tag:blogger.com,1999:blog-2761684730989137546.post1583167091411090997..comments2024-03-28T07:50:06.102-04:00Comments on Mike Norman Economics: A Reminder from Berlin — Peter Radfordmike normanhttp://www.blogger.com/profile/03296006882513340747noreply@blogger.comBlogger4125tag:blogger.com,1999:blog-2761684730989137546.post-48924717201235233712021-01-21T20:37:26.013-05:002021-01-21T20:37:26.013-05:00The arts have all the “inequality!”...
Orioles pa...The arts have all the “inequality!”...<br /><br />Orioles paying Chris Davis 168M over to hit 0.145... meanwhile the kids coming up in minor leagues getting cancelled...<br /><br />https://wtop.com/baltimore-orioles/2020/12/report-frederick-keys-no-longer-an-orioles-affiliate/<br /><br />$200 for Rolling Stones tickets meanwhile artists busking for coins....<br /><br />You Art degree morons are the source of all the problems....Matt Frankohttps://www.blogger.com/profile/11978352335097260145noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-57844276930444491152021-01-21T16:00:56.991-05:002021-01-21T16:00:56.991-05:00My money went to Kenny Rogers, to buy an album for...My money went to Kenny Rogers, to buy an album for my mother.Peter Panhttps://www.blogger.com/profile/09473311771939167712noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-709996466045496402021-01-21T15:20:13.381-05:002021-01-21T15:20:13.381-05:00Further to my comment:
Juan Diego Florez cemented...Further to my comment:<br /><br />Juan Diego Florez cemented his reputation as a top operatic tenor during a 2008 performance of Gaetano Donizetti's <i>La Fille du Regiment</i>. Among professional singers, Donizetti's masterpiece is known as "the Mount Everest of opera"; a reputation due, almost entirely, to a devilishly tricky aria, "Ah! Mes amis, quel jour de fete," that arrives early in the first act. The aria demands the tenor to hit nine high C's in a row — a supremely difficult feat.<br /><br />In his 2008 performance of Donizetti, at the Metropolitan Opera House, Florez hit all nine notes. The acclaim was so overwhelming that he was summoned back to the stage for an encore, overturning the Met's long-standing ban on the practice.<br /><br />As a top opera singer, we can assume that Florez does well for himself financially (likely on the order of 5-digit paydays per performance), but not lavishly well. Put another way: he's well-off but not wealthy.<br /><br /><i>Then there are the superstars.</i><br /><br />In 1972, a young tenor by the name of Luciano Pavarotti also made a name for himself performing Donizetti at the Met. Like Florez, he too hit the high C's. But there was something extra in Pavarotti's voice. The audience at the Met in 1972 did more than demand an encore from Pavarotti, they weren't content until he had returned to the stage seventeen times! In writing about Florez's 2008 performance, the New York Times noted: "If truth be told, it's not as hard as it sounds for a tenor with a light lyric voice like Mr. Florez to toss off those high C's…[I]n the early 1970's, when Luciano Pavarotti…let those high Cs ring out, that was truly astonishing."<br /><br />In other words, both Florez and Pavarotti are exceptional tenors, but Pavarotti was slightly better — the best among an elite class. The impact of this small difference, however, was huge. <b>Whereas we estimated that Florez was well off but not wealthy, when Pavarotti died in 2007, sources estimated his estate to be worth $275 to 475 million.</b>Ahmed Fareshttps://www.blogger.com/profile/07105255828394485657noreply@blogger.comtag:blogger.com,1999:blog-2761684730989137546.post-17588448085389685702021-01-21T15:14:33.759-05:002021-01-21T15:14:33.759-05:00re: the Superstar Effect
In a 1981 paper publishe...re: the Superstar Effect<br /><br />In a 1981 paper published in the American Economics Review, the economist Sherwin Rosen worked through the mathematics that explains why superstars, like Pavarotti, reap so many more rewards than peers who are only slightly less talented. He called the phenomenon, “The Superstar Effect.”<br /><br />Though the details of Rosen’s formulas are complex, the intuition is simple: imagine a million opera fans who each have $10 to spend on an opera album. They’re trying to decide whether to buy an album by Florez or Pavarotti. Rosen’s theory predicts that the bulk of the consumers will purchase the Pavarotti album, thinking, roughly: <i>“although both singers are great, Pavarotti is the best, and if I can only get one album I might as well get the best one available.”</i><b> The result is that the vast majority of the $10 million goes to Pavarotti, even though his talent advantage over Florez is small.</b><br /><br />—Cal Newport (2010) “From CEOs to Opera Singers – How to Harness the Superstar Effect”Ahmed Fareshttps://www.blogger.com/profile/07105255828394485657noreply@blogger.com