nep-cul New Economics Papers
on Cultural Economics
Issue of 2009‒07‒11
five papers chosen by
Roberto Zanola
University of the Piemonte Orientale

  1. Making world heritage truly global: the culture certificate scheme By Bruno S. Frey; Paolo Pamini
  2. Why do creative industries cluster? An analysis of the determinants of clustering of creative industries By Luciana Lazzeretti; Rafael Boix; Francesco Capone
  3. Repeat Sales Indexes: Estimation Without Assuming that Errors in Asset Returns Are Independently Distributed By Campbell, Rachel; Graddy, Kathryn; Hamilton, Jonathan
  4. Determinants of Heritage Authorities’ Performance: An exploratory study with DEA bootstrapping approach By Finocchiaro Castro, Massimo; Guccio, Calogero; Rizzo, Ilde
  5. Superstars and the Long Tail: The impact of technology on market structure in media industries By Helen Weeds

  1. By: Bruno S. Frey; Paolo Pamini
    Abstract: Culture has attributes of a global public good that needs to be preserved for mankind as a whole. World Culture Certificates are proposed to efficiently preserve World Heritage. The community of nations has to agree on the Global Heritage List and how much each nation is to contribute to that purpose. Each World Heritage site conserved is acknowledged through the issuance of a tradable Certificate. Countries and private firms are induced to seek sites where financial resources can be spent most productively. This leads to an efficient allocation of resources to preserve World Heritage.
    Keywords: Global public good, World Heritage, Cultural Certificates, Monuments, UNESCO
    JEL: Z11 D6 F5 H87
    Date: 2009–06
  2. By: Luciana Lazzeretti (Department of Bussines Economics, University of Florence); Rafael Boix (Institut d'Estudis Regionals i Metropolitans de Barcelona); Francesco Capone (Department of Bussines Economics, University of Florence)
    Abstract: Creative industries tend to concentrate mainly around large- and medium-sized cities, forming creative local production systems. The text analyses the forces behind clustering of creative industries to provide the first empirical explanation of the determinants of creative employment clustering following a multidisciplinary approach based on cultural and creative economics, evolutionary geography and urban economics. A comparative analysis has been performed for Italy and Spain. The results show different patterns of creative employment clustering in both countries. The small role of historical and cultural endowments, the size of the place, the average size of creative industries, the productive diversity and the concentration of human capital and creative class have been found as common factors of clustering in both countries.
    Keywords: creative industries, creative local production systems, creative clusters, agglomeration economies
    JEL: L22 R12 L82
    Date: 2009–04
  3. By: Campbell, Rachel; Graddy, Kathryn; Hamilton, Jonathan
    Abstract: This paper proposes an alternative specification for the second stage of the Case-Shiller repeat sales method. This specification is based on serial correlation in the deviations from the mean one-period returns on the underlying individual assets, whereas the original Case-Shiller method assumes that the deviations from mean returns by the underlying individual assets are i.i.d. The methodology proposed in this paper is easy to implement and provides more accurate estimates of the standard errors of returns under serial correlation. The repeat sales methodology is generally used to construct an index of prices or returns for unique, infrequently traded assets such as houses, art, and musical instruments which are likely to be prone to exhibit serial correlation in returns. We demonstrate our methodology on a dataset of art prices and on a dataset of real estate prices from the city of Amsterdam.
    Keywords: art; index; real estate; repeat sales
    JEL: C13 C29 G12
    Date: 2009–06
  4. By: Finocchiaro Castro, Massimo; Guccio, Calogero; Rizzo, Ilde
    Abstract: Government regulation plays a significant role in the field of heritage conservation. Namely, regulation is aimed at controlling the stock of heritage, restricting or modifying the activities of public as well as private actors. Surprisingly, the literature has neither extensively investigated the performance of the heritage authorities involved in the implementation of conservation policies nor its determinants. In this paper we address this issue, from a theoretical as well as an empirical perspective, using Sicily as a case study. More precisely, we analyze the determinants of the differences in the efficiency levels of conservation activity of the nine Sicilian heritage authorities over the period 1993-2005. Economic and managerial variables are used to distinguish non-discretionary from discretionary causes. The results show that the efficiency scores seem to be only affected by economic factors whereas the managerial variables do not affect the performance of heritage authorities.
    Keywords: Heritage regulation; cultural policy; efficiency analysis.
    JEL: C14 Z10 D24
    Date: 2009–05
  5. By: Helen Weeds
    Abstract: Technological change is transforming media industries. Digitization lowers the cost of recording, storage, reproduction and distribution, while computer-based editing facilitates higher quality and special effects. With electronic distribution, a vast range of content can be made available to consumers at little cost. Meanwhile, the distribution of industry production and sales appears to be shifting: the late 20th century was the era of the “hit parade”, but in the 21st attention has shifted to the “long tail”. This paper develops a free entry model of differentiated products with endogenous quality and heterogeneous types to examine the implications of technological change for market structure, quality, and the distribution of firms in media industries. This framework can be used to assess current and future trends in media industries.
    Date: 2009–06–29

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