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

Wladimir Andreff 1
1 Axe Développement et mondialisation
CES - Centre d'économie de la Sorbonne
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.
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Book sections
Wolfgang Maennig et Andrew Zimbalist. International Handbook on the Economics of Mega Sporting Events, Edward Elgar, pp.37-69, 2012


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Submitted on : Friday, June 1, 2012 - 11:36:15 PM
Last modification on : Tuesday, February 3, 2015 - 3:42:44 PM

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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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