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Chapitre d'ouvrage Année : 2012

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

Résumé

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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Dates et versions

halshs-00703466, version 1 (01-06-2012)

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  • HAL Id : halshs-00703466 , version 1

Citer

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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