[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/a/sae/urbstu/v49y2012i5p961-978.html
   My bibliography  Save this article

The Price of Victory

Author

Listed:
  • Constantine Kontokosta
Abstract
The Olympic Games have come to be viewed as an unprecedented opportunity to leverage a short-term event into a long-term positive legacy. Although the Olympics are assumed to yield economic benefits, there has been no rigorous analysis of the impact of hosting on residential real estate markets. Utilising a substantial dataset for six host cities and comparable cities between 1984 and 2000, this paper employs an adjusted interrupted time-series approach to estimate the house price impacts of hosting the Olympic Games. The results suggest that the Olympics are not a ‘one size fits all’ economic development strategy and that potential outcomes are dependent on a number of factors, including the co-ordination of planning and Olympic-related development and the relative scale of the total Olympic investment.

Suggested Citation

  • Constantine Kontokosta, 2012. "The Price of Victory," Urban Studies, Urban Studies Journal Limited, vol. 49(5), pages 961-978, April.
    • Handle: RePEc:sae:urbstu:v:49:y:2012:i:5:p:961-978
    DOI: 10.1177/0042098011411952
    as

    Download full text from publisher

    File URL: https://journals.sagepub.com/doi/10.1177/0042098011411952
    Download Restriction: no
    File URL: https://libkey.io/10.1177/0042098011411952?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Card, David & Krueger, Alan B, 1994. "Minimum Wages and Employment: A Case Study of the Fast-Food Industry in New Jersey and Pennsylvania," American Economic Review, American Economic Association, vol. 84(4), pages 772-793, September.
    2. Carlino, Gerald & Coulson, N. Edward, 2004. "Compensating differentials and the social benefits of the NFL," Journal of Urban Economics, Elsevier, vol. 56(1), pages 25-50, July.
    3. Jordan Rappaport, 2009. "The increasing importance of quality of life -super-†," Journal of Economic Geography, Oxford University Press, vol. 9(6), pages 779-804, November.
    4. Beck, Nathaniel & Katz, Jonathan N., 1995. "What To Do (and Not to Do) with Time-Series Cross-Section Data," American Political Science Review, Cambridge University Press, vol. 89(3), pages 634-647, September.
    5. Bostic, Raphael & Gabriel, Stuart & Painter, Gary, 2009. "Housing wealth, financial wealth, and consumption: New evidence from micro data," Regional Science and Urban Economics, Elsevier, vol. 39(1), pages 79-89, January.
    6. Clarence N. Stone, 2001. "The Atlanta Experience Re‐examined: The Link Between Agenda and Regime Change," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 25(1), pages 20-34, March.
    7. Julie L. Hotchkiss & Robert E. Moore & Stephanie M. Zobay, 2003. "Impact of the 1996 Summer Olympic Games on Employment and Wages in Georgia," Southern Economic Journal, John Wiley & Sons, vol. 69(3), pages 691-704, January.
    8. Harry H. Hiller, 2000. "Mega‐events, Urban Boosterism and Growth Strategies: An Analysis of the Objectives and Legitimations of the Cape Town 2004 Olympic Bid," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 24(2), pages 449-458, June.
    9. Baffoe-Bonnie, John, 1998. "The Dynamic Impact of Macroeconomic Aggregates on Housing Prices and Stock of Houses: A National and Regional Analysis," The Journal of Real Estate Finance and Economics, Springer, vol. 17(2), pages 179-197, September.
    10. Slaughter, Matthew J., 2001. "Trade liberalization and per capita income convergence: a difference-in-differences analysis," Journal of International Economics, Elsevier, vol. 55(1), pages 203-228, October.
    11. Marianne Bertrand & Esther Duflo & Sendhil Mullainathan, 2004. "How Much Should We Trust Differences-In-Differences Estimates?," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 119(1), pages 249-275.
    12. Meyer, Bruce D, 1995. "Natural and Quasi-experiments in Economics," Journal of Business & Economic Statistics, American Statistical Association, vol. 13(2), pages 151-161, April.
    13. Holger Preuss, 2004. "The Economics of Staging the Olympics," Books, Edward Elgar Publishing, number 3473.
    14. Robert A. Baade & Richard F. Dye, 1988. "Sports Stadiums and Area Development: A Critical Review," Economic Development Quarterly, , vol. 2(3), pages 265-275, August.
    15. Ioan Voicu & Vicki Been, 2008. "The Effect of Community Gardens on Neighboring Property Values," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 36(2), pages 241-283, June.
    16. Charles C. Tu, 2005. "How Does a New Sports Stadium Affect Housing Values? The Case of FedEx Field," Land Economics, University of Wisconsin Press, vol. 81(3).
