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Art return indices are usually estimated based only on a few means of artistic expression (mainly paintings and drawings). Other forms of expression (e.g. sculptures and installations) are generally ignored, in part because they are three-dimensional and, hence, more difficult to measure. We analyze the price determinants as well as the return and risk of three artistic expressions (paintings, drawings and sculptures) executed by Fernando Botero, the most expensive living Latin American artist, to analyze the degree to which their risk and return attributes differ throughout a 20-year period.

We analyzed all paintings, drawings and sculptures executed by Botero and sold at Sotheby’s and Christie’s between 2000 and 2020 (a total of 707 artworks). The data and the images of each artwork were obtained from the web pages of these two auction houses. A hedonic regression was run to explain the price of each artwork and use explanatory variables that are standard in the literature. Art price indices for paintings, drawings and sculptures were constructed using the year-dummy variables estimated in the regressions. We performed a similar analysis for another artist, Carlos Cruz-Diez, as a robustness to our results.

The performance of Botero’s sculptures through time differs markedly from that of his paintings and drawings. Our results suggest that it is possible that returns estimated in the literature could suffer from a bias, as they have usually ignored the performance of sculptures and other artistic expressions. Botero’s paintings provided a return that was comparable to those of his sculptures (3.36% and 3.20%, respectively), they were two times as high as those of his drawings (1.68%). On the other hand, whereas paintings and drawings had similar annual standard deviations (26% and 25.22%, respectively), sculptures had a much smaller standard deviation (16.96%).

A limitation of the hedonic regression method lies in the need to have a significant and diverse sample to identify the true effect of each variable on the price of a good. Another limitation is that we were only able to use art prices from auctions, as this is the only comprehensive source of art price data that is publicly available. These two limitations are shared by all the studies that use the hedonic pricing model.

Our results have practical applications for art collectors and investors, as well as for artists, galleries and, in general, for the whole art market ecosystem. The risk and return attributes of the various artistic expressions of an artist can be different, and thus it makes sense to analyze each one of them individually, as well as their correlations with the other artistic expressions and with traditional and other alternative investments.

The art market is part of what is known as the “orange economy” (also known as the Creative Economy). According to the World Bank, the economic value of the creative sector is not well known or appreciated, even though cultural, creative and artistic activities are vital for our sense of well-being.

To the best of our knowledge, this is the first paper that compares the financial performance of paintings, drawings and sculptures for the case of a specific artist. We chose Botero for three reasons. First, he is a Latin American living artist who has achieved the highest levels of international sales. Second, Botero has worked extensively on various artistic expressions (oil paintings, drawings on different materials and sculptures) throughout his life, a characteristic that is essential to be able to carry out our study. Third, there is a long record of auction sales for each of Botero’s artistic expressions.

Los índices de rentabilidad del arte generalmente se estiman basándose únicamente en unos pocos medios de expresión artística (principalmente pinturas y dibujos). Otras formas de expresión artística (por ejemplo, esculturas e instalaciones) generalmente se ignoran, en parte porque son tridimensionales y, por tanto, más difíciles de medir. Analizamos los determinantes del precio, así como el retorno y el riesgo de tres expresiones artísticas (pinturas, dibujos y esculturas) ejecutadas por Fernando Botero, el artista latinoamericano vivo más caro, para analizar en qué medida sus atributos de riesgo y retorno difieren a lo largo del tiempo, en un período de 20 años.

Analizamos todas las pinturas, dibujos y esculturas ejecutadas por Botero y vendidas en Sotheby’s y Christie’s entre 2000 y 2020 (un total de 707 obras de arte). Los datos y las imágenes de cada obra se obtuvieron de las páginas web de estas dos casas de subastas. Se realizó una regresión hedonante para explicar el precio de cada obra de arte y se utilizaron variables explicativas estándar en la literatura. Los índices de precios de arte para pinturas, dibujos y esculturas se construyeron utilizando variables ficticias anuales estimadas en las regresiones. Realizamos un análisis similar para otro artista, Carlos Cruz-Diez, como análisis de robustez de nuestros resultados.

El desempeño de las esculturas de Botero a través del tiempo difiere marcadamente del de sus pinturas y dibujos. Nuestros resultados sugieren que es posible que los retornos estimados en la literatura sufran un sesgo, ya que generalmente han ignorado el desempeño de esculturas y otras expresiones artísticas. Las pinturas de Botero proporcionaron un retorno comparable al de sus esculturas (3.36% y 3.20%, respectivamente), pero fueron dos veces superiores a los de sus dibujos (1.68%). Por otro lado, mientras que las pinturas y los dibujos tuvieron desviaciones estándar anuales similares (26% y 25.22%, respectivamente), las esculturas tuvieron una desviación estándar mucho menor (16.96%).

