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on Cultural Economics |
| By: | Francesco BALDUCCI (Universita' Politecnica delle Marche, Dipartimento di Economia) |
| Abstract: | Using survey data on cultural consumption by about 650 university students, this article proposes a market segmentation and some rule-of-thumb policy implications for the music industry. Consumption behaviors, listening habits and musical preferences are explained by a large number of variables Nevertheless it is possible to reduce this overload of information into two common factors (using factor analysis). Cluster analysis is accordingly used to group the students-consumers: the digital music lovers cluster is the most profitable for the music industry, whilst those of uninterested subjects and pure hi-tech lovers are the least. The analysis shows that the new digital technologies (for example file sharing) may be harmful for the music industry only within one specific group of consumers. New technologies can instead promote music consumption (especially of live music) by the other categories. By investing in music knowledge and enjoyment, it is possible to make consumers buy digital music legally from authorized sites. |
| Keywords: | market segmentation, media, music, technological change |
| JEL: | L82 O33 Z11 |
| Date: | 2008–07 |
| URL: | http://d.repec.org/n?u=RePEc:anc:wpaper:324&r=cul |
| By: | W.D. Walls |
| Abstract: | In this paper we use nonparametric statistical tools to quantify motion-picture profit. We quantify the unconditional distribution of profit, the distribution of profit conditional on stars and sequels, and we also model the conditional expectation of movie profits using a nonparametric data-driven regression model. The flexibility of the nonparametric approach accommodates the full range of possible relationships among the variables without prior specification of a functional form, thereby capturing non-linearities and interactions without introducing possible specification bias. We find that marginal returns to budgets and opening screens vary over the domain of these variables. We also find that the conditional distribution of movie profit and the expected level of profit are related to the use of movie stars and sequels. |
| JEL: | L82 |
| Date: | 2008–01–24 |
| URL: | http://d.repec.org/n?u=RePEc:clg:wpaper:2008-28&r=cul |
| By: | Michael J. Lamla (KOF Swiss Economic Institute, ETH Zurich, Switzerland); Sarah M. Lein (KOF Swiss Economic Institute, ETH Zurich, Switzerland) |
| Abstract: | This paper analyzes the impact of the media on consumers' inflation expectations. We distinguish two channels through which media can influence expectations. First, the intensity of news coverage on inflation plays a role (volume channel). Second, the content of these reports matters (tone channel). Employing a unique data set capturing media reports on inflation in Germany comprising 01/1998-12/2006 we are able to discriminate between these two effects. We find that the volume effect generally improves the accuracy of consumer forecasts while the tone channel induces a media bias. |
| Keywords: | Monetary policy, expectation formation, media coverage, media bias |
| JEL: | E52 D83 |
| Date: | 2008–06 |
| URL: | http://d.repec.org/n?u=RePEc:kof:wpskof:08-201&r=cul |
| By: | Gabriel Ahlfeldt (Chair for Economic Policy, University of Hamburg); Wolfgang Maennig (Chair for Economic Policy, University of Hamburg) |
| Abstract: | This paper analyses the impact of heritage-listed buildings on condominium transaction prices in Berlin, Germany. We use transaction data to test for price differentials between listed and non-listed properties and to study their impact on surrounding property prices. Proximity to built heritage is captured by distance to listed houses and indicators capturing neighborhoods with built heritage. Impact is assessed by applying a hedonic model to micro-level data and a non-parametric approach to location. While our findings suggest that listed properties do not sell at a premium or discount, heritage-listed buildings are found to have positive external effects on surrounding property prices. |
| Keywords: | Cultural economics, built heritage, heritage significance, real estate economics, Berlin |
| JEL: | R21 R52 Z19 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:hce:wpaper:017&r=cul |
| By: | Andreas Kanther (Universidad Miguel Hernández); Francisco José Sarabia Sánchez (Universidad Miguel Hernández); José Francisco Parra Azor (Universidad Miguel Hernández) |
