| Abstract: |
In this paper, we empirically explore attendees’ preferences for the
privatization of cultural events. Our assumption is that attendes may
interpret privatization as a risky lottery: while it increases the
availability of financial resources, it boosts the commercial dimension of the
event thereby dissipating its traditional and cultural connotation. We
conducted around 7,000 interviews during an important cultural festival in
southern Italy (250,000 over three years). We asked attendees to express their
preferences for the entry of private capital in the event. We find that, while
attendees being sensitive to the quality of the event are favorable to
privatization, risk-averse attendees are less willing to accept private
ownership of the festival. The latter negatively depends on the attendees’
sensitivity to the traditional/cultural aspects of the event. Furthermore,
among festival attendees, cultural tourists are less willing to accept private
firms’ management and financing of the event. Our findings provide insights
into consumers’ stated preferences on tourism management issues. |