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European Capitals of Culture and Life Satisfaction

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  • Lasse Steiner
  • Bruno S. Frey
  • Simone Hotz

Abstract

This 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 Info

Paper provided by Center for Research in Economics, Management and the Arts (CREMA) in its series CREMA Working Paper Series with number 2013-07.

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Date of creation: Apr 2013
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Handle: RePEc:cra:wpaper:2013-07

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Keywords: Life Satisfaction; Mega-Events; Culture; European Capital of Culture;

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  1. Shogren, Jason F. & Seung Y. Shin & Dermot J. Hayes & James B. Kliebenstein, 1994. "Resolving Differences in Willingness to Pay and Willingness to Accept," American Economic Review, American Economic Association, vol. 84(1), pages 255-70, March.
  2. Barro, R.J., 1989. "Economic Growth In A Cross Section Of Countries," RCER Working Papers 201, University of Rochester - Center for Economic Research (RCER).
  3. Ada Ferrer-i-Carbonell & Paul Frijters, 2004. "How Important is Methodology for the estimates of the determinants of Happiness?," Economic Journal, Royal Economic Society, Royal Economic Society, vol. 114(497), pages 641-659, 07.
  4. Kavetsos, Georgios & Szymanski, Stefan, 2010. "National well-being and international sports events," Journal of Economic Psychology, Elsevier, Elsevier, vol. 31(2), pages 158-171, April.
  5. Victor Matheson, 2006. "Mega-Events: The effect of the world’s biggest sporting events on local, regional, and national economies," Working Papers, College of the Holy Cross, Department of Economics 0610, College of the Holy Cross, Department of Economics.
  6. Bruno S. Frey & Alois Stutzer, 2001. "What Can Economists Learn from Happiness Research?," CESifo Working Paper Series 503, CESifo Group Munich.
  7. Dennis Coates & Brad R. Humphreys, 2003. "The Effect of Professional Sports on the Earnings of Individuals: Evidence from Microeconomic Data," UMBC Economics Department Working Papers 03-104, UMBC Department of Economics.
  8. Andy Thornley, 2002. "Urban Regeneration and Sports Stadia," European Planning Studies, Taylor & Francis Journals, vol. 10(7), pages 813-818, October.
  9. John Siegfried & Andrew Zimbalist, 2002. "A Note on the Local Economic Impact of Sports Expenditures," Journal of Sports Economics, , vol. 3(4), pages 361-366, November.
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  1. European Capitals of Culture and Life Satisfaction
    by maximorossi in NEP-LTV blog on 2013-09-25 12:14:36
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Cited by:
  1. Piper, Alan T., 2013. "Europe’s capital cities and the happiness penalty: an investigation using the European Social Survey," MPRA Paper 47793, University Library of Munich, Germany.
  2. Piper, Alan T., 2014. "An Investigation into Happiness, Dynamics and Adaptation," MPRA Paper 57778, University Library of Munich, Germany.

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