Comparing cities that won and lost Olympic bids: economic effects on regional GDP
There are two figures in circulation about the Olympic Games and both deserve examination. The first is the cost overrun: a frequently cited University of Oxford study put the average deviation from Olympic budgets between 1960 and 2012 at 179% in real terms and 324% in nominal terms. The second is the benefit: the economic boost that justifies the bid.What makes this instance fascinating is that each has faced scrutiny using empirical figures. A re-examination released in 2022 failed to duplicate the findings of the Oxford study covering the 2000-2016 timeframe, instead registering direct investment cost overruns ranging from 13%…
