salvaging gresham s law the good the bad and the illegal contrary to the claims of arthur rolnick and warren weber gresham s law is not a fallacy nor does it rest on the unrealistic assumption of an operational fixed disequilibrium exchange rate between two economically distinct monies here i interpret gresham s law as a result of coercive legal tender laws aimed at discouraging agents from discriminating among alternative monies such laws can systematically drive good money out of circulation by placing buyers and sellers in a prisoner s dilemma in which the use of bad money represents a unique noncooperative equilibrium i offer some historical examples which are not readily explainable using rolnick and weber s proposed alternative to gresham s law copyright 1996 by ohio state university press

do soccer players play the mixed strategy nash equilibrium mixed strategy nash equilibrium msne is a commonly used solution concept in game theoretic models in various fields in economics management and other disciplines but the experimental results whether the msne predicts well actual play in games is mixed consequently the evidence for naturally occurring games in which the msne predicts the outcome well is of great importance as it can justify the vast use of msne in models the game between the kicker and the goalkeeper in soccer penalty kicks is a real world game that can be used to examine the application of the msne concept or its accuracy because payoffs are a common knowledge the players have huge incentives to play correctly the game is simple enough to analyse its nash equilibrium is in mixed strategies and players actions can be observed we collected and analysed the data on the direction of kicks and jumps in penalty kicks in various top leagues and tournaments our analysis suggests that the msne predictions are the closest to the act

local economic gains from primary election spending this article asks how government and private consumption spending affect earnings in service sectors to do this we exploit the variation across states and time in the money spent while campaigning for a party s presidential primary nomination we create a novel data set combining the date each state held its primary from 1976 to 2008 the date in each election cycle in which only one candidate remained and quarterly state earnings by sector using an instrumental variable strategy we find that hosting a primary election increases earnings particularly in the retail and accommodation sectors these results remain consistent when using data on primary campaign expenditures across states in the 2004 and 2008 elections

on the economics of private money abstract the application of laissez faire to the monetary system is a key ingredient of important proposals for monetary reform both new and old that seek to discipline government creation of money through competition this paper provides an overview of issues to be encountered in the construction of theoretical models of private monetary economies including consideration of market imperfections that have been hypothesized to arise in these systems further some descriptive history of the less regulated monetary systems of 19th century new york is undertaken with an emphasis on discussing the nature of market generated banking and monetary institutions in light of these critiques

endogenous trip scheduling the henderson approach reformulated and compared with the vickrey approach abstract the henderson approach to modeling peak period congestion lacks equilibria when lateness is prohibited this paper reformulates the henderson approach and compares it to the vickrey approach both analytically and numerically the behavior of the reformulated henderson approach varies with its elasticity of travel delay with respect to traffic flow while the vickrey approach lacks such flexibility the behavior of the vickrey approach is the limit of that of the reformulated henderson approach as the elasticity of travel delay goes to infinity

the economic consequences of professional sports strikes and lockouts post evaluation of the effects of the lockout an examination of the impact of past work stoppages in professional football and basketball can shed some light on the potential impact of the nba lockout as well as the viability of professional sports as engines of economic growth in cities the parameter estimates from a reduced form empirical model of the determination of real per capita income in 37 standard metropolitan statistical areas smsas over the period 1969 1996 suggest that prior work stoppages in professional football and baseball had no impact on the economies of cities with franchises further the departure of professional basketball from cities had no impact on their economies in the following years these results refute the idea that attracting professional sports franchises represents a viable economic development strategy

news shocks in the data olympic games and their macroeconomic effects we examine the macroeconomic effects of bidding for the olympic games using panel data for 188 countries during the period 1950 2009 our findings confirm that economies react to news shocks investment consumption and output significantly increase 9 to 7 years before the actual event in bidding countries hosting countries also experience significant increases in investment consumption and output 5 to 2 years before the hosting of the games mapping the olympics into a macroeconomic model we show that we can match our empirical findings if we assume that an olympic bid represents news about increases in government investment

the susan b anthony dollar and the theory of coin note substitutions this paper analyzes governments attempts to replace circulating notes with coins it argues that because of network externalities in currency systems a government cannot simply offer a new coin such as the susan b anthony dollar to the public and expect it to circulate even when the coin note substitution would benefit the economy for such a substitution to succeed a government may need to force the adoption of the coin by withdrawing the competing bill from circulation copyright 1994 by ohio state university press

