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Privatization of a tourism event: Do attendees perceive it as a risky cultural lottery?

Author

Listed:
  • Giuseppe Attanasi
  • Hana Cosic
  • Francesco Passarelli
  • Giulia Urso

Abstract

Private ownership of a previously public event may be perceived as a risky lottery, with benefits – increase in quality due to more financial resources – and costs – dissipation of its cultural connotation due to commodification. We empirically investigate attendees’ willingness to accept privatization of a cultural event: we conducted a 3-year field study during a massgathering festival in Italy. This event is attended by around 100,000 tourists per year. We find that, while attendees sensitive to the event quality are favorable to its privatization, those being risk-averse show a lower willingness to accept it. The weight of the event in motivating tourists’ travel also matters: cultural tourists are those perceiving the risk of commodification due to the event privatization as higher.

Suggested Citation

  • Giuseppe Attanasi & Hana Cosic & Francesco Passarelli & Giulia Urso, 2016. "Privatization of a tourism event: Do attendees perceive it as a risky cultural lottery?," Working Papers of BETA 2016-26, Bureau d'Economie Théorique et Appliquée, UDS, Strasbourg.
    • Handle: RePEc:ulp:sbbeta:2016-26
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    References listed on IDEAS

    as
    1. Attanasi, Giuseppe & Casoria, Fortuna & Centorrino, Samuele & Urso, Giulia, 2013. "Cultural investment, local development and instantaneous social capital: A case study of a gathering festival in the South of Italy," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 47(C), pages 228-247.
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    More about this item

    Keywords

    Cultural events; festival ownership; cultural tourism; motivated tourist; risk aversion; willingness to pay; instantaneous social capital.;

    JEL classification:

    • A13 - General Economics and Teaching - - General Economics - - - Relation of Economics to Social Values
    • D81 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Criteria for Decision-Making under Risk and Uncertainty
    • G32 - Financial Economics - - Corporate Finance and Governance - - - Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
    • Z10 - Other Special Topics - - Cultural Economics - - - General

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