TY - JOUR
T1 - How to value a cultural festival? The case of Petronio Álvarez Pacific Music Festival in Colombia
AU - Aguado, Luis F.
AU - Arbona, Alexei
AU - Palma, Luis
AU - Heredia-Carroza, Jesús
N1 - Publisher Copyright:
© 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group.
PY - 2021
Y1 - 2021
N2 - The article identifies factors related to the local context that influence the valuation of a local, traditional and internationally recognized music festival. Analyzing the case of Petronio Álvarez Pacific Music Festival held in Cali (Colombia), a valuation equation of the festival is estimated via an ordered probit model based upon microdata provided by a face-to-face survey (N = 1257). Results show that there are two key factors shaping the valuation of the festival: (i) previous experience of attending the festival, (ii) perceptions and expectations individuals have over the implications of the festival celebration (even if not participating), that is, the territory’s externalities (the creation of income and employment for the city) and personal benefits (cultural enrichment and enjoyment of a well-executed festival’s plan). Finally, our work provides policymakers with an instrument that reduces uncertainty about the characteristics of the festival, which can also be used as a managerial decision instrument based on empirical evidence about individuals’ perceptions.
AB - The article identifies factors related to the local context that influence the valuation of a local, traditional and internationally recognized music festival. Analyzing the case of Petronio Álvarez Pacific Music Festival held in Cali (Colombia), a valuation equation of the festival is estimated via an ordered probit model based upon microdata provided by a face-to-face survey (N = 1257). Results show that there are two key factors shaping the valuation of the festival: (i) previous experience of attending the festival, (ii) perceptions and expectations individuals have over the implications of the festival celebration (even if not participating), that is, the territory’s externalities (the creation of income and employment for the city) and personal benefits (cultural enrichment and enjoyment of a well-executed festival’s plan). Finally, our work provides policymakers with an instrument that reduces uncertainty about the characteristics of the festival, which can also be used as a managerial decision instrument based on empirical evidence about individuals’ perceptions.
KW - Music festivals
KW - Petronio Álvarez Pacific Music Festival
KW - cultural value
KW - ordered probit models
KW - valuation
UR - http://www.scopus.com/inward/record.url?scp=85115817596&partnerID=8YFLogxK
U2 - 10.1080/21665095.2021.1979417
DO - 10.1080/21665095.2021.1979417
M3 - Article
AN - SCOPUS:85115817596
SN - 2166-5095
VL - 8
SP - 309
EP - 316
JO - Development Studies Research
JF - Development Studies Research
IS - 1
ER -