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on Cultural Economics |
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Issue of 2024‒10‒28
ten papers chosen by Roberto Zanola, Università degli Studi del Piemonte Orientale |
| By: | Andrea Baldin (Ca' Foscari University of Venice); Anna Marenzi (Ca' Foscari University of Venice); Francesca Zantomio (Ca' Foscari University of Venice) |
| Abstract: | We provide novel evidence on the impact of a public voucher scheme for cultural consumption. The voucher was introduced in Italy in 2016 for citizens aged 18 year old. We use repeated cross-sections from the annual household survey 'Aspects of Daily Life' for the period 2013-2019 and combine Entropy Balancing with Difference-in-Difference estimation to assess the voucher causal effect on cultural consumption. We find a significant impact of the cultural voucher in fostering participation in cinema, on-classic concerts and reading books and online/e-books, with the effect driven by lower SES individuals. Overall, estimated effects suggest a less-than-total crowding out of public resources. The voucher also generated some spillover effects at the household level, and, in the case of cinema, resulted in a sustained higher consumption, even after the financial support terminated. |
| Keywords: | vouchers, public subsidies, impact evaluation, cultural consumption |
| JEL: | C21 D12 H50 Z18 |
| Date: | 2024–09 |
| URL: | https://d.repec.org/n?u=RePEc:ipu:wpaper:116 |
| By: | Gioacchino Fazio; Stefano Fricano; Claudio Pirrone |
| Abstract: | Immersive technologies such as Metaverse, AR, and VR are at a crossroads, with many actors pondering their adoption and potential sectors interested in integration. The cultural and tourism industries are particularly impacted, facing significant pressure to make decisions that could shape their future landscapes. Stakeholders' perceptions play a crucial role in this process, influencing the speed and extent of technology adoption. As immersive technologies promise to revolutionize experiences, stakeholders in these fields weigh the benefits and challenges of embracing such innovations. The current choices will likely determine the trajectory of cultural preservation and tourism enhancement, potentially transforming how we engage with history, art, and travel. Starting from a decomposition of stakeholders' perceptions into principal components using Q-methodology, this article employs an evolutionary game model to attempt to map possible scenarios and highlight potential decision-making trajectories. The proposed approach highlights how evolutionary dynamics lead to identifying a dominant long-term strategy that emerges from the complex system of coexistence among various stakeholders. |
| Date: | 2024–08 |
| URL: | https://d.repec.org/n?u=RePEc:arx:papers:2409.06720 |
| By: | Hanappi, Hardy |
| Abstract: | A few decades ago, a field of research called cultural studies suddenly experienced a surge of interest. Why? There are many reasons why it is worth taking a closer look. At first glance, you might think it was simply a fad at the time. Fashions are an omnipresent phenomenon in science, as in all areas of contemporary activity. There, too, they serve to attract public attention with a newly used name and stimulating presentation, which is ultimately suitable for attracting research funding. But in the case of cultural studies, there is more to it than that: Embedded in the broad field of social sciences and economics, cultural studies initially represented a promise; the promise to bridge the gap that had arisen between the other, traditional sub-disciplines, to fill it with specifically understood content. It is this project, the more precise description of this empty space between the disciplines, where and why the latter have such abrupt, sharp boundaries and how cultural studies can become a bridge here that this paper is concerned with. |
| Keywords: | Culture, Generation 68, Social Sciences |
| JEL: | Z00 Z1 Z11 Z13 |
| Date: | 2024–09–20 |
| URL: | https://d.repec.org/n?u=RePEc:pra:mprapa:122216 |
| By: | Theopisti Stylianou-Lambert; Antigone Heraclidou |
| Abstract: | This paper critically examines colonial-era photographic archives related to Cypriot archaeology maintained by museums and other collecting institutions in the UK and in Cyprus. It investigates how these archives can be decolonialised or re-framed. The institutions chosen as case studies are the British Museum, the Ashmolean Museum, the Institute of Archaeology at Oxford University, and the Bank of Cyprus Cultural Foundation. The examined archives were created in Cyprus by Western officials, explorers, and archaeologists: Falkland Warren, J.A.R. Munro, John Linton Myres, Luigi Palma di Cesnola, and Max and Magda Ohnefalsch-Richter. As a result, the photographs reflect the colonial attitudes of their creators and the power relations entrenched in archaeological work at the end of the 19th and beginning of the 20th centuries in Cyprus. The paper explores colonial marks, examines the case study institutions’ decolonisation strategies (if any), and suggests seven strategies for museums interested in re-framing colonial-era photographic archives. |
| Keywords: | photographic archives, archaeology, decolonisation, Cyprus, re-framing |
| Date: | 2024–10 |
| URL: | https://d.repec.org/n?u=RePEc:hel:greese:201 |
| By: | Diana Barro (Dept. of Economics, University of Venice); Antonella Basso (Dept. of Economics, University of Venice); Stefania Funari (Dept. of Management, University of Venice); Guglielmo Alessandro Visentin (Dept. of Management, University of Venice) |
| Abstract: | In the last decades, financial markets have experienced great uncertainty that has led investors to look for alternative assets to further diversify their portfolios. Art and collectibles fall under such category, and there is a lively debate among academics and practitioners regarding the role of art in financial markets and portfolio choices. For such reason, we investigate the financial characteristics of the art market, and build a portfolio diversified with art to asses whether it outperforms, in terms of risk and return, portfolios which do not include art. We show that art performs well compared with standard and other alternative investments with which art is low correlated. In addition, we find that art returns follow an untypical seasonal pattern, and that much of the volatility in the art market can be attributed to the seasonal component of the time series. Finally, the results of the portfolio optimization analysis indicate that art enters efficient portfolios, and when additional constraints are implemented into the classical mean-variance optimization model, to account for investors’ preferences for liquidity, portfolios which include art still perform well. |
