|The study's focus is to quantify the overall economic impact upon the local area of Snowy Region (Australia) regarding several cultural events, as well as supplying basic understanding of the processes involved within the economical impact assessment. It differs from many other studies into the economic impacts of events in that the focus of attention is the small regional economy, with a focus on the sub-State regional economic impact, where both the events and the regional economy in which those are held are smaller than the usual cases found in most economical impact studies and with the added challenge of the lack of industrial interconnectivity (core to the input-output model).|
|The paper takes a closer look at cultural festivals such as musical or operatic festivals. From an economic viewpoint the paper shows that such festivals offer great artistic and economic opportunities, but that at the same time these opportunities are also easy to destroy. Empirical evidence from the Salzburg Festival show that government support can have negative effects on the innovative and economically success of festivals by introducing distorting incentives and imposing all sorts of restrictions. The paper draws policy suggestions on how the state can support art festivals.|
This paper shows that the economic benefits of conserving the most threatened types of cultural heritage surpass the costs. Conservation is a sound investment. For a case study in the Netherlands three different benefits are calculated: a housing comfort value, a recreation value and a bequest value. The housing comfort value is determined through the Hedonic Pricing method (HPM). It is the first time that this monetarisation technique is used to express the value of cultural heritage in Euro's. The results show that historical characteristics of buildings and their surroundings account for almost 15% of property values. The recreation and bequest value are estimated by means of the more commonly used Contingent Valuation method (CVM).
Substitutability and complementarity of urban amenities: external effects of built heritage in Berlin
This article analyzes the impact of designated landmarks on condominium transaction prices in Berlin, Germany. We test for price differentials between listed and nonlisted properties and study their impact on surrounding property prices. The proximity to built heritage is captured by the distance to listed houses and heritage potentiality indicators. Impact is assessed by applying a hedonic model to microlevel data, and this process also addresses spatial dependency. While our findings suggest that designated landmarks do not sell at a premium or discount, landmarks are found to have positive external effects on surrounding property prices within a distance of approximately 600 m.
Despite growing attention by researchers and policy makers on the economic value of cultural heritage sites, debate surrounds the use of adequate methods. Although choice modeling techniques have been applied widely in the environmental economics field, their application in tourism and cultural economics has been much more limited. This paper contributes to the knowledge on the economic valuation of cultural heritage sites through a national choice modeling study of Old Parliament House, Australia. The study sought to value marginal changes in several attributes of this site and revealed that only some of them are valued positively: extending the period of temporary exhibitions, hosting various events, and having ‘shop and café’ and ‘fine dining’. Advantages of using a mixed logit model are provided and managerial and policy implications are discussed.
Purpose – The purpose of this paper is to investigate how the budget, when split into a network of projects, can act as a management tool to balance control with creativity.
Design/methodology/approach – A case study is used to discuss the budget in a large Norwegian festival. Simons’ (1995) concept of interactive use of budgets is applied for the analysis of empirical findings. Especially, the authors focus on the design and use of the budget and how it is aligned with the specific characteristics of festivals as economic organizations.
Findings – The findings support earlier research which focusses on the need to balance between control and dynamic changes to successfully manage festivals. This study gives a detailed knowledge on how managers use budgets to combine management control with creativity and dynamic adaptions.
Originality/value – This study contributes to a detailed understanding of how managers can use budgets as tools to stabilize between uncertainty, creativity and control.
Keywords Budgets, Balancing creativity and control, Functions of budgets, Interactive and diagnostic use
Paper type Case study
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