A behavioral model on artist's multiple job holding: a portfolio approach

Abstract

In this thesis we present a different approach to artist's multiple job holding. First, we will give an overview of the previous literature on artists’ multiple job holding and the recent developments. The analysis will lead to shed light to some aspects that are still not fully embodied in artist’s decision making models. Starting from these elements, we realize that another approach toward artist’s moonlighting is needed. The attention will be moved from the expected utility approach to a behavioral approach. In particular, we will use a cumulative prospect theory solution. Large body of literature defines artists as small enterprises that allocate time in different activities. The comparison allows us to refer to a portfolio modus operandi. In more detail, artists devote their time to jobs different from artistic ones in order to meet a survival constraint, which most of the time is hardly satisfied by the artistic activity. The non-artistic activities are considered a safe job and, on the contrary, the artistic one is considered to be risky. While most of the workers would prefer a risk-less job, artists prefer the artistic activity and risky activity over the safe one. Starting from these consideration, in this thesis we will present a behavioral model to explain this tendency. We will show how decisions depend on the reference level, the attitude towards risk and the expected return of artistic activity. The artist will devote all his time to the art related activity once he meets his reference level.