nep-cul New Economics Papers
on Cultural Economics
Issue of 2008‒02‒16
four papers chosen by
Roberto Zanola
University of the Piemonte Orientale

  1. Remixing Cinema: The case of the Brighton Swarm of Angels By Irene Cassarino; Aldo Geuna
  2. Contingent valuation of natural resources: a case study for Sicily By Pasquale Lucio Scandizzo; Marco Ventura
  3. A tale of two audiences: spectators, television viewers and outcome uncertainty in Spanish football By Rob Simmons; Babatunde Buraimo
  4. Is public information really public? The role of newspapers By Riccardo Ferretti; Francesco Pattarin

  1. By: Irene Cassarino (DISPEA, Polytechnic of Turin); Aldo Geuna (SPRU, University of Sussex)
    Keywords: Disintermediation, web 2.0, distributed problem solving, collaborative creation/art, user-centred innovation, creative common
    JEL: L17 L82 Z11 O3
    Date: 2007–12–01
  2. By: Pasquale Lucio Scandizzo (University of Tor Vergata, Dept. SEFEMEQ, Faculty of Economics); Marco Ventura (ISAE - Institute for Studies and Economic Analyses)
    Abstract: In this paper we use the Contingent Evaluation methodology to develop an economic evaluation of natural resources in a protected marine area of Sicily. Assuming a non-Normal distribution for the ML estimation, the paper shows that a variant of the stochastic utility model appears to capture well the dependence of the willingness to pay (WTP) on the socioeconomic characteristics of a sample of stakeholders of the natural resources in question. The estimates obtained are consistent and robust across different policy measures, no embedding or sequencing effects emerge and option values appear also to have been elicited in a consistent way. Once these values are added to the basic WTP, the income elasticities estimated fall in the range reported by other studies.
    Keywords: environment, option value, contingent valuation, legal constraints.
    JEL: Q22 Q28
    Date: 2008–01
  3. By: Rob Simmons; Babatunde Buraimo
    Abstract: This paper tests for the impact of match outcome uncertainty on two types of audience for Spanish football, fans at the stadium and television viewers. We find that fans inside the stadium prefer games that are less and not more likely to finish with a close score. This is contrary to much theoretical literature in sports economics which argues that fans prefer close contests and imposes this assumption in formal modelling. We also find that television viewers prefer close contests to more predictable contests. The different preferences of fans inside the stadium and television viewers need to be reconciled by the league when considering the effectiveness of policies to redistribute resources amongst teams in the league. We use our empirical model to consider how this tension might be resolved so as to maximise total audience and total league revenues.
    Date: 2007
  4. By: Riccardo Ferretti; Francesco Pattarin
    Abstract: Our paper offers evidence that printed media can affect stock prices by covering public news (nonevents) even without resorting to spin or emphasis. However, the price reaction is limited to small caps, suggesting that small investors still obtain public information mainly through newspapers. The absence of spin or emphasis is the core element that differentiates our study from existing evidence, making it unique, to the best of our knowledge, in the financial literature on the media and asset pricing.
    Keywords: nonevent; market efficiency; small investors’ trading; small caps
    JEL: G14
    Date: 2008–01

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