nep-cul New Economics Papers
on Cultural Economics
Issue of 2017‒02‒05
five papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Potterian Economics By Daniel Levy; Avichai Snir
  2. The winner's curse on art markets By Kräussl, Roman; Mirgorodskaya, Elizaveta
  3. The Cultural Value and Variety of Playing Video Games By Karol J. Borowiecki; Juan Prieto-Rodriguez
  4. Using YouTube video to promote university: a content analysis By Hiep-Hung Pham; Kelly Farrell; Huyen-Minh Vu; Quan-Hoang Vuong; Nancy K. Napier
  5. Embracing globalization or reinforcing national culture? Evidence on the alcoholic beverages preferences and drinking motives in Europe. By Lorenza Rossi

  1. By: Daniel Levy (Department of Economics, Bar-Ilan University, Israel; Department of Economics, Emory University, USA; The Rimini Centre for Economic Analysis, Italy); Avichai Snir (Department of Banking and Finance, Netanya Academic College, Israel)
    Abstract: Recent studies in psychology and neuroscience find that fictional works exert strong influence on readers and shape their opinions and worldviews. We study the Potterian economy, which we compare to economic models, to assess how Harry Potter books affect economic literacy. We find that some principles of Potterian economics are consistent with economists' models. Many others, however, are distorted and contain numerous inaccuracies, which contradict professional economists' views and insights, and contribute to the general public's biases, ignorance, and lack of understanding of economics.
    Keywords: Economic and Financial Literacy, Political Economy, Public Choice, Rent Seeking, Folk Economics, Harry Potter, Social Organization of Economic Activity, Literature, Fiction, Potterian Economy, Potterian Economics, Popular Opinion
    JEL: A13 A14 D72 D73 H00 H11 I20 P16 P48 P51 Z11 Z13
    Date: 2017–01
  2. By: Kräussl, Roman; Mirgorodskaya, Elizaveta
    Abstract: We investigate the effect of overreaction in the fine art market. Using a unique sample of auction prices of modern prints, we define an overvalued (undervalued) print as a print that was bought for a price above (below) its high (low) auction pricing estimate. Based on the overreaction hypothesis, we predict that overvalued (undervalued) prints generate a negative (positive) excess return at a subsequent sale. Our empirical findings confirm our expectations. We report that prints that were bought for a price 10 percent above (below) its high (low) pricing estimate generate a positive (negative) excess return of 12 percent (17 percent) after controlling for the general price movement on the prints market. The price correction for overvalued (undervalued) prints is more pronounced during recessions (expansions).
    Keywords: overreaction,winner's curse,pricing estimates,repeat sale,auction,art market
    JEL: E32 G11 G14
    Date: 2016
  3. By: Karol J. Borowiecki (Department of Business and Economics at University of Southern Denmark); Juan Prieto-Rodriguez (Departament of Economics, University of Oviedo)
    Abstract: This paper compares different profiles of video game players and studies how these groups differ in their cultural consumptions patterns. By using a unique dataset on cultural participation in Denmark, we address the problem of over-aggregation and differentiate between several profiles of video gamers based on the genre they play. We find that video gamers are far from being unresponsive to other forms of cultural consumption. In fact, they rather exhibit, on average, better cultural habits than non-players. In particular, they have higher frequencies of reading, museum and performing arts attendance, and are more likely to be involved in active music participation. The exception exists for the category of reflex game players; this could be driven by age effects, since reflex games are the most popular among (males) under 40.
    Keywords: Cultural participation, Video games
    JEL: Z11
    Date: 2017–01
  4. By: Hiep-Hung Pham; Kelly Farrell; Huyen-Minh Vu; Quan-Hoang Vuong; Nancy K. Napier
    Abstract: In today’s global higher education environment, international students represent not only an important source of external income for universities: the degree of cross-border student mobility also reflects the internationalization of higher education sector. Universities have engaged in efforts to sell themselves to prospective students and promotional videos are among the most widely used marketing tools for this purpose. This article reports the results of a study analyzing the content of 140 higher education promotional videos from 14 countries available on YouTube. The results reveal that while the pattern of use of YouTube for two-way communication with viewers, information contents and appeal messages among sampled universities is fairly homogenous, some marked differences emerge when cultural background and global position ranking of the university are taken into account. The implications of these findings are that, although transnational higher education has been profoundly globalized, culture still plays a significant role in marketing practice for the recruitment of mobile students. In addition, different universities have various student-targeted segments. These findings provide the basis of a series of recommendations for universities looking to optimize their use of YouTube and promotional video design to market to international students.
    Keywords: international student; promote; YouTube; content analysis; cross-culture; ranking
    JEL: A29 I21 P46 Z13
    Date: 2017–01–26
  5. By: Lorenza Rossi (Department of Economics and Management, University of Pavia)
    Abstract: Culture is commonly used as the principal explanation for consumer differences across countries, so research on its differential impact on consumer preferences and motives is fundamentally important. This study examines the role of cultural and sociodemographic influences in determining the differences between drinking cultures and drinking motives in Europe. Comparing eight countries (Italy, France, Portugal, Germany, Finland, United Kingdom, Turkey and Poland) through a one-way ANOVA and a two-way ANOVA, the author analyse and compare the roles of sociodemographic variables and national culture have on several drinking motives (social and enhancement) and on consumer preferences (alcohol consumption and type of beverage). The type of drinker (moderate or heavy) is also taken into consideration. Results show significant differences between gender, age, type of drinker and countries for most motives. Moreover, although some results confirm the traditional or “stereotype” countries drinking profiles, other results also suggest some insights to certain country profiles changing in unexpected ways. The paper outlines theoretical implications in cross-cultural research and alcoholic drinking motives. It also explores a further understanding on the motives behind alcohol consumption of European consumers, which could usefully inform policy that aims to promote a sensible drinking behaviour among its population.
    Keywords: drinking motives, cross-cultural, alcohol consumption, consumer preferences.
    Date: 2017–01

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