| Abstract: | The influence of culture in the buying decision process is analyzed by focusing on the information seeking behaviour for a product representing a complex decision making. The literature proves the importance of culture for the decision process while there are hardly any studies available for the real-estate sector. Using a cultural specific approach, the influence of culture (represented by the dimensions of horizontal and vertical individualism and collectivism, risk aversion, and future time perspective) on information seeking behaviour (importance of information sources, information search effort, cognitive effort and perceived risk) is analyzed. The study, with a sample of people from three European countries - Spain, Germany and United Kingdom - who bought a house for residential tourism within the last four years in the Costa Blanca area found significant influences of culture on the different groups and variables considered. Se realiza un análisis de la influencia de la cultura sobre el proceso de decisión de compra, centrándose en la etapa de búsqueda de información en un bien de decisión de compra compleja. La literatura ha incidido en la importancia de la cultura como factor importante, aunque apenas hay literatura en el ámbito del marketing del sector inmobiliario. Tras adoptar un enfoque específico-cultural, se analiza la influencia diferencial de la cultura (medida mediante las dimensiones 'verticalidad-horizontalidad' y 'colectiva-individual', la aversión al riesgo y la orientación al tiempo) sobre la búsqueda de información medida mediante la importancia dada a las fuentes de información, los esfuerzos de búsqueda y cognitivo y el riesgo percibido. El estudio, realizado en una muestra de compradores de vivienda para turismo residencial en los últimos 4 años en la CostaBlanca, procedentes de 3 países europeos -España, Alemania y Reino Unido- muestra la influencia real y significativa de la cultura en los diversos colectivos y variables consideradas. |
| Keywords: | : Marketing Inmobiliario, Comportamiento del consumidor cross-cultural, Estudio Intercultural, Vivienda, Turismo Residencial, Cultura, Búsqueda de Información, Proceso de Toma de Decisiones. Real-estate marketing, Cross-cultural consumer behaviour, Intercultural study, Residential tourism, Culture, Information seeking, Decision making process. |
| Date: | 2008–04 |
| URL: | http://d.repec.org/n?u=RePEc:ivi:wpasec:2008-03&r=cul |
| By: | Arne Feddersen (Chair for Economic Policy, University of Hamburg); Wolfgang Maennig (Chair for Economic Policy, University of Hamburg) |
| Abstract: | Large sports stadia construction follows two different general concepts: (1) Mono-functional arenas which are specially suited for one sport exclusively and which are characterised by the absence of an athletic track. (2) Multifunctional sports stadia which can be used for different sporting or cultural events. Officials of clubs often argue that the atmosphere in an arena is significantly better than that of a multipurpose facility and that spectators prefer such an atmosphere. Estimated panel regressions with fixed effects show a significant positive effect of a mono-functional soccer stadium on spectator demand. Controlling for other demand determinants in the German professional soccer league, Bundesliga, an isolated effect of around 4,800 additional spectators a game can be found. This translates into a substantial increase of about 18.7% against the mean value of 25,602 spectators per Bundesliga game. |
| Keywords: | Demand for sport, soccer, mono-functional arenas, multifunctional stadia |
| JEL: | L83 C23 C24 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:hce:wpaper:014&r=cul |
| By: | Wolfgang Maennig (Chair for Economic Policy, University of Hamburg); Marcel Porsche |
| Abstract: | One of the most important social effects of the 2006 football World Cup was the feel-good effect. The present contribution is one of the first to deal with the development of a general theory for the management of feel-good effects and systematically analyses the influencing factors taking the 2006 World Cup as an example. Of importance are suitable basic organizational and infrastructure conditions in the realms of security, transport, and ecology. The media activities of public and private sponsors should break away from the traditional narrow focus and classic brand sponsoring in favor of a more socially responsible sponsoring. Sporting success of the home team is important, which may be due in equal measures to the style of play of the team and its demeanor. The creation of generally accessible participation opportunities through free TV in the host country and the setting up of fan festivals can counteract any frustration that might arise from the allocation of ad-mission tickets. Any targeted manipulation of the weather may be considered with due regard to possible ecological implications. |
| Keywords: | Feel-good Effect, Sports Economics, World Cup, Mega-Events, Image Effects, Public Viewing |
| JEL: | H83 L83 M14 |
| Date: | 2008 |
| URL: | http://d.repec.org/n?u=RePEc:hce:wpaper:018&r=cul |