Deu no Journal of Economic Perspectives (American Economic Association)
Primavera 2016
Going for the Gold: The Economics of the Olympics
Robert A. Baade and Victor A. Matheson
Abstract
In this paper, we explore the costs and benefits of hosting
the Olympic Games. On the cost side, there are three major categories: general
infrastructure such as transportation and housing to accommodate athletes and
fans; specific sports infrastructure required for competition venues; and
operational costs, including general administration as well as the opening and
closing ceremony and security. Three major categories of benefits also exist:
the short-run benefits of tourist spending during the Games; the long-run
benefits or the “Olympic legacy” which might include improvements in
infrastructure and increased trade, foreign investment, or tourism after the
Games; and intangible benefits such as the “feel-good effect” or civic pride.
Each of these costs and benefits will be addressed in turn, but the overwhelming
conclusion is that in most cases the Olympics are a money-losing proposition
for host cities; they result in positive net benefits only under very specific
and unusual circumstances. Furthermore, the cost–benefit proposition is worse
for cities in developing countries than for those in the industrialized world.
In closing, we discuss why what looks like an increasingly poor investment
decision on the part of cities still receives significant bidding interest and
whether changes in the bidding process of the International Olympic Committee
(IOC) will improve outcomes for potential hosts.
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