Una limitación del método de regresión hedónica radica en la necesidad de contar con una muestra significativa y diversa para identificar el verdadero efecto de cada variable sobre el precio de un bien. Otra limitación consiste en que solo pudimos utilizar precios de arte de subastas, ya que esta es la única fuente completa de datos sobre precios de arte que está disponible públicamente. Estas dos limitaciones son compartidas por todos los estudios que utilizan el modelo de precios hedónico.

Nuestros resultados tienen aplicaciones prácticas para coleccionistas e inversores de arte, así como también para artistas, galerías y, en general, para todo el ecosistema del mercado del arte. Los atributos de riesgo y retorno de las diversas expresiones de un artista pueden ser diferentes, por lo que tiene sentido analizar cada una de ellas individualmente, así como sus correlaciones con las otras expresiones artísticas y con las inversiones tradicionales y otras alternativas.

El mercado del arte forma parte de lo que se conoce como “economía naranja” (también conocida como Economía Creativa). Según el Banco Mundial, el valor económico del sector creativo no es bien conocido ni apreciado, a pesar de que las actividades culturales, creativas y artísticas son vitales para nuestra sensación de bienestar.

Hasta donde hemos podido comprobar, este es el primer artículo que compara el desempeño financiero de pinturas, dibujos y esculturas para el caso de un artista específico. Elegimos a Botero por tres razones. En primer lugar, es el artista vivo latinoamericano que ha alcanzado los mayores niveles de ventas internacionales. En segundo lugar, Botero ha trabajado extensamente en diversas expresiones artísticas (óleos, dibujos sobre distintos materiales y esculturas) a lo largo de su vida, característica que resulta fundamental para poder realizar nuestro estudio. En tercer lugar, existe un largo historial de ventas en subasta de cada una de las expresiones artísticas de Botero.

Income from investment properties can fluctuate depending on the state of the economy. The idea that there is always a potential exit (sale) value whenever the property stops performing at its optimum or deflation in the economy will always appeal to investors. To determine housing prices, investors would rely on a direct comparison approach (DCA) of recent substitute sales in the open market. Appraisers use this approach to develop an opinion of value when there is a plethora of recent sales to analyse.

The study was designed to establish the use of the analytical hierarchy process (AHP) approach as a support tool for deciding property appraisals. A case study of an industrial single-storey stand-alone building with grade-level parking in the south-east of Calgary, Canada, was investigated with the AHP approach. The result was cross-referenced with the DCA.

Using a consistency index of 0.077321 and a consistency ratio of 0.085912, the matrix multiplication was determined to be 0.456706. The average valuations derived from the adjusted price per square foot using the direct comparison method and the unadjusted price per square foot using the AHP were deemed the best value estimate in the light of available comparables. The implications of the findings suggest that AHP, as a quantitative technique, can support and validate the use of similar non-recent sale comparables when appraising investment properties with the DCA.

AHP is an alternative aid in quantitatively deciding the most significant value attribute for comparison before subjective adjustments. When intuitively applied in the DCA, these subjective adjustments almost always lead to an overvaluation of properties.

This study aims to examine the ability of Generative Pre-trained Transformer 4 (GPT-4), one of the most powerful large language models, to generate a literature review for peer-reviewed journal publications. The objective is to determine whether business scholars can rely on GPT-4’s assistance with literature reviews and how the nature of human–artificial intelligence (AI) interaction may affect the quality of the reviews generated by GPT-4.

A survey of 30 experienced researchers was conducted to assess the quality of the literature reviews generated by GPT-4 in comparison with a human-authored literature review published in a Social Science Citation Index (SSCI) journal. The data collected were then analyzed with analysis of variance to ascertain whether we may trust GPT-4’s assistance in writing literature reviews.

The statistical analysis reveals that when a highly structured approach being used, GPT-4 can generate a high-quality review comparable to that found in an SSCI journal publication. However, when a less structured approach is used, the generated review lacks comprehensive understating and critical analysis, and is unable to identify literature gaps for future research, although it performed well in adequate synthesis and quality writing. The findings suggest that we may trust GPT-4 to generate literature reviews that align with the publication standards of a peer-reviewed journal when using a structured approach to human–AI interaction.

The findings suggest that we may trust GPT-4 to generate literature reviews that align with the publication standards of a peer-reviewed journal when using a structured approach to human–AI interaction. Nonetheless, cautions should be taken due to the limitations of this study discussed in the text.

