nep-cul New Economics Papers
on Cultural Economics
Issue of 2020‒03‒23
three papers chosen by
Roberto Zanola
Università degli Studi del Piemonte Orientale

  1. Tourism, economic development and culture in Greece and Bulgaria: Approaches in Thessaloniki and Plovdiv By Papagianni, Efthimia; Papageorgiou, Panagiotis
  2. The Substitutability between Brick-and-Mortar Stores and e-Commerce - The Case of Books By Georg Goetz; Daniel Herold; Phil-Adrian Klotz; Jan Thomas Schaefer
  3. Transformers for Limit Order Books By James Wallbridge

  1. By: Papagianni, Efthimia; Papageorgiou, Panagiotis
    Abstract: In the era of globalization, competition between cities is commonplace/frequent phenomenon, although economic theories believed that only businesses compete with each other. Nowadays, in order to attract visitors, residents and investments, the cities are turning to a search for policies and tools for reconstruction and upgrading of their characteristics. For this reason, cities' competitiveness plays a central role in local government and urban development policies. The present paper aims at studying the strategies between two different cities concerning the touristic development process. The two cities were chosen because of the fact that they are the second-largest cities of Greece and Bulgaria, additionally with rich cultural heritage and cultural diversity. Primary data was collected through semi-structured interviews, which are defined by a set of predefined questions and were based on open-ended questions. Α comparison was made between the two cities taking into account the data collected resulting to specific conclusions about the current situation, while at the same time it is of particular interest to repeat the research in the long run.
    Keywords: tourism development, economic development, tourism destination, culture tourism
    JEL: L83 O1
    Date: 2018–10–28
  2. By: Georg Goetz (Justus Liebig University Giessen); Daniel Herold (Justus Liebig University Giessen); Phil-Adrian Klotz (Justus Liebig University Giessen); Jan Thomas Schaefer (Justus Liebig University Giessen)
    Abstract: We analyze the substitutability between brick-and-mortar stores and e-Commerce. Using a novel data set on the German book market we find that between 26 and 55% of the decrease in book sales from 2014-2017 can be explained by the decrease in the number of bookstores. This indicates that brick-and-mortar stores and e-Commerce are imperfect substitutes. One explanation could be that some consumers prefer to purchase books offine because of the service provision in brick-and-mortar stores (e.g., advice, atmosphere, presentation, sales-effort, etc.). We also find that the degree of substitutability differs between different types of books. When a bookshop closes the decrease in sales of fiction titles is more than 2 times larger than the decrease in sales of non-fiction titles. Our findings indicate that regulatory measures and vertical restraints that increase the number of bookstores can have a positive effect on the demand for books even in the presence of e-Commerce.
    Keywords: Experience goods, Retailing, e-Commerce
    Date: 2020
  3. By: James Wallbridge
    Abstract: We introduce a new deep learning architecture for predicting price movements from limit order books. This architecture uses a causal convolutional network for feature extraction in combination with masked self-attention to update features based on relevant contextual information. This architecture is shown to significantly outperform existing architectures such as those using convolutional networks (CNN) and Long-Short Term Memory (LSTM) establishing a new state-of-the-art benchmark for the FI-2010 dataset.
    Date: 2020–02

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