The ‘Right’ Price for Art Collectibles. A Quantile Hedonic Regression Investigation of Picasso Paintings

Different art objects are likely to be priced by means of different systems of hedonic characteristics; more precisely, different evaluation procedures for high and low price items are often postulated. However, the empirical evidence on this point is scant. The main purpose of this paper is to fill this gap by using the quantile hedonic regression approach. The empirical evidence, based on a data set of 716 Picasso paintings sold at auction worldwide, highlights the critical role of the price classes in determining the evaluation criteria of art items.hedonic price; auction; quantile regression; painting; Picasso

Contiguità territoriale e shock sul consumo nelle regioni italiane

The hypothesis of complete consumption risk-sharing suggests that only uninsurable national and international disturbances should affect the growth of the regional consumption. Therefore, the correlation among regional consumption growth rates should be high. This work analyzes the issue of regional consumption risk-sharing in Italy over the period 1971-93. The empirical evidence is mixed: consumption correlations are high but other formal tests suggest the relevance of idiosincratic effects. In conclusion, the overall degree of consumption risk-sharing appears to be less than perfect

Assessing visitor satisfaction with tourism rejuvenation policies: the case of Rimini, Italy.

In this paper we assess the appeal of potential interventions on the tourism offer of Rimini, a popular Italian seaside holiday destination, by means of a choice modelling analysis. Tourism can be viewed as a composite good, its overall utility depending on the arrangement of the component characteristics. Our discrete choice experiments incorporate as attributes a number of possible changes to current tourist activities (the subject of public debate), including them in hypothetical alternative holiday packages. The conditional logit analysis indicates that tourists show lesser preference for interventions aimed at protecting the environmental integrity of the beach and greater preference for those, such as the creation of a pedestrianised seafront with late-night opening of amenities and facilities, that are likely to diminish the role of the traditional sea, sun and sand component of the overall holiday experience.