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.
Document type :
Book section
Wolfgang Maennig et Andrew Zimbalist. International Handbook on the Economics of Mega Sporting Events, Edward Elgar, pp.37-69, 2012


https://halshs.archives-ouvertes.fr/halshs-00703466
Contributor : Wladimir Andreff <>
Submitted on : Friday, June 1, 2012 - 11:36:15 PM
Last modification on : Tuesday, February 3, 2015 - 3:42:44 PM
Document(s) archivé(s) le : Sunday, September 2, 2012 - 2:50:35 AM

Files

Definitely_4_Andreff_in_Maenni...
Files produced by the author(s)

Identifiers

  • HAL Id : halshs-00703466, version 1

Collections

Citation

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>

Export

Share

Metrics

Record views

316

Document downloads

1311