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CONTRIBUTORS:
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JOURNAL:
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YEAR:
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2004
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PUB TYPE:
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Journal Article
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SUBJECT(S):
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Reginal Impact of Mega Sort Events, Theory of calculation
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DISCIPLINE:
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Economics
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HTTP:
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LANGUAGE:
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English
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PUB ID:
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103-415-974
(Last edited on
2008/02/09 22:04:12 US/Mountain)
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SPONSOR(S):
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ABSTRACT:
The economic dimension of Olympic Games has reached at least € 5 billion, which is very big for a single city and its region. Consumption and investments trigger a one-time major impact on the regional economy and the structure of each city. Additionally, most cities have to adapt their infrastructure to met Olympic requirements. Usually a city changes its structure only by one per year (Garcia, 1993), however, Games preparation often requires a bigger restructuring. Olympic Games not only bring immense sums of “fresh money” into a city, but also accelerate its infrastructural development to up to 10 years. Both sound perfect and are certainly a reason for today’s high interest of cities to stage Olympic Games.
The Olympic restructuring of the city often costs billions of dollars. Despite the fact that the IOC financially supports the Organising Committee, the city and its region have to cover all investments in the required sports infrastructure. The ongoing gigantism of the Games rise the question, whether the anticipated benefits through Olympic Games justify the often hidden and likely overseen expenses.
Economic impact studies and cost-benefit analysis of Olympic Games very seldom had a regional perspective. They consider all Olympic-related costs or benefits and the calculation of the induced effect are usually based on the national input-output table or the respective multipliers. Both types of analysis cannot display the economic impact of Olympic Games solely for the host city or its region.
This paper will introduce a methodological concept to combine the positive parts of a cost-benefit analysis with those of studies based on input-output models. The main focus, however, will be the introduction of a new method to regionalize Olympic costs and benefits and therefore to define the primary economic impact. These data will than be put in regional models in order to determine the regional economic impact. This new form of analysis was used to calculate the regional economic impact of the Frankfurt Rhein/Main region, which bided to stage the 2012 Olympics and Prague, bidding for 2020. A generalised view of the Frankfurt case study shows patterns that are valid for all impact studies of major sport events. Finally a sensitivity analysis was used to determine critical variables. Critical variables have to be evaluated with special care in all those economic analysis that try to forecast the impact of major sport events.
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