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

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 h...

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Published in	Journal of public economics Vol. 177; p. 104043
Main Authors	Dolan, Paul, Kavetsos, Georgios, Krekel, Christian, Mavridis, Dimitris, Metcalfe, Robert, Senik, Claudia, Szymanski, Stefan, Ziebarth, Nicolas R.
Format	Journal Article
Language	English
Published	Elsevier B.V 01.09.2019 Elsevier
Subjects	Economics and Finance Happiness Humanities and Social Sciences Intangible effects Life satisfaction Olympic Games Quasi-natural experiment Sport events Subjective well-being Subjective well-being Z28 Happiness I31 L83 I30 Quasi-natural experiment Sport events Intangible effects I38 Z20 Olympic Games Life satisfaction
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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. •We assess the intangible benefits of the London 2012 Olympic Games.•We follow a panel of 26,000 residents in London, Paris, and Berlin during the summers of 2011, 2012, and 2013.•Hosting the Olympic Games in 2012 has provoked a rise in the life satisfaction of Londonders, particularly around the opening and closing ceremonies.•A case can be made that hosting was worth the costs•We do not find strong evidence for legacy effects.
AbstractList	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. •We assess the intangible benefits of the London 2012 Olympic Games.•We follow a panel of 26,000 residents in London, Paris, and Berlin during the summers of 2011, 2012, and 2013.•Hosting the Olympic Games in 2012 has provoked a rise in the life satisfaction of Londonders, particularly around the opening and closing ceremonies.•A case can be made that hosting was worth the costs•We do not find strong evidence for legacy effects. 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.
ArticleNumber	104043
Author	Szymanski, Stefan Dolan, Paul Mavridis, Dimitris Ziebarth, Nicolas R. Metcalfe, Robert Senik, Claudia Kavetsos, Georgios Krekel, Christian
Author_xml	– sequence: 1 givenname: Paul surname: Dolan fullname: Dolan, Paul organization: London School of Economics, United Kingdom of Great Britain and Northern Ireland – sequence: 2 givenname: Georgios surname: Kavetsos fullname: Kavetsos, Georgios organization: Centre for Economic Performance, London School of Economics, United Kingdom of Great Britain and Northern Ireland – sequence: 3 givenname: Christian surname: Krekel fullname: Krekel, Christian organization: London School of Economics, United Kingdom of Great Britain and Northern Ireland – sequence: 4 givenname: Dimitris surname: Mavridis fullname: Mavridis, Dimitris organization: The World Bank, United States of America – sequence: 5 givenname: Robert surname: Metcalfe fullname: Metcalfe, Robert organization: Boston University, United States of America – sequence: 6 givenname: Claudia orcidid: 0000-0001-6236-9389 surname: Senik fullname: Senik, Claudia email: senik@pse.ens.fr organization: Paris School of Economics, France – sequence: 7 givenname: Stefan surname: Szymanski fullname: Szymanski, Stefan organization: University of Michigan, United States of America – sequence: 8 givenname: Nicolas R. orcidid: 0000-0003-3562-2371 surname: Ziebarth fullname: Ziebarth, Nicolas R. organization: Cornell University, United States of America
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Keywords	Subjective well-being Z28 Happiness I31 L83 I30 Quasi-natural experiment Sport events Intangible effects I38 Z20 Olympic Games Life satisfaction
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Snippet	Hosting the Olympic Games costs billions of taxpayer dollars. Following a quasi-experimental setting, this paper assesses the intangible impact of the London...
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SubjectTerms	Economics and Finance Happiness Humanities and Social Sciences Intangible effects Life satisfaction Olympic Games Quasi-natural experiment Sport events Subjective well-being
Title	Quantifying the intangible impact of the Olympics using subjective well-being data
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