Traditionally, schooling has been considered by cultural economists as a way of investing in human capital, therefore subject to cost-benefit analysis. However, due to the specificity of artists labour market, it was found that human capital applies only weakly to artists decisions of investing in formal education, mainly because of the role played by innate ability and the fact that the informal way of improving skills is still prevalent. Therefore, it was hypothesized that schooling has rather more social capital features than human capital. In this respect, when schooling was...