The winner's curse: why is the cost of sports mega-events so often underestimated?

Abstract : Auction theory, when the bidders do not know the value of what is auctionned, is used to explain how the Olympic Games are allocated to competing bidding cities. It is a centralized allocation process with asymmetric information which usually comes out with a winner's curse. Various indicators of the latter are proposed and exemplified, the major one being the systematic ex ante underestimation of the Olympics costs.
Type de document :
Chapitre d'ouvrage
Wolfgang Maennig et Andrew Zimbalist. International Handbook on the Economics of Mega Sporting Events, Edward Elgar, pp.37-69, 2012


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Soumis le : vendredi 1 juin 2012 - 23:36:15
Dernière modification le : mardi 3 février 2015 - 15:42:44
Document(s) archivé(s) le : dimanche 2 septembre 2012 - 02:50:35

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Wladimir Andreff. The winner's curse: why is the cost of sports mega-events so often underestimated?. Wolfgang Maennig et Andrew Zimbalist. International Handbook on the Economics of Mega Sporting Events, Edward Elgar, pp.37-69, 2012. <halshs-00703466>

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