European Capitals of Culture and Life Satisfaction
AbstractThis paper analyzes whether hosting the most prestigious European cultural event, the European Capital of Culture, has an impact on regional economic development or the life satisfaction of the local population. Concerning the economic impact, we show that European Capitals are hosted in regions with above average GDP per capita, but do not causally affect the economic development in a significant way. Even a positive impact on GDP per capita would not imply a positive impact on individual utility or social welfare of the regional population. Surprisingly, using difference-in-difference estimations, a negative effect on the well-being of the regional population is found during the event. Since no effect is found before the event, reverse causality and positive anticipation can be ruled out. The negative effect during the event might result from dissatisfaction with the high levels of public expenditure, transport disruptions, general overcrowding or an increase in housing prices.
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Bibliographic InfoPaper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number 2013-07.
Date of creation: Apr 2013
Date of revision:
Life Satisfaction; Mega-Events; Culture; European Capital of Culture;
Other versions of this item:
- Lasse Steiner & Bruno S. Frey & Simone Hotz, 2013. "European capitals of culture and life satisfaction," ECON - Working Papers 117, Department of Economics - University of Zurich.
- Z11 - Other Special Topics - - Cultural Economics - - - Economics of the Arts and Literature
- Z18 - Other Special Topics - - Cultural Economics - - - Public Policy
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-31 (All new papers)
- NEP-EUR-2013-08-31 (Microeconomic European Issues)
- NEP-HAP-2013-08-31 (Economics of Happiness)
- NEP-LTV-2013-08-31 (Unemployment, Inequality & Poverty)
- NEP-URE-2013-08-31 (Urban & Real Estate Economics)
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Blog mentionsAs found by EconAcademics.org, the blog aggregator for Economics research:
- European Capitals of Culture and Life Satisfaction
by maximorossi in NEP-LTV blog on 2013-09-25 12:14:36
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