table 3 explanations for why incomes are low in the arts: (page 113)
1 The winner-takes-all principle: Winner-takes-all markets are
important in the arts. They attract many competitors.
2 Unfitness for non-arts professions: Because artists believe they are
unfit for other, non-art professions, they believe they are better off
in the arts despite the prospect of a low income.
3 An orientation towards non-monetary rewards: (a) The average
artist is more interested in non-monetary rewards than other professionals, while (b) such rewards are (thought to be) available in
abundance in the arts.
4 An inclination to take risks: (a) the average artist is less risk-aversive than other professionals, while (b) high stakes, in the form of
both non-monetary and monetary income, are (thought to be)
available in abundance in the arts.
5 Overconfidence and self-deceit: more than other professionals, the
average artist is inclined to overestimate his or her skills and luck
and at the same time, ignore available information; therefore they
overestimate the rewards available to them in the arts.
6 Wrong information: the average artist is less well informed than
other professionals; therefore they overestimate the rewards available to them in the arts.
Download here:
https://www.researchgate.net/publication/285409691_Hans_Abbing_Why_Are_Artists_Poor
