Three Essays in the Economics of Music: Reputation and Success of Musicians

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Université libre de Bruxelles

FACULTÉ SOLVAY BRUSSELS SCHOOL OF ECONOMICS AND MANAGEMENT

Three Essays in the Economics of Music:

Reputation and Success of Musicians

Thèse de Doctorat présentée en vue de l’obtention du titre de Docteur en Sciences Economiques et de Gestion

Par Cédric Ceulemans

Directeur: Professeur Patrick Legros -‐ Université libre de Bruxelles Co-‐directeur: Professeur Victor Ginsburgh -‐ Université libre de Bruxelles Membres du jury: Professeur Antonio Estache -‐ Université libre de Bruxelles Professeur Kathryn Graddy -‐ Brandeis University

Professeur Sébastien Van Bellegem -‐ Université catholique de Louvain

Académie Universitaire Wallonie-‐Bruxelles

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Acknowledgments

First and Foremost I want to thank my advisors Prof. Victor Ginsburgh and Prof. Patrick Legros. Without their support I would not have been able to start, pursue, or finish my thesis.

Victor is an amazing advisor, a great scholar, and a passionate intellectual. The scope of his knowledge and interests are so vast that it could have discouraged me. Instead, his appetite for knowledge revealed to be contagious and a constant source of inspiration. My ambition for the future is to match Victor’s willingness to learn and ability to keep moving forward.¹ For the motives mentioned above, for his kindheartedness and for many others reasons, Victor’s selfless time and encouragements were sometimes all that kept me going.

I was fortunate to be also advised by Patrick who let me work on my own when needed but whose door was always open when I had questions or needed feedback. As a co-author, I had the opportunity to witness and learn from his great intellectual creativity and his sharp mind. An unforgettable lesson and experience I hope to repeat in the future.

Above his or her inputs in my thesis, each member of the jury contributed to my professional growth in one way or the other. I am sincerely thankful to Prof. Antonio Estache, Prof. Kathryn Graddy, and Prof. Sébastien Van Bellegem for their extra time and consideration.

I thank Prof. Marjorie Gassner. She is an exemplary teacher and, besides her gigantic work for the university, she still takes the time to support and advice teaching assistants.

From my “T.A.” period, I want to thank Prof. Abdul Noury and my

“Micro” colleagues: Nastassia, Nicky, and Mohamed. I enjoyed working and laughing with you.

1 I know it will be hard for me to match Victor in those areas. However, the certainty of failure should not be an excuse not to try. “Success is not final, failure is not fatal: it is the courage to continue that counts.” (Winston Churchill)

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From my “DEA” period, I want to thank Claude Adan, who warmly welcomed me at ECARES and has been so helpful ever since, as well as my

“companions in crime”: Sadibou and Juan Manuel.

Finally, I thank my closest friends, Jeanine D.M., my parents-in-law and my family. Very special thanks are due to my parents and “big” brothers. Last but not least, I am infinitely thankful to my wife, Julie, and our little “pumpkin”

Estelle.²

2 Estelle probably does not care about my thanks right now. My guess is that she is much more preoccupied by the following metaphysical question: “Will I eat strawberries or raspberries for desert tonight?”

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Three Essays in the Economics of Music: Reputation and Success of Musicians

Université libre de Bruxelles

FACULTÉ SOLVAY BRUSSELS SCHOOL OF ECONOMICS AND MANAGEMENT