By breaking down the specific tasks of a literature review and using a quantitative rather than qualitative assessment method, this study provides robust and more objective findings about the ability of GPT-4 to assist us with a very important research task. The findings of this study should enhance our understanding of how GPT-4 may change our research endeavor and how we may take a full advantage of the advancement in AI technology in the future research.

The teaching and learning of anatomy has experienced a significant paradigm shift. The present study assessed the level of knowledge in anatomy in medical postgraduate students and explored the impact of interventions in the form of anatomical videos on knowledge obtained. An awareness of the importance of human anatomy for clinical skills was created to ensure a certain level of competence be achieved by the end of the anatomy course.

Postgraduate medical students were recruited from various specialties on voluntary basis. The first step was to conduct a preliminary screening exam to determine the level of anatomical knowledge. The students were then divided into two groups at random, one of which received no intervention (the control group), and the other of which watched the videos with content that was pertinent to the practical demonstrations (intervention). To assess the effects of the video intervention, a post-test was administered to all students.

Both spot tests (SPOTs) and short answer question (SAQ) components for scores of all the regions from the intervention groups were comparable to the scores obtained by the post-test control group, although the findings were not significant (p > 0.05). However, the intervention group from the abdomen (ABD) region did perform significantly better (p < 0.05) than the screening test score.

The results of the research study imply that interventions like anatomical videos can bridge the postgraduate trainee’s anatomy knowledge gap in a practical method which will immensely help in increasing their knowledge.

This study aims to practically determine the optimum proportion of aggregates to attain the desired strength of geopolymer concrete (GPC) and then compare the results using established analytical particle packing methods. The investigation further aims to assess the influence of various amounts of recycled aggregate (RA) on properties of low-calcium fly ash-based GPC of grade M25.

Fine and coarse aggregates were blended in various proportions and the proportion yielding maximum packing density was selected as the optimum proportion and they were compared with analytical models, such as Modified Toufar Model (MTM) and J. D. Dewar Model. RAs for this study were produced in laboratory and they were used in various amounts, namely, 0%, 50% and 100%. 12M NaOH solution was mixed with Na₂SiO₃ in the ratio of 1:2. The curing of concrete was done at the temperatures of 60° and 90 °C for 24, 48 and 72h.

The experimentally obtained optimum proportion of coarse to fine aggregate was 60:40 for all amounts of RA. Meanwhile, MTM and Dewar Model resulted in coarse aggregate to fine aggregates as 40:60, 45:55, 55:45 and 55:45, 35:65, 60:40, respectively, for 0% 100% and 50% RAs. The compressive strength of GPC elevated with the increase in curing regime. In addition, the ultrasonic pulse velocity also displayed a similar trend as that of strength.

The GPC with 50% RAs may be considered for use, as it exhibited superior properties compared to GPC with 100% RAs and was comparable to GPC with natural aggregates. Furthermore, compressive strength is correlated with split tensile strength and ultrasonic pulse velocity.

This study evaluates the economic effectiveness of higher education in Lithuania by measuring returns to investment in higher education for both individual university graduates and the state, particularly aiming to discover how higher education investments impact economic returns at both micro (individual) and macro (national) levels.

A dual methodological approach has been applied, utilizing both the Mincer earnings equation and the full discounting method, to draw a clear distinction between the returns enjoyed by individuals and those accrued to the country. Calculations for individual economic returns are done using the most recent available Lithuanian Department of Statistics data on the wage structure, while national return on education was based on the State Tax Inspectorate and Lithuanian Public Finance databases.

The research confirms that Lithuanian investments in education positively influence both individual earnings and society at large, mainly due to the low cost of education and the high returns. For individuals, net present value varies from €126,000 to €224,000, and the internal rate of return is from 7% to 46%, with the highest return being for males working in companies of 50–249 employees and holding a bachelor’s degree. It is also noteworthy that one additional year spent in education increases earnings on average by 4.1%. The financing of first cycle studies costs the state two times less than second and third cycle studies. For this reason, the net present value (NPV) and internal rate of return (IRR) of first cycle studies are higher than those of second and third cycle studies.

While higher education is generally and globally seen as a way to ensure financial stability and career advancement at the individual level and socioeconomic development at the national one, the question of cost versus benefits at both levels is principal and diachronic. Our research quantifies the NPV and IRR of education investments and highlights the differential economic returns of various education levels, where policymakers can utilize these insights to inform strategic decisions regarding education funding and resource allocation. This study, therefore, provides explicit quantitative answers and presents individuals and policymakers with tangible results and practicable direction in their decision-making. The findings are applicable to the specific country-focus, but also constitute an applicable case study in the international context, particularly for European and other countries of comparable economic structure and developmental stage.

