Private provision of public goods via crowdfunding

Hudík, Marek; Chovanculiak, Robert

doi:10.1017/s1744137417000169

Cited by 13 publications

(9 citation statements)

References 55 publications

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“…Crowdfunding may be a superior method of financing the production of artistic goods and services that have public-good attributes (generally considered of less value by commercial investors) and to attract funders who are widely differentiated in terms of their willingness-to-pay (Handke & Dalla Chiesa, 2022). Hence, crowdfunding is believed to solve the problems that are typically associated with the private provision of public goods (Hudik & Chovanculiak, 2018). The first is the assurance problem, which refers to the possibility that individuals will not contribute to funding a public good because they believe others will not contribute (Sen, 1967).…”

Section: Crowdfunding the Cultural And Creative Industriesmentioning

confidence: 99%

New forms of finance and funding in the cultural and creative industries. Introduction to the special issue

Loots

Betzler²,

Bille

et al. 2022

J Cult Econ

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This Special Issue seeks to address the perennial question of support options for the cultural and creative industries (exacerbated due to the impact of COVID-19) by bringing together articles that examine and explain various dynamics in CCI financing and funding. The articles in the Issue are diverse in their approaches, methods and data. They range from conceptual, qualitative, and case studies, to analyses based on survey data and granular 'big data'. The articles mainly address digital fundraising technologies and investment practices. Strikingly absent in this collection of studies are modes of funding in which governments and public providers occupy center stage. Innovation in financing and funding appears to be more the result of new modalities (i.e., technology-driven) than of fundamental shifts in thoughts about how the cultural economy could be approached and how the CCI should be financially sustained. The articles in the Issue suggest the emergence of a new funding paradigm, which steps away from a clear demarcation between public and private in terms of interests and financing modes. This new paradigm embraces collaborative funding mechanisms such as crowdfunding, incubator and accelerator finance, and other pooled investments, as well as digital fundraising technologies that facilitate new modes of asset finance and tokenized funding. Future research themes are being suggested: the merging of project funding with structural budgets, the emergence of new business models and improved labor market conditions due to technology-driven aids, shifts in transaction costs, and issues related to regulation and legislation.

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Section: Crowdfunding the Cultural And Creative Industriesmentioning

confidence: 99%

New forms of finance and funding in the cultural and creative industries. Introduction to the special issue

Loots

Betzler²,

Bille

et al. 2022

J Cult Econ

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“…The decision to support civic initiatives usually involves 'a strong personal interest-driven mechanism based on knowing each other' (Sedlitzky & Franz, 2019, p. 40). Moreover, people living in the same area tend to have similar preferences, often leading to less controversy in project choice (Hudik & Chovanculiak, 2018). According to the aforementioned arguments, the following proposition is presented: Proposition 2: The number of backers involved in a civic crowdfunding round has implications for the result of the fundraising campaign in terms of the amount of funds raised.…”

Section: Backers and Rewardsmentioning

confidence: 99%

Civic crowdfunding: A new opportunity for local governments

Crescenzo

Botella-Carrubí

Rodríguez-García

2021

Journal of Business Research

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In civic crowdfunding, local communities are asked to financially contribute to projects aimed at the regeneration of an area. Usually a local government acts as a co-funder. This paper employs a fuzzy set qualitative comparative analysis to discover which conditions are combined and may result in the collection of a significant amount of funds. Five conditions were selected: the nature of project, the number of backers, the number of rewards, the percentage of backers that did not require a reward and the percentage of rewards not required during the fundraising campaign. The study used a sample of 40 Italian successful civic crowdfunding rounds sponsored and match-funded by a local government. The nature of the projects and the presence of rewards seem to emerge as critical influencing factors. These findings open up further investigations on the attitudes of civic backers towards rewards and on the charitable nature of civic fundraising.

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“…To be considered civic the initiative must pursue a goal of public interest and must be aimed at improving the community's wellbeing. Undoubtedly, the possible objects of civic crowdfunding are pure public goods, characterised by non-excludable and non-rival use, consumption and enjoyment [39] (p. 2). Civic crowdfunding objects may also be a 'club good' (i.e., excludable but non-rival) or 'common good' (i.e., non-excludable but rival) if the initiative directly or indirectly generates a benefit for the whole community [40] (p. 343).…”

Section: The Roles Of the Community And The Public Sector: Key Dimensmentioning

confidence: 99%

Ecomuseums (on Clean Energy), Cycle Tourism and Civic Crowdfunding: A New Match for Sustainability?

Simeoni

Crescenzo²

2018

Sustainability

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An ecomuseum is an 'instrument' to share the interests of a region and protect its cultural, historical and natural heritage. Cycle tourism is a sustainable type of tourism. Civic crowdfunding is a method of raising funds from a community for the fulfilment of civic initiatives. Starting from the literature on the link between cycle tourism and sustainability, the interaction between renewable energy resources and tourism, and finally the place-based dimension of a civic crowdfunding campaign, the purpose of this study is to show that an ecomuseum focused on clean energy has the potential to attract cycle tourists, increase the numbers of funders, as well as attract the interest of the municipality, not-for-profit associations and energy and tourism firms, and thus significantly enhance its beneficial effects on sustainability from economic, social and environmental points of view. This study employed an action research method to gain in-depth knowledge of this issue, as well as a qualitative case study approach to present and discuss the results. The principal result of this study is the identification of a potential way to create sustainability, via the match between an ecomuseum devoted to clean energy, cycle tourism and civic crowdfunding.

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Private provision of public goods via crowdfunding

Cited by 13 publications

References 55 publications

New forms of finance and funding in the cultural and creative industries. Introduction to the special issue

New forms of finance and funding in the cultural and creative industries. Introduction to the special issue

Civic crowdfunding: A new opportunity for local governments

Ecomuseums (on Clean Energy), Cycle Tourism and Civic Crowdfunding: A New Match for Sustainability?

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