Festivals Transformed: Decentralized Model Saves the Day, Defying Coase Theorem Failures
The study compared two ways of running a festival: one failed in 2004, but the other succeeded in 2019. The key difference was how centralized or spread out the festival was organized. Success depended on factors like who was responsible for what, how costs were managed, and whether everyone shared information and helped each other. The way these things were set up impacted how well the festival did. The insights from this research could be helpful for improving other festivals too.