The Time Allocation and Earnings of Artists

This article presents the results of an investigation into the time allocation and earnings of artists. Artists are unique because theyspend substantial amounts of time both at art work and at nonart work while earning the majority of their income from the latter. In order to empirically examine this allocation of time between art and nonart work, we estimate a four‐equation system. We find that artists respond to price signals in the directions predicted by economic theory.