Prior studies have put much emphasis on using the uses and gratification (U&G) theory to find out why people use games, social media, the Internet, e-shopping, etc. Despite past research efforts, the root causes underlying this phenomenon still need to be discovered as to why people use interactive virtual rides (vrides) entertainment services, especially when incorporating the hedonic consumption perspective (i.e. playful-consumption experiences). Considering the knowledge gap in the vrides’ context, this study aims to use the UGT to find out why people use the vrides entertainment service from a hedonic consumption point of view.

With 217 usable responses, the research model was tested using partial least squares-based structural equation modeling (PLS-SEM) and fuzzy set qualitative comparative analysis (fsQCA).

Findings reveal that only perceived enjoyment, arousal and sensory experience derive continuous intention behavior to consume vride entertainment service. Findings using the fsQCA revealed multiple causal configurations for the proposed outcome.

This study contributes to extending the assumption of UGT via incorporating the hedonic consumption perspective to explore the potential motives and intention to consume vrides entertainment services. Our study also discusses the important theoretical/practical implications of our findings. Besides, this study is unique because it shows both symmetrical and asymmetrical connections that help us understand why people keep using vrides entertainment service.

The extensive use of mobile money (MM) has been widely recognized as a digital engine of socioeconomic development in sub-Saharan Africa (SSA). This paper aims to focus on the effects of MM use and stockouts on informal microenterprise performance and investigate whether MM use mitigates the relationship between stockouts and firm performance.

This study utilizes firm-level data from the latest World Bank Informal Sector Enterprise Surveys across six SSA countries. We employ instrumental variable-adjusted and propensity score-weighted regressions to investigate the buffering effect of MM use.

We find a significantly positive effect of MM use and a significantly negative impact of stockouts on informal microenterprise performance. Importantly, we establish that MM use attenuates the negative impact of stockouts on firm performance. We further document that the attenuating effect of MM use is more profound for firms using MM for transactions with supply chain partners, located in communities with high MM use rates, and operating in the retail industry.

Our research generates important managerial and policy implications. Future policies should capitalize on MM to foster an effective financial ecosystem in which informal microenterprises can survive and grow, thereby deepening their contributions to sustainable development.

Whereas the business benefits of MM among small, medium and large firms are well-documented, the role of MM use on informal microenterprise performance is less understood. This study fills the research gap in the literature by focusing on the influence of MM use on the relationships between informal microenterprise operations and performance.

Be that as it may, BC is computationally costly, has restricted versatility and brings about critical transmission capacity upward and postpones, those seems not to be fit with Internet of Things (IoT) setting. A lightweight scalable blockchain (LSB) which is improved toward IoT necessities is suggested by the authors and investigates LSB within brilliant house setup like an agent model to enable more extensive IoT apps. Less asset gadgets inside brilliant house advantage via any unified chief which lays out common units for correspondence also cycles generally approaching and active solicitations.

Federated learning and blockchain (BC) have drawn in huge consideration due to the unchanging property and the relevant safety measure and protection benefits. FL and IoT safety measures’ difficulties can be conquered possibly by BC.

LSB accomplishes fragmentation through shaping any overlaid web with more asset gadgets mutually deal with a public BC and federated learning which assures complete protection also security.

This overlaid is coordinated as without error bunches and reduces extra efforts, also batch leader will be with answer to handle commonly known BCs. LSB joins some of advancements which also includes computations related to lesser weighing agreement, optimal belief also throughput regulatory body.

Electric street car (ESC) is a globally popular clean and safe electric transport system for urban agglomeration. India envisions achieving “all-electric transport” by 2030, yet ESC as a modal transport alternative is not distinct in the policy discussion. The emerging market for electric transportation in urban spaces requires a detailed demand study at the service user level to remove behavioural barriers and design integrated energy planning in developing economies. This paper explores the probabilistic uptake intentions of the daily public transport commuters for ESCs over e-buses from the only Indian city with operational ESCs, Kolkata.

Using a random utility model on primary survey data from daily commuters, the authors identify demographic, psychometric and socio-economic factors influencing probabilistic uptake of ESC over e-buses.

It estimates that 38% of the commuters demand ESC over e-buses, given the alternatives' comparative details. Factors like frequent availability and technological upgradation would increase the uptake of ESCs.

The study highlights that even though there are infrastructural challenges in the implementation of ESC, so does any other electric transport system; it is worth considering as a decarbonising transport alternative, given the high up-take intension of the users.

This is the first attempt to study the demand for ESC in developing economies, identifying the factors which may be considered in the sustainable urban transportation policy perspective.