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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 Department of Economics - University of Zurich in its series ECON - Working Papers with number 117.

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Date of creation: Apr 2013
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Handle: RePEc:zur:econwp:117

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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.
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  3. Bruno S. Frey & Alois Stutzer, 2001. "What Can Economists Learn from Happiness Research?," CESifo Working Paper Series 503, CESifo Group Munich.
  4. Kavetsos, Georgios & Szymanski, Stefan, 2010. "National well-being and international sports events," Journal of Economic Psychology, Elsevier, vol. 31(2), pages 158-171, April.
  5. Andy Thornley, 2002. "Urban Regeneration and Sports Stadia," European Planning Studies, Taylor & Francis Journals, vol. 10(7), pages 813-818, October.
  6. Victor Matheson, 2006. "Mega-Events: The effect of the world’s biggest sporting events on local, regional, and national economies," Working Papers 0622, International Association of Sports Economists;North American Association of Sports Economists.
  7. Ada Ferrer-i-Carbonell & Paul Frijters, 2002. "How important is Methodology for the Estimates of the Determinants of Happiness?," Tinbergen Institute Discussion Papers 02-024/3, Tinbergen Institute.
  8. Dennis Coates & Brad R. Humphreys, 2006. "The Effect of Professional Sports on the Earnings of Individuals: Evidence from Microeconomic Data," Working Papers 0612, International Association of Sports Economists;North American Association of Sports Economists.
  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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As found by EconAcademics.org, the blog aggregator for Economics research:
  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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