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Staging experience, valuing authenticity: Towards a market perspective on territorial development

Drawing on particular socio-economic theories, this paper discusses the implications for regional studies of the experience economy approach through the broader question of market valuation. Different forms of market construction are identified and compared with regard to distinct models of regional development. It is observed that most of established territorial innovation models give prominence to a technical form of market valuation driven by technological change, by localized innovative production and by the mobility of goods and services. Conversely, experiential valuation primarily points to alternative models of development focusing on the local capacity to set attractive and engaging stages and to exploit consumer mobility. While the former models have mainly been applied to export-based manufacturing, the latter have essentially been applied to leisure, entertainment and tourism activities. The second part of the paper discusses the limits of technical as well as experiential market valuation in the case of the Swiss watchmaking industry. In such a case, experience in consumption and technology in production appears as strategic economic resources but what is primarily valued is authentic watchmaking. Authenticity is regarded as a third possible form of market valuation revealing specific socio-economic and territorial dynamics. The paper finally argues that market valuation should be considered as a key issue for future understandings of economic and territorial development.

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Paper provided by GRET Group of Research in Territorial Economy, University of Neuchâtel in its series GRET Publications and Working Papers with number 05-13.

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Length: 15 pages
Date of creation: May 2013
Handle: RePEc:nct:wpaper:05-13
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  1. Michael B. Beverland, 2005. "Crafting Brand Authenticity: The Case of Luxury Wines," Journal of Management Studies, Wiley Blackwell, vol. 42(5), pages 1003-1029, 07.
  2. O Crevoisier, 1993. "Spatial shifts and the emergence of innovative milieux: the case of the Jura region between 1960 and 1990," Environment and Planning C: Government and Policy, Pion Ltd, London, vol. 11(4), pages 419-430, August.
  3. Lucio Carlos Freire-Gibb, 2011. "The Rise and Fall of the Concept of The Experience Economy in the Local Economic Development of Denmark," European Planning Studies, Taylor & Francis Journals, vol. 19(10), pages 1839-1853, October.
  4. Leïla Kebir & Olivier Crevoisier, 2007. "Cultural Resources and Regional Development: The Case of the Cultural Legacy of Watchmaking," Chapters,in: Creative Cities, Cultural Clusters and Local Economic Development, chapter 2 Edward Elgar Publishing.
  5. Ch. Bessy & O. Favereau., 2010. "Institutions and Economics of Conventions," VOPROSY ECONOMIKI, N.P. Redaktsiya zhurnala "Voprosy Economiki", vol. 7.
  6. Arnoud Lagendijk, 2006. "Learning from conceptual flow in regional studies: Framing present debates, unbracketing past debates," Regional Studies, Taylor & Francis Journals, vol. 40(4), pages 385-399.
  7. Beckert, Jens, 2007. "The social order of markets," MPIfG Discussion Paper 07/15, Max Planck Institute for the Study of Societies.
  8. Dominic Power & Atle Hauge, 2008. "No Man's Brand-Brands, Institutions, and Fashion," Growth and Change, Wiley Blackwell, vol. 39(1), pages 123-143.
  9. Allen J. Scott, 2012. "The Cultural Economy of Landscape and prospects for peripheral development in the twenty-first century: the case of the English Lake District," Chapters,in: Cultural Commons, chapter 4 Edward Elgar Publishing.
  10. Richard A. Peterson, 2005. "In Search of Authenticity," Journal of Management Studies, Wiley Blackwell, vol. 42(5), pages 1083-1098, 07.
  11. Neil M. Coe & Peter Dicken & Martin Hess, 2008. "Global production networks: realizing the potential," Journal of Economic Geography, Oxford University Press, vol. 8(3), pages 271-295, May.
  12. Holbrook, Morris B & Hirschman, Elizabeth C, 1982. " The Experiential Aspects of Consumption: Consumer Fantasies, Feelings, and Fun," Journal of Consumer Research, Oxford University Press, vol. 9(2), pages 132-140, September.
  13. Frank Moulaert & Farid Sekia, 2003. "Territorial Innovation Models: A Critical Survey," Regional Studies, Taylor & Francis Journals, vol. 37(3), pages 289-302.
  14. Hugues Jeannerat & Olivier Crevoisier, 2011. "Non-technological innovation and multi-local territorial knowledge dynamics in the Swiss watch industry," GRET Publications and Working Papers 01-11, GRET Group of Research in Territorial Economy, University of Neuchâtel.
  15. Beckert, Jens, 2010. "The transcending power of goods: Imaginative value in the economy," MPIfG Discussion Paper 10/4, Max Planck Institute for the Study of Societies.
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