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Where Have All the Flowers Gone? Coase Theorem Failures in English Summer Cultural Events: The Case of Sidmouth International Festival

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Author Info

  • Julia Hiscock

    ()
    (School of Population, Community and Behavioral Sciences, University of Liverpool, UK)

  • David E. Hojman

    ()
    (Management School, University of Liverpool, UK)

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    Abstract

    After 50 years of artistic and popular acclaim, the world-famous Sidmouth Festival collapsed in 2004. Its management was unable to secure bad-weather underwriting worth £200,000, despite an alleged £5 million Festival contribution to the local economy. In examining the reasons for this failure, we look at questions such as positive and negative externalities, ideological differences between Festival visitors and local residents, heterogeneous character of the local businesses, rural-or-urban and one-company versus multi-firm nature of festivals, incredible claims, emotions in economics, moral hazard, path dependence, and management mistakes. We argue that the only realistic way forward includes Festival supporters making financial contributions commensurate with their respective financial interests or artistic commitment, and their contributions giving these supporters full ownership rights.

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    File URL: http://www.liv.ac.uk/managementschool/research/working%20papers/wp200406.pdf
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    Bibliographic Info

    Paper provided by University of Liverpool Management School in its series Research Papers with number 200406.

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    Length: 30 pages
    Date of creation: 2004
    Date of revision:
    Handle: RePEc:liv:livedp:200406

    Contact details of provider:
    Postal: Management School University of Liverpool, Chatham Street, Liverpool, L69 7ZH, Great Britain
    Phone: +44(0)151 795 3108
    Fax: +44(0)151 795 3004
    Web page: http://www.liv.ac.uk/management/
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    Related research

    Keywords: Cultural economics; Cultural entrepreneurship; Management; Coase Theorem; Festival; Sponsorship; Tourism;

    References

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