  Neutral pion photo- and electroproduction at threshold is analyzed in the
framework of dispersion relations. For this purpose, we evaluate the real
threshold amplitudes in terms of Born contributions and dispersion integrals
determined by the imaginary parts of the MAID and SAID multipoles. The results
show considerable cancellations between Born terms and resonance contributions.
Good agreement with the data is found for photoproduction. While our dispersion
analysis suggests considerable discrepancies for electroproduction, the present
state of the experimental multipole analysis at finite Q^2 does not permit
drawing conclusions at this time.
