TY  - UNPD
A1  - Chen, Yi-Hsuan
A1  - Kräussl, Roman
A1  - Verwijmeren, Patrick
T1  - The pricing of digital art
N2  - The intersection of recent advancements in generative artificial intelligence and blockchain technology has propelled digital art into the spotlight. Digital art pricing recognizes that owners derive utility beyond the artwork’s inherent value. We incorporate the consumption utility associated with digital art and model the stochastic discount factor and risk premiums. Furthermore, we conduct a calibration analysis to analyze the effects of shifts in the real and digital economy. Higher returns are required in a digital market upswing due to increased exposure to systematic risk and digital art prices are especially responsive to fluctuations in business cycles within digital markets.
T3  - CFS working paper series - No. 716 
KW  - Digital art
KW  - conspicuous consumption
KW  - utility dividends
KW  - risk premium
KW  - valuation
Y1  - 2023
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/72291
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-722913
UR  - https://papers.ssrn.com/sol3/papers.cfm?abstract_id=4694237
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -