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The average cost overall of 1976 summer Olympic Games was 200 percent. Smith College economist¹ *** Zimbro is specialized² in sports economics.

 

So on average, if you bid 5 billion dollars, you can end up spending somewhere in the neighborhood in 17.5. 

Zimbro's new book Feburary 5th the B***   

sports club house in Manhattan about issues he addressed in his new book. Circus Maxamist economic gamble behind hosing the Olympic Games and World Cup.

 

I think 50, the countries that have hosted the events with two exceptions, Los Angeles 1984 and Barcelona in 1992 hadn't benefit economically and some of them had been significantly hurt. Boston hopes to hold the 2024 summer Olympic Games   

 

Zimbro thinks that the city is probably better off losing their bid. Both in the case of Worldcup and Olympic Games, 

there is anopolis seller of the right to host the games, and what they do is basicly they are orchestrating an international competition. That process will have you one seller and multiple competitors is one that leaves some economists³ call a winning's curse. Most of the bidders⁴ will agree with each other more or less that makes sense to spend only so much on the games and do one better is the outlier, so when anything else other than outlier bids the most is the one that ends up winning. And an outlier is the one that thinks the Olympic Games were more than everybody else. That usually leaves the winning a curse. 

 

For more from Zimbro's sports economics of the Olympics and Worldcup, look on our website for the upcoming science talk podcast.

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