how does a new sports stadium affect housing values the case of fedex field this study investigates how the construction of a sports stadium affects residential housing values hedonic analyses are conducted to assess the price differentials between housing units in close proximity to fedex field home of the washington redskins and comparable units away from it using a difference in difference approach the study finds that properties near fedex field sold at a discount however this price differential was narrowed after the completion of the stadium contrary to neighborhood activists concern that sports venues adversely affect property values the findings of this study indicate that a new stadium improves housing values in the surrounding area

going for the gold the economics of the olympics in summer 2016 the eyes of the world will turn to rio de janeiro as it hosts the games of the xxxi olympiad better known as the summer olympics unfortunately the price tag of well over 10 billion for the event is adding to the already considerable strain on government budgets in brazil faced with a nasty recession cuts in public services and rising unemployment throngs of brazilians have turned out to protest what is seen as wasteful spending and a misallocation of resources on the olympics throw in the growing threat of the zika virus and brazil may end up with larger crowds of agitators protesting the government than of sports fans cheering on the athletes but are these complaints about olympic spending justified the quadrennial summer olympic games is one of the world s premier sporting events with over 10 000 athletes representing 204 countries 300 individual events in 28 different sports over 10 million tickets sold to spectators and a worldwide television audience in the billions on a somewhat smaller scale the most recent winter olympic games held in 2014 in sochi russia welcomed nearly 3 000 athletes from 88 countries to compete in 98 events in 15 disciplines while generating large revenues and massive television ratings while most viewers tune in to watch the competition among the athletes the battle among cities to be selected to host these events can be just as fierce although bidding cities have numerous reasons for wanting to host none seems more prevalent than the desire for an economic windfall in this paper we explore the costs and

regional income and employment effects of the 1972 munich olympic summer games jasmand s and maennig w regional income and employment effects of the 1972 munich summer olympic games regional studies olympic games may have impacts on income and employment in the host city but no ex post study has been carried out for european olympic host cities to date the present study closes this gap by using the 1972 munich summer olympic games the data period examined in this study allows for analysis of long term effects in addition the methodology avoids overestimating the significance of the effects finally results are reported for all possible combinations of pre and post olympic periods the results were that income in olympic regions grew significantly faster than in other german regions but in contrast no employment effects were identified jasmand s et maennig w incidences des jeux olympiques d ete de 1972 a munich sur les revenus et l emploi regional studies il est possible que les jeux olympiques aient des incidences sur les revenus et l emploi dans la ville hote or

the evolution of a free banking system the institutional features of models of unregulated monetary systems have often been arbitrarily and implausibly assumed this paper instead provides realistic grounding for important features by constructing a logical evolutionary account of free banking sophisticated and orderly arrangements are shown to emerge from competition and the pursuit of less costly methods of payment the emergence of standardized commodity money is followed by the development in turn of basic money transfer banking easily transferable bank liubilities and clearinghouses the features of an evolved free banking system differ from those assumed in recent models of competitive payments systems

compensating differentials and the social benefits of the nfl abstract we use hedonic rent and wage equations to measure compensating differentials in central cities and metropolitan areas with franchises of the national football league rents are about 8 percent higher in the central cities but this impact may not carry over to broader geographical areas wages are about 2 percent lower in areas with teams but the standard error on this parameter is large the central city results indicate that sports franchises appear to be a public good once these quality of life benefits are included in the calculus the large public expenditure on new stadiums appears to be a good investment for cities and their residents

why are stabilizations delayed when a stabilization has significant distributional implications e g tax increases to eliminate a large budget deficit socioeconomic groups may attempt to shift the burden of stabilization onto other groups the process leading to stabilization becomes a war of attrition each group attempting to wait the others out and stabilization occurring only when one group concedes and bears a disproportionate share of the burden the authors solve for the expected time of stabilization in a model of rational delay and relate it to several political and economic variables they motivate this approach and its results by comparison to historical and current episodes copyright 1991 by american economic association

globalization and the confidence game abstract we show that governments in developing countries have an incentive to play the confidence game wherein the need to win the confidence of the international capital market can actually prevent a country from following otherwise sensible policies and force it to follow policies that it would normally consider perverse this incentive arises because of a combination of a conformity bias and good news bias in governmental decision making in an open economy which results in inefficient outcomes which increases rather than decreases the threat of devaluation while institutions that encourage greater transparency and the public revelation of information may often mitