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Friday, October 02, 2009

Losing an Olympic bid?

Economists admit that hosting megaevents such as the Olympics or a Super Bowl can convey considerable civic pride to the local citizens. The problem is measuring this civic pride. How can we convert civic pride into a monetary measure? This is a problem because politicians and activists know that they can point to civic pride with an implicit value of hundreds of millions of dollars and us economists can't do much to refute the claims.

Generally speaking, I admit that civic pride can be generated by hosting a megaevent but I don't think that the civic pride is all that great.

However, for these two Chicagoans the loss of the Olympic bid seems to have been taken fairly hard. Perhaps their civic pride has been diminished?

more here

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