    17. Drew Whitelegg, 2000. "Going for Gold: Atlanta's Bid for Fame," International Journal of Urban and Regional Research, Wiley Blackwell, vol. 24(4), pages 801-817, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Feddersen, Arne & Maennig, Wolfgang, 2012. "Sectoral labour market effects of the 2006 FIFA World Cup," Labour Economics, Elsevier, vol. 19(6), pages 860-869.
    2. Stephanie Jasmand & Wolfgang Maennig, 2007. "Regional Income and Employment Effects of the 1972 Munich Olympic Summer Games," Working Papers 0712, International Association of Sports Economists;North American Association of Sports Economists.
    3. Arne Feddersen & Wolfgang Maennig, 2013. "Mega-Events And Sectoral Employment: The Case Of The 1996 Olympic Games," Contemporary Economic Policy, Western Economic Association International, vol. 31(3), pages 580-603, July.
    4. Hagn, Florian & Maennig, Wolfgang, 2008. "Employment effects of the Football World Cup 1974 in Germany," Labour Economics, Elsevier, vol. 15(5), pages 1062-1075, October.
    5. Pasquale Lucio Scandizzo & Maria Rita Pierleoni, 2018. "Assessing The Olympic Games: The Economic Impact And Beyond," Journal of Economic Surveys, Wiley Blackwell, vol. 32(3), pages 649-682, July.
    6. Masserini, Lucio & Bini, Matilde & Lorenzoni, Valentina, 2024. "The effect of pricing policies on students’ use of university canteens," Socio-Economic Planning Sciences, Elsevier, vol. 94(C).
    7. Belman, Dale. & Wolfson, Paul J., 2016. "What does the minimum wage do in developing countries? : A review of studies and methodologies," ILO Working Papers 994893283402676, International Labour Organization.
    8. Helmers, Viola & van der Werf, Edwin, 2022. "Did the German Aviation Tax Affect Passenger Numbers? New Evidence Employing Difference-in-differences," VfS Annual Conference 2022 (Basel): Big Data in Economics 264118, Verein für Socialpolitik / German Economic Association.
    9. Guido Neidhöfer & Miguel Niño‐Zarazúa, 2019. "The Long(er)‐Term Impacts of Chile Solidario on Human Capital and Labor Income," Population and Development Review, The Population Council, Inc., vol. 45(S1), pages 209-244, December.
    10. Roth, Jonathan & Sant’Anna, Pedro H.C. & Bilinski, Alyssa & Poe, John, 2023. "What’s trending in difference-in-differences? A synthesis of the recent econometrics literature," Journal of Econometrics, Elsevier, vol. 235(2), pages 2218-2244.
    11. Dennis Coates, 2007. "Stadiums And Arenas: Economic Development Or Economic Redistribution?," Contemporary Economic Policy, Western Economic Association International, vol. 25(4), pages 565-577, October.
    12. Susan Athey & Guido W. Imbens, 2006. "Identification and Inference in Nonlinear Difference-in-Differences Models," Econometrica, Econometric Society, vol. 74(2), pages 431-497, March.
    13. Roberto Gásquez & Vicente Royuela, 2014. "Is Football an Indicator of Development at the International Level?," Social Indicators Research: An International and Interdisciplinary Journal for Quality-of-Life Measurement, Springer, vol. 117(3), pages 827-848, July.
    14. Etro, Federico & Marchesi, Silvia & Stepanova, Elena, 2020. "Liberalizing art. Evidence on the Impressionists at the end of the Paris Salon," European Journal of Political Economy, Elsevier, vol. 62(C).
    15. Hernández Alemán, Anastasia & León, Carmelo J. & Márquez-Ramos, Laura, 2017. "The Effect of the Universal Child Care Cash Benefit on Female Labour Supply in Spain /Efecto de la prestación monetaria universal para el cuidado de hijos en la oferta de trabajo femenina en España," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 35, pages 801-818, Agosto.
    16. Guido Neidhöfer & Miguel Niño‐Zarazúa, 2019. "The Long(er)‐Term Impacts of Chile Solidario on Human Capital and Labor Income," Population and Development Review, The Population Council, Inc., vol. 45(S1), pages 209-244, December.
    17. Pamela Wicker & John C Whitehead & Daniel S Mason & Bruce K Johnson, 2017. "Public support for hosting the Olympic Summer Games in Germany: The CVM approach," Urban Studies, Urban Studies Journal Limited, vol. 54(15), pages 3597-3614, November.
    18. Timothy G. Conley & Christopher R. Taber, 2011. "Inference with "Difference in Differences" with a Small Number of Policy Changes," The Review of Economics and Statistics, MIT Press, vol. 93(1), pages 113-125, February.
    19. Lin, Boqiang & Li, Xuehui, 2011. "The effect of carbon tax on per capita CO2 emissions," Energy Policy, Elsevier, vol. 39(9), pages 5137-5146, September.
    20. Dale Belman & Paul Wolfson & Kritkorn Nawakitphaitoon, 2015. "Who Is Affected by the Minimum Wage?," Industrial Relations: A Journal of Economy and Society, Wiley Blackwell, vol. 54(4), pages 582-621, October.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:sae:urbstu:v:49:y:2012:i:5:p:961-978. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: SAGE Publications (email available below). General contact details of provider: http://www.gla.ac.uk/departments/urbanstudiesjournal .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.