How recent studies reshape our understanding of Olympic Games’ economic outcomes
There are two figures in circulation about the Olympic Games and both deserve examination. The first is the cost overrun: a much-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% to…
