CEMAP Seminar with Stelios Michalopoulos (Brown University)

Movies

Abstract

Why are certain movies more successful in some markets than others? Are the entertainment products we consume reflective of our core values and beliefs? These questions drive our investigation into the relationship between a society's oral tradition and the financial success of films. We combine a unique catalog of local tales, myths, and legends around the world with data on international movie screenings and revenues. First, we quantify the similarity between movies' plots and traditional motifs employing machine learning techniques. Comparing the same movie across different markets, we establish that films that resonate more with local folklore systematically accrue higher revenue and are more likely to be screened. Second, we find analogous patterns within the US. Google Trends data reveal a pronounced interest in markets where ancestral narratives among the locals align more closely with a movie's theme. Third, we delve deeper into the explicit values transmitted by films, concentrating on the depiction of risk-taking and gender roles. Films that promote risk-taking sell more in entrepreneurial societies today, rooted in traditions where characters complete dangerous tasks. Films portraying women in stereotypical roles continue to find a robust audience in societies with similar gender stereotypes in their folklore and where women continue being relegated to subordinate positions. These findings underscore the enduring influence of traditional storytelling on entertainment patterns in the 21st century, highlighting a profound connection between media consumption and deeply ingrained cultural narratives and values.

Bio

Stelios Michalopoulos is the Eastman Professor of Political Economy at Brown University, a Research Associate at the NBER, and a Research Fellow of the CEPR. A native of Argos, Greece, Stelios holds a B.A. and MSc from the Athens University of Economics and Business and a Ph.D. in Economics from Brown University. After completing his doctorate in 2008, he joined the department of economics at Tufts University as an Assistant Professor. In 2010-2011 he was the Deutsche Bank Member at the Institute for Advanced Study at Princeton. In the Spring of 2015, he was a visiting Assistant Professor at Harvard Business School, in 2016 a visiting Professor at INSEAD, and a Senior Scholar at the Minneapolis Federal Reserve Bank in 2017. Stelios is the recipient of the 2015 Excellence Award in Global Economic Affairs from the Kiel Institute for the World Economy and the recipient of the 2019 Bodossaki Prize in the field of Social Sciences a biennial award bestowed to scientists of Greek origin up to 40 years of age, to reward their commitment and effort in the advancement of science. His work has been funded by the NSF and DFID among others. His primary research interests lie in the intersection of political economy, culture, growth, and comparative development. He has published in leading peer-reviewed economic journals including the American Economic Review, Econometrica, Journal of Political Economy, and the Quarterly Journal of Economics.