TY  - RPRT
        AU  - Dolan, Paul
AU  - Kavetsos, Georgios
AU  - Krekel, Christian
AU  - Mavridis, Dimitris
AU  - Metcalfe, Renuka
AU  - Senik, Claudia
AU  - Szymanski, Stefan
AU  - Ziebarth, Nicolas R.
        TI  - Quantifying the Intangible Impact of the Olympics Using Subjective Well-Being Data
        PY  - 2019/Aug/
        PB  - Institute of Labor Economics (IZA)
        CY  - Bonn
        T2  - IZA Discussion Paper
        IS  - 12547
        UR  - https://www.iza.org/index.php/publications/dp12547
        AB  - 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 wellbeing impact on the rest of the country would make hosting worth the costs.
        KW  - Olympic Games
KW  - intangible effects
KW  - happiness
KW  - life satisfaction
KW  - subjective well-being
KW  - sport events
KW  - quasi-natural experiment
        ER  -