Privatization of a Tourism Event: Do Attendees Perceive it as a Risky Cultural Lottery?

Giuseppe Attanasi, Francesco Passarelli, Giulia Urso and Hana Cosic
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Hana Cosic: Institute of Economics, Sant’Anna School of Advanced Studies, 56100 Pisa, Italy

Sustainability, 2019, vol. 11, issue 9, 1-16

Abstract: Individuals might have different views about the benefits and the costs of privatizing a cultural event. On the one hand, privatization may increase the quality of the event due to expanding investments. On the other hand, it may lead to the dissipation of important cultural and traditional connotations. Since benefits and costs are uncertain, we frame an individual’s choice regarding privatization as a lottery choice, where risk aversion and other individual traits play a role. We empirically investigate attendees’ preferences for privatizing a mass gathering festival in Italy. The festival is attended by almost 100,000 tourists each year. Over a three-year period, we collected a large dataset of survey questions. We find that willingness to accept privatization is decreasing in tourists’ risk aversion, while it is increasing in their sensitivity to the festival’s quality. Cultural tourists perceive a higher risk of commodification in the case of privatization. Authenticity-seeking tourists act as gatekeepers of the genuine roots of local traditions. They demand original values, ultimately contributing to the festival’s cultural sustainability. The purpose of attracting visitors is in fact commonly assumed to alter local culture, resulting in a staged authenticity; and privatization of cultural goods is often associated with commodification.

Keywords: festival ownership; cultural tourism; sustainable tourism; authenticity; risk aversion; willingness to pay (search for similar items in EconPapers)
JEL-codes: O13 Q Q0 Q2 Q3 Q5 Q56 (search for similar items in EconPapers)
Date: 2019
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (9)

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Related works:
Working Paper: Privatization of a Tourism Event: Do Attendees Perceive it as a Risky Cultural Lottery? (2019)
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Persistent link: https://EconPapers.repec.org/RePEc:gam:jsusta:v:11:y:2019:i:9:p:2553-:d:227864

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