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Quantifying the intangible impact of the Olympics using subjective well-being data

Author

Listed:
  • Paul Dolan

    (CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science, LSE - London School of Economics and Political Science)

  • Georgios Kavetsos

    (CEP - LSE - Centre for Economic Performance - LSE - London School of Economics and Political Science, LSE - London School of Economics and Political Science, QMUL - Queen Mary University of London)

  • Christian Krekel

    (LSE - London School of Economics and Political Science, CEPR - Center for Economic Policy Research)

  • Dimitris Mavridis

    (BM = WB - La Banque Mondiale = The World Bank - WBG = GBM - World Bank Group = Groupe Banque Mondiale)

  • Robert Metcalfe

    (BU - Boston University [Boston])

  • Claudia Senik

    (PSE - Paris School of Economics - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique - INRAE - Institut National de Recherche pour l’Agriculture, l’Alimentation et l’Environnement, PJSE - Paris Jourdan Sciences Economiques - UP1 - Université Paris 1 Panthéon-Sorbonne - ENS-PSL - École normale supérieure - Paris - PSL - Université Paris Sciences et Lettres - INRA - Institut National de la Recherche Agronomique - EHESS - École des hautes études en sciences sociales - ENPC - École nationale des ponts et chaussées - CNRS - Centre National de la Recherche Scientifique, UP4 - Université Paris-Sorbonne)

  • Stefan Szymanski

    (UMich - Université du Michigan = University of Michigan [Ann Arbor])

  • Nicolas Ziebarth

    (Cornell University [New York])

Abstract

Hosting the Olympic Games costs billions of taxpayer dollars. Following a quasi-experimental setting, this paper assesses the intangible impact of the London 2012 Olympics, using a novel panel of 26,000 residents in London, Paris, and Berlin during the summers of 2011, 2012, and 2013. We show that hosting the Olympics increases subjective well-being of the host city's residents during the event, particularly around the times of the opening and closing ceremonies. However, we do not find much evidence for legacy effects. Estimating residents' implicit willingness-to-pay for the event, we do not find that it was worth it for London alone, but a modest well-being impact on the rest of the country would make hosting worth the costs.

Suggested Citation

  • Paul Dolan & Georgios Kavetsos & Christian Krekel & Dimitris Mavridis & Robert Metcalfe & Claudia Senik & Stefan Szymanski & Nicolas Ziebarth, 2019. "Quantifying the intangible impact of the Olympics using subjective well-being data," PSE-Ecole d'économie de Paris (Postprint) halshs-02297907, HAL.
    • Handle: RePEc:hal:pseptp:halshs-02297907
    DOI: 10.1016/j.jpubeco.2019.07.002
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    JEL classification:

    • I30 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General
    • I31 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - General Welfare, Well-Being
    • I38 - Health, Education, and Welfare - - Welfare, Well-Being, and Poverty - - - Government Programs; Provision and Effects of Welfare Programs
    • L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
    • Z20 - Other Special Topics - - Sports Economics - - - General
    • Z28 - Other Special Topics - - Sports Economics - - - Policy

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