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on Cultural Economics |
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Issue of 2024‒06‒17
four papers chosen by Roberto Zanola, Università degli Studi del Piemonte Orientale |
| By: | Gérard Pogorel (ECOGE - Economie Gestion - I3 SES - Institut interdisciplinaire de l’innovation de Telecom Paris - Télécom ParisTech - I3 - Institut interdisciplinaire de l’innovation - CNRS - Centre National de la Recherche Scientifique, IP Paris - Institut Polytechnique de Paris, SES - Département Sciences Economiques et Sociales - Télécom ParisTech); Augusto Preta |
| Abstract: | The relationship of European civilisation to democracy and culture is deeply complex and intellectually challenging. Cultural creation and production only mix with politics in a lopsided manner. The cultural dimension, however, is a fundamental tenet of the European Union (EU) and an indispensable foundation for strengthening its institutions and the performance and achievement of all European realities. A number of initiatives have been taken to allow the cultural dimension to support the European project. We examine here the status of one important part of European contemporary culture: the creation of audio-visual content, specifically how it is shaped by European civilisation and reciprocally shapes it. While total investments in original European content sharply increased with the entry of global streamers on the European market, these investments came as a net addition. The EU is succeeding in having ‘internationals' play by the rules in European creation. While they bring productions from around the world to European viewers, they also expand the viewership for European productions far beyond Europe itself. This has generated welcome opportunities for local job creation and audio-visual development. |
| Keywords: | Europe, Culture, diversity, cultural exception, audio-visual, television, streaming |
| Date: | 2024–03 |
| URL: | http://d.repec.org/n?u=RePEc:hal:journl:hal-04571315&r= |
| By: | YAMADA Keigo |
| Abstract: | Despite the utilization of cultural heritage sites and resources to encourage global tourism booms and regional revitalization, it is difficult to apply existing economic theories to cultural heritage resources, and particularly in terms of built heritage, leading to a scarcity of theoretical research in cultural heritage economics. For this research, the author conducted a literature review of theoretical aspects in this field by dividing economic and cultural value into explicit and latent components. Empirical studies have estimated mainly "explicit economic value, " and some results may include "explicit cultural value." These components are the benefits that the current generation can enjoy. To ensure the conservation of cultural heritage resources, "latent economic value" and "latent cultural value" must both be taken into consideration. Insufficient investment in site maintenance results in long-term reductions of latent values that are difficult to quantify with specific numbers. Though appropriate investment scales and specifics remain unclear, costs must be borne by the current generation, while benefits that arise from it are enjoyed by future generations. This structure could potentially lead to the destruction of cultural heritage sites, which justifies policy intervention regarding conservation issues. The concept of latent values aids in the systematization of theoretical research in this field. |
| Date: | 2024–05 |
| URL: | http://d.repec.org/n?u=RePEc:eti:rdpsjp:24014&r= |
| By: | Theodore Panagiotidis (Department of Economics, University of Macedonia); Georgios Papapanagiotou (Department of Economics, University of Macedonia) |
| Abstract: | We aim to identify the determinants of non-fungible tokens (NFTs) returns. The ten most popular NFTs based on their price, trading volume, and market capitalisation are examined. Twenty-three potential drivers of the returns of each NFT are considered. We employ a Bayesian LASSO model which takes into account stochastic volatility and leverage effect. The results indicate that NFTs returns are primarily driven by volatility and ethereum returns. We find a weak connection between NFTs returns and conventional assets, such as stock, oil, and gold markets. |
| JEL: | C11 C22 G12 G15 |
| Date: | 2024–02 |
| URL: | http://d.repec.org/n?u=RePEc:mcd:mcddps:2024_02&r= |
| By: | Hakan Ozalp |
| Abstract: | This study explores the evolution and success drivers of the global video game industry, focusing on key hubs within Finland, Poland, Japan, and the United States. Using a qualitative methodology, the research delves into how unique capabilities and historical development have contributed to the industry's growth across these nations. The findings reveal diverse pathways to building video game industry clusters, emphasizing the role of cross-industry skill transfer, intellectual property, and government support. In traditional hubs like Japan and the United States, the crossover of capabilities from entertainment and hardware industries has been crucial, whereas, in newer hubs like Finland and Poland, the growth is attributed to unique local developments such as hobby coder communities or leveraging the initial localization efforts to build globally appealing games. It further highlights the pivotal role of education in sustaining the growth of video game industry hubs. |
| Keywords: | Innovation, Video Games, Intellectual property |
| Date: | 2024–04 |
| URL: | http://d.repec.org/n?u=RePEc:wip:wpaper:84&r= |