nep-cul New Economics Papers
on Cultural Economics
Issue of 2014‒08‒02
three papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale “Amedeo Avogadro”

  1. Linking Cultural Economy and Real Estate: Lessons from a Swedish Case By Westerdahl, Stig
  2. The Value of Priceless: A Hedonic Approach at Valuing Ireland's Archaeological Heritage By Lyons, Ronan
  3. Aspects regarding the valuationof historical properties By Gramescu, Ana Maria; Barbu, Daniela Ana Maria

  1. By: Westerdahl, Stig
    Abstract: A Cultural or Creative Economy is said to be on the rise. This claim for changes in contemporary society is not new and the terminology can differ. Linkages to the cultural and experience based is however a joining feature. The question raised in this paper is the implications of this development for the real estate sector and its research agenda. Drawing on the establishment of an art gallery in the north of Sweden, as part of the transformation of an old regimental area, the potential and problems of linking the real estate sector and the cultural economy is discussed.Transitions in society are often described in terms of labels. History can give numerous illustrations. Nomads wandering transferred to the more permanent agriculture, is one such example. Much later follows the breakthrough of Industrial society and a variety of proposals for succession: Information society, Knowledge economy, or perhaps Creative economy. These transitions could be expressions of an over-emphasis of the new. The old way of living and economic exchange remains, after all, to a lesser extent. Similarly, what is described as new have often been around for some time. Following this, cultural activities have been essential part of societies for many years and often in ways that also made it possible to earn a living out of it. One decisive difference is however how the emergence of a Cultural or Creative industry today is described as a driving force for the entire society, making the approach appealing to policy makers. The researcher most of all associated with this line of thinking is Richard Florida and his discussion on the Creative Class. These creative professionals are attracted to urban centers and one link to real estate sector is hereby established. The importance is often examplified with how spectacular buildings such as the Opera House in Sydney or the Guggenheim Mueum in Bilbao have become icons for a new form of economy in these cities. But there is also a more down to earth connection where regions strive for cultural activities and property prices are driven by cultural values.
    Date: 2013
  2. By: Lyons, Ronan
    Abstract: Fiscal policy and the allocation of public resources is often done on purely a cost basis, rather than a cost-benefit basis, with the implicit assumption being the calculation of benefits is not possible. At the same time, there is growing recognition among social scientists that house prices can be used to develop estimates of the value of access to a range of location-specific amenities, including national cultural heritage.This research uses a large and detailed dataset covering the Irish residential property market over the period 2006-2012 to investigate whether six categories of national monument in Ireland, from castles and country houses to holy wells and stone monuments, are reflected in house prices. Both price and rent effects are estimated, while income elasticities are also explored. Lastly, as the dataset covers both boom and bust periods, the stability of the valuations is also explored.
    Date: 2013
  3. By: Gramescu, Ana Maria; Barbu, Daniela Ana Maria
    Abstract: In the paper are analyzed the criteria that influence the financial and cultural value of the historical and architectural monuments, as well as the influence given by their uniqueness. The paper synthesizes the researches made by the author in the evaluation domain, and mainly in the evaluation of the historical properties, using two methods: the replacement value method and the comparison method.When analyzing such properties, the evaluators must be aware of the financial and cultural value of the historical buildings, and the potential negative influence given by the augmentation of their financial and cultural values, as well as the consequences of some intervention measures. This is the reason why the evaluators must identify and inspect the historical buildings in the process of evaluation, so that their financial, cultural, architectural and historical interest can count, including any intervention of protection, in determining the value of the building and the requirement of intervention measures.The notion of historical monument includes both the architectural conception and the urban or rural settlement that show evidence of a certain civilization, of a significant evolution, or a historical event. Therewith, the notion of historical monument extends also on small works that over time acquired a cultural signification.
    Date: 2014

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