowball, Jeanette D, Wilson, M K
- Authors: Snowball, Jeanette D , Wilson, M K
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68500 , vital:29270 , https://doi.org/10.19030/tlc.v3i11.1659
- Description: Publisher version , In many universities, economics lecturers now face the challenge of dealing with large, diverse classes, especially at undergraduate level. A common concern is the non-attendance at lectures of unmotivated (conscript) students. Poor lecture quality, as reflected in student evaluations of teaching (SETs), is often blamed for lack of attendance and consequent poor performance. This paper presents the results of a student assessment of a macroeconomics 1 course, coupled with a self-assessment of their own input into the course. The results obtained, using econometric models, suggest that students inputs and attitudes to the course are equally, or more, important than lecture attendance itself.
- Full Text:
- Date Issued: 2006
- Authors: Snowball, Jeanette D , Wilson, M K
- Date: 2006
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/68500 , vital:29270 , https://doi.org/10.19030/tlc.v3i11.1659
- Description: Publisher version , In many universities, economics lecturers now face the challenge of dealing with large, diverse classes, especially at undergraduate level. A common concern is the non-attendance at lectures of unmotivated (conscript) students. Poor lecture quality, as reflected in student evaluations of teaching (SETs), is often blamed for lack of attendance and consequent poor performance. This paper presents the results of a student assessment of a macroeconomics 1 course, coupled with a self-assessment of their own input into the course. The results obtained, using econometric models, suggest that students inputs and attitudes to the course are equally, or more, important than lecture attendance itself.
- Full Text:
- Date Issued: 2006
Investigating how the attributes of live theatre productions influence consumption choices using conjoint analysis : the example of the National Arts Festival, South Africa
- Willis, K G, Snowball, Jeanette D
- Authors: Willis, K G , Snowball, Jeanette D
- Date: 2009
- Language: English
- Type: Article
- Identifier: vital:6075 , http://hdl.handle.net/10962/d1003825 , http://dx.doi.org/10.1007/s10824-009-9097-z
- Description: While there is a fair amount of work on determinants of demand for the live performing arts, results have often been contradictory with little explanatory power. This may be because of the difficulty in describing the attributes of a performance, particularly in terms of its quality, and the heterogeneity of consumer preferences. This article uses conjoint analysis, also called choice experiments, to investigate the impact of the attributes of live theatre performances on demand, using data collected from 483 randomly chosen attenders at live theatre performances at the 2008 South African National Arts Festival. Attributes include the type of cast (professional, semi-professional or amateur), reputation of the producer/director, the context or setting, production type and ticket price of the show. Results largely support the a priori expectations based on the results of other demand studies. For example, it is found that the age of consumers affects the type of show chosen, that utility and willingness to pay increase for shows with professional and semi-professional casts and that 93% of the potential audience prefer shows with a South African context. It is concluded that the method could prove useful to both event organisers and policy makers, especially where the goal is to broaden access to the arts.
- Full Text:
- Date Issued: 2009
- Authors: Willis, K G , Snowball, Jeanette D
- Date: 2009
- Language: English
- Type: Article
- Identifier: vital:6075 , http://hdl.handle.net/10962/d1003825 , http://dx.doi.org/10.1007/s10824-009-9097-z
- Description: While there is a fair amount of work on determinants of demand for the live performing arts, results have often been contradictory with little explanatory power. This may be because of the difficulty in describing the attributes of a performance, particularly in terms of its quality, and the heterogeneity of consumer preferences. This article uses conjoint analysis, also called choice experiments, to investigate the impact of the attributes of live theatre performances on demand, using data collected from 483 randomly chosen attenders at live theatre performances at the 2008 South African National Arts Festival. Attributes include the type of cast (professional, semi-professional or amateur), reputation of the producer/director, the context or setting, production type and ticket price of the show. Results largely support the a priori expectations based on the results of other demand studies. For example, it is found that the age of consumers affects the type of show chosen, that utility and willingness to pay increase for shows with professional and semi-professional casts and that 93% of the potential audience prefer shows with a South African context. It is concluded that the method could prove useful to both event organisers and policy makers, especially where the goal is to broaden access to the arts.
- Full Text:
- Date Issued: 2009
Art investment as a portfolio diversification strategy in South Africa
- Botha, Ferdi, Scott, Brett, Snowball, Jeanette D
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2015
- Authors: Botha, Ferdi , Scott, Brett , Snowball, Jeanette D
- Date: 2015
- Language: English
- Type: text , article
- Identifier: http://hdl.handle.net/10962/67422 , vital:29086
- Description: publisher version , Art has been suggested as a good way to diversify investment portfolios during times of financial uncertainty. The argument is that art exhibits different risk and return characteristics to conventional investments in other asset classes. The new Citadel Art Price index offered the opportunity to test this theory in the South African context. The Citadel index uses the hedonic regression method with observations drawn from the top 100, 50 and 20 artists by sales volume, giving approximately 29 503 total auction observations. The Index consists of quarterly data from the period 2000Q1 to 2013Q3. A VAR of the art price index, Johannesburg Stock Exchange all-share index, house price index, and South African government bond index were used. Flowing from the VAR results, additional analyses included variance decomposition, impulse response, and, to determine volatility, variance and standard deviation measures for each index. Results show that, when there are increased returns on the stock market in the previous period and wealth increases, there is a change in the Citadel Art Price Index in the same direction. This finding is consistent with Goetzmann et al. (2009), who reported that there is a strong relationship between art and equity markets and that art price changes are driven by capital gains and losses. No significant difference was found between the house price index and the art price index, and neither between the art and government bond price indices. Overall, the South African art market does not offer the opportunity to diversify portfolios dominated by either property, bonds, or shares.
- Full Text:
- Date Issued: 2015