haku: @indexterm sponsorship / yhteensä: 222
viite: 3 / 222
| Tekijä: | Hojman, D.E. Hiscock, J. |
| Otsikko: | Interpreting suboptimal business outcomes in light of the Coase theorem: lessons from Sidmouth international festival |
| Lehti: | Tourism Management
2010 : APR, VOL. 31:2, p. 240-249 |
| Asiasana: | tourism externalities impact assessment culture event studies sponsorship |
| Kieli: | eng |
| Tiivistelmä: | The management team of the world-famous Sidmouth Festival resigned in 2004, after they failed to secure bad-weather underwriting worth £200,000, in the middle of widespread fears of the Festival being doomed. While claims of a £5 million economic impact locally are severely flawed, the local economy very likely did benefit by at least several times the required insurance's amount. The failure to capture these benefits is related to wrongly defined property rights, rising transaction costs, incomplete information coming from unreliable sources, and actual or dreaded free riding. These conditions prevented the type of optimal bargaining solution in the face of externalities envisioned by the Coase Theorem. Practically all of the problems blocking the ideal Coasean solution were able to be addressed by granting key stakeholders' individual ownership rights. Thus, while the Coase solution couldn't be applied, the Theorem's predictions were confirmed. |
SCIMA