EX-ANTE VS. EX-POST: A REASSESSMENT OF ECONOMIC IMPACT STUDIES IN ARTS AND CULTURE

By Andrej Srakar and Marilena Vecco

The estimation of the economic effects of cultural events is a topic that has stirred numerous debates in cultural economics. Although economic impact studies and contingent valuation have been the most frequently used methods, both suffer from numerous problems. In this article, we use ex-post econometric verification as a new and promising method in cultural economics in the estimation of the economic effects of cultural events and apply it to the estimation of the effects of the 2012 European Capital of Culture Maribor on tourism and employment.

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MAKING CULTURE CAPITAL: EVALUATING THREE DECADES OF THE EUROPEAN CAPITAL OF CULTURE

By Pedro Gomes and Alejandro Librero-Cano

We measure the regional impact of the European Capital of Culture programme using a difference-in-differences approach. GDP per capita in hosting regions is 4.5 % higher compared to non-hosting regions during the event, and the effect persists more than 5 years after it. This result suggests that the economic dimension of the event is important and supports claims that the event serves as catalyst for urban regeneration and development.

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