| Keywords: | Art investment, Alternative assets, Portfolio diversification, STL decomposition, Mean-variance optimization |
| JEL: | C22 G11 Z11 |
| Date: | 2023–10 |
| URL: | https://d.repec.org/n?u=RePEc:vnm:wpdman:205 |
| By: | Reilly, Barry; Witt, Robert |
| Abstract: | This paper exploits a sharp regression discontinuity design (RDD) to causally identify the impact of the league ‘split’ on Scottish Premier League (SPL) club revenues. The data used are drawn from 21 completed seasons in which the institutional arrangement has been in place in Scotland’s elite tier of professional soccer. The empirical analysis fails to detect strong or persuasive statistical evidence that the league design substantially impacts the revenue distribution of the participating clubs. Given the league design is found to be close to financially-neutral for the clubs most directly affected by the ‘split’, it is not viewed as a catalyst in driving financial inequality within the league. |
| Keywords: | financial revenues sharp RDD; SPL ‘split’ |
| JEL: | C21 Z00 |
| Date: | 2024–01–01 |
| URL: | https://d.repec.org/n?u=RePEc:ehl:lserod:123046 |
| By: | Chou, Yuntsai; Lin, Wei |
| Keywords: | digital marketing, electronic word of mouth, box office revenue, random forest model, polynomial regression, Maoyan, Douban |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itsb24:302460 |
| By: | Elena Bellio (Dept. of Management, Università Ca' Foscari Venice); Umberto Rosin (Dept. of Management, Università Ca' Foscari Venice); Francesco Casarin (Dept. of Management, Università Ca' Foscari Venice) |
| Abstract: | In the macro-area of contemporary tourism, the coastal one can count on a multiplicity of resources, not only natural, human and physical, but also cultural. Maritime museums have recently been recognized as an important lever for the sustainable development, in social and environmental term, of coastal areas and the maritime heritage can represent a significant component for their tourist attraction (Federica Appiotti, Filippo Magni, & Musco, 2019). In this panorama, the Mediterranean Countries occupy a position of particular importance, as the economic dependence on the coastal tourism sector is greater than in other parts of the world. Specifically, Italy, being in the middle of the Mediterranean Sea, is rightfully among those countries that make a living from seaside tourism and witness its consequences. This research aims at deeply analysing Maritime Museums by adopting both the visitors and the management perspectives. Through an exploratory approach, this working paper lays the groundwork for identifying the key variables by which maritime museums face their challenges. In a prospective view, the research will like to foreshadow the identification of the most relevant factors related to performance indices. Activating a virtuous cycle between the museum specific features and the territory in which it is located, allows museums to create long-term, multi-dimensional and multi-stakeholder value. The research will adopt a multimethod approach by conducting three sequential studies. In order to develop the Euro-Mediterranean maritime museums classification framework, a careful review of the literature regarding museums is performed. The final sample is made of all the 221 Mediterranean Maritime Museums that are relevant for Mediterranean maritime traditions distributed in 13 countries. This working paper presents some preliminary results on the sub-set of the 131 Italian Maritime Museums. Data are collected between January and the beginning of March 2023 from the museums’ official websites and social platforms. What emerges, in conclusion, is that the connection between the local and the global, the past and the present, is to help in making museums as institutions able to communicate something to contemporary audiences. Thus, the study contributes to the literature on culture and value creation, by focusing on Mediterranean Maritime Museums, to provide suggestions for managers, scholars, policymakers, and practitioners alike. Findings are focusing on a specific category of cultural institution but can be easily extended to any other kind of museum. |
| Keywords: | maritime museums, value, business strategy, sustainable development, tourism |
| Date: | 2023–05 |
| URL: | https://d.repec.org/n?u=RePEc:vnm:wpdman:201 |
| By: | Sein, Hong |
| Keywords: | Contents Diversity, Social Minority, Global Streaming Service, Broadcast station |
| Date: | 2024 |
| URL: | https://d.repec.org/n?u=RePEc:zbw:itsb24:302485 |
| By: | Diana Barro (Dept. of Economics, University of Venice); Antonella Basso (Dept. of Economics, University of Venice); Stefania Funari (Dept. of Management, University of Venice); Guglielmo Alessandro Visentin (Dept. of Management, University of Venice) |
| Abstract: | Though they may seem completely unrelated, art and financial markets can go hand in hand. The potential of art as an investment has been acknowledged at least since the 1960s, when Richard H. Rush, investment banker, and collector, published the seminal book Art as an investment in 1961. A decade later, economics and finance scholars started to study the financial characteristics of art, such as its rate of return and its volatility. Over the years, scholars have increasingly devoted their time to studying art in financial markets, producing a copious scientific literature, and indeed, investors now consider art as investment alternative. Given the remarkable interest this topic has aroused in both academics and practitioners, and the several years during which a substantial literature has accumulated, we carry out a bibliometric analysis of the scientific literature that studied the role of art in financial markets to explore its development throughout the years. To this aim, we adopt bibliometric indicators that measure the scientific impact of publications, journals, authors, and their countries. Finally, we investigate the co-occurrence of the keywords by means of a community detection analysis to outline the main research areas. |
| Keywords: | Art investment, Financial markets, Bibliometric analysis, Clustering, bibliometrix. |
| JEL: | G11 Z11 |
| Date: | 2023–09 |
| URL: | https://d.repec.org/n?u=RePEc:vnm:wpdman:204 |