[go: up one dir, main page]
IDEAS home Printed from https://ideas.repec.org/h/elg/eechap/14313_4.html
   My bibliography  Save this book chapter

The Winner’s Curse: Why is the Cost of Mega Sporting Events so Often Underestimated?

In: International Handbook on the Economics of Mega Sporting Events

Author

Listed:
  • Wladimir Andreff
Abstract
From the Olympics to the World Cup, mega sporting events are a source of enjoyment for tens of thousands of people, but can also be a source of intense debate and controversy. This insightful Handbook addresses a number of central questions, including: How are host cities selected and under what economic conditions? How are these events organized, and how is local resistance overcome? Based on historical and empirical experience, what are the pitfalls for the organizers of these events? What are the potential economic benefits, including any international image effects? How can the costs be minimized and the benefits maximized for host cities and countries? How do these mega events impact the challenges of globalization and what is their environmental legacy?

Suggested Citation

  • Wladimir Andreff, 2012. "The Winner’s Curse: Why is the Cost of Mega Sporting Events so Often Underestimated?," Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 4, Edward Elgar Publishing.
    • Handle: RePEc:elg:eechap:14313_4
    as

    Download full text from publisher

    File URL: https://www.elgaronline.com/view/9780857930262.00010.xml
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bruce K. Johnson & Peter A. Groothuis & John C. Whitehead, 2000. "“The Value of Public Goods Generated by a Major League Sports Team: The CVM Approach,”," Working Papers 0014, East Carolina University, Department of Economics.
    2. Wolfgang Maennig & Andrew Zimbalist (ed.), 2012. "International Handbook on the Economics of Mega Sporting Events," Books, Edward Elgar Publishing, number 14313.
    3. Oskar Lange, 1936. "On the Economic Theory of Socialism," The Review of Economic Studies, Review of Economic Studies Ltd, vol. 4(1), pages 53-71.
    4. Holger Preuss, 2004. "The Economics of Staging the Olympics," Books, Edward Elgar Publishing, number 3473.
    5. Rock, Kevin, 1986. "Why new issues are underpriced," Journal of Financial Economics, Elsevier, vol. 15(1-2), pages 187-212.
    6. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 84(3), pages 488-500.
    7. repec:bla:jfinan:v:44:y:1989:i:1:p:59-75 is not listed on IDEAS
    8. Bruce K. Johnson & Peter A. Groothuis & John C. Whitehead, 2001. "The Value of Public Goods Generated by a Major League Sports Team," Journal of Sports Economics, , vol. 2(1), pages 6-21, February.
    9. Harry Walton & Alberto Longo & Peter Dawson, 2008. "A Contingent Valuation of the 2012 London Olympic Games," Journal of Sports Economics, , vol. 9(3), pages 304-317, June.
    10. Otis W. Gilley & Gordon V. Karels & Robert P. Leone, 1986. "Uncertainty, Experience and the "Winner's Curse" in OCS Lease Bidding," Management Science, INFORMS, vol. 32(6), pages 673-682, June.
    11. John Goddard & Peter J. Sloane, 2005. "Economics of sport," Chapters, in: Simon W. Bowmaker (ed.), Economics Uncut, chapter 12, Edward Elgar Publishing.
    12. Wolfgang Maennig, 2002. "On the Economics of Doping and Corruption in International Sports," Journal of Sports Economics, , vol. 3(1), pages 61-89, February.
    13. Arne Feddersen & Wolfgang Maennig & Philipp Zimmermann, 2008. "The empirics of key factors in the success of bids for olympic games," Revue d'économie politique, Dalloz, vol. 118(2), pages 171-187.
    14. Manove, Michael, 1971. "A Model of Soviet-Type Economic Planning," American Economic Review, American Economic Association, vol. 61(3), pages 390-406, June.
    15. Levis, Mario, 1990. "The Winner's Curse Problem, Interest Costs and the Underpricing of Initial Public Offerings," Economic Journal, Royal Economic Society, vol. 100(399), pages 76-89, March.
    16. Egon Neuberger, 1959. "The Yugoslav Investment Auctions," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 73(1), pages 88-115.
    Full references (including those not matched with items on IDEAS)

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Bouvet, Patrice, 2013. "Les « retombées » des évènements sportifs sont-elles celles que l’on croit ?," Revue de la Régulation - Capitalisme, institutions, pouvoirs, Association Recherche et Régulation, vol. 13.
    2. Vörös, Tünde, 2017. "Költség-haszon elemzési keretrendszer sportberuházások társadalmi-gazdasági értékeléséhez [An economic framework for cost-benefit analysis of sports facilities]," Közgazdasági Szemle (Economic Review - monthly of the Hungarian Academy of Sciences), Közgazdasági Szemle Alapítvány (Economic Review Foundation), vol. 0(4), pages 394-420.
    3. Wifo, 2023. "WIFO-Monatsberichte, Heft 7/2023," WIFO Monatsberichte (monthly reports), WIFO, vol. 96(7), July.
    4. Elena Trubina, 2019. "The urban commodity futures of the Olympics: Examining the multiscalar processes of the Games," Environment and Planning A, , vol. 51(8), pages 1703-1719, November.
    5. M. de Nooij & M.R. van den Berg, 2013. "The bidding paradox: why rational politicians still want to bid for mega sports events," Working Papers 13-09, Utrecht School of Economics.
    6. Matthias Firgo & Oliver Fritz, 2023. "Regionalwirtschaftliche und touristische Effekte von Sportgroßveranstaltungen," WIFO Monatsberichte (monthly reports), WIFO, vol. 96(7), pages 481-490, July.
    7. Müller, Martin, 2017. "Approaching paradox: Loving and hating mega-events," Tourism Management, Elsevier, vol. 63(C), pages 234-241.

    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. Wladimir Andreff, 2012. "The winner's curse: why is the cost of sports mega-events so often underestimated?," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-00703466, HAL.
    2. Wladimir Andreff, 2012. "The winner's curse: why is the cost of sports mega-events so often underestimated?," Post-Print halshs-00703466, HAL.
    3. Wladimir Andreff, 2014. "The Winner's Curse in Sports Economics," Université Paris1 Panthéon-Sorbonne (Post-Print and Working Papers) halshs-01243890, HAL.
    4. Barajas, Ángel & Salgado, Jesyca & Sánchez, Patricio, 2012. "Problemática de los estudios de impacto económico de eventos deportivos /Problems to face in the Economic Impact of Sports Events Studies," Estudios de Economia Aplicada, Estudios de Economia Aplicada, vol. 30, pages 441-462, Agosto.
    5. Wladimir Andreff, 2014. "The Winner's Curse in Sports Economics," Post-Print halshs-01243890, HAL.
    6. 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.
    7. M.R. van den Berg & M. de Nooij, 2013. "The bidding paradox: why economists, consultants and politicians disagree on the economic effects of mega sports events but might agree on their attractiveness," Working Papers 13-08, Utrecht School of Economics.
    8. 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.
    9. Robert Baumann & Victor Matheson & Chihiro Muroi, 2008. "Bowling in Hawaii: Examining the Effectiveness of Sports-Based Tourism Strategies," Working Papers 0808, College of the Holy Cross, Department of Economics.
    10. Gary Charness & Dan Levin, 2009. "The Origin of the Winner's Curse: A Laboratory Study," American Economic Journal: Microeconomics, American Economic Association, vol. 1(1), pages 207-236, February.
    11. J. Lucy Lee & Jeffrey D. James, 2015. "Assessing sport brand value through use of the contingent valuation method," Journal of Economic and Financial Studies (JEFS), LAR Center Press, vol. 3(6), pages 33-44, December.
    12. Arne Feddersen & Wolfgang Maennig, 2012. "Determinants of Successful Bidding for Mega Events: The Case of the Olympic Winter Games," Chapters, in: Wolfgang Maennig & Andrew Zimbalist (ed.), International Handbook on the Economics of Mega Sporting Events, chapter 5, Edward Elgar Publishing.
    13. O. Ashton Morgan & John C. Whitehead, 2018. "Willingness to Pay for Soccer Player Development in the United States," Journal of Sports Economics, , vol. 19(2), pages 279-296, February.
    14. Eva Kassens-Noor & John Lauermann, 2018. "Mechanisms of policy failure: Boston’s 2024 Olympic bid," Urban Studies, Urban Studies Journal Limited, vol. 55(15), pages 3369-3384, November.
    15. Tim Pawlowski & Christoph Breuer & Jorge Leyva, 2011. "Sport Opportunities and Local Well-being: Is Sport a Local Amenity?," Chapters, in: Plácido Rodríguez & Stefan Késenne & Brad R. Humphreys (ed.), The Economics of Sport, Health and Happiness, chapter 12, Edward Elgar Publishing.
    16. Willem I. J. de Boer & Ruud H. Koning & Jochen O. Mierau, 2019. "Ex Ante and Ex Post Willingness to Pay for Hosting a Large International Sport Event," Journal of Sports Economics, , vol. 20(2), pages 159-176, February.
    17. Bhattacharya, Arnab, 2017. "Innovations in new venture financing: Evidence from Indian SME IPOs," Global Finance Journal, Elsevier, vol. 34(C), pages 72-88.
    18. Pamela Wicker & John C. Whitehead & Bruce K. Johnson & Daniel S. Mason, 2016. "Willingness-To-Pay For Sporting Success Of Football Bundesliga Teams," Contemporary Economic Policy, Western Economic Association International, vol. 34(3), pages 446-462, July.
    19. Wicker, Pamela & Kiefer, Stephanie & Dilger, Alexander, 2013. "The value of sporting success to Germans: Comparing the 2012 UEFA Championships with the 2012 Olympics," Discussion Papers of the Institute for Organisational Economics 11/2013, University of Münster, Institute for Organisational Economics.
    20. Ellen Garbarino & Robert Slonim, 2007. "Preferences and decision errors in the winner’s curse," Journal of Risk and Uncertainty, Springer, vol. 34(3), pages 241-257, June.

    More about this item

    Keywords

    Economics and Finance;

    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:elg:eechap:14313_4. 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: Darrel McCalla (email available below). General contact details of provider: http://www.e-elgar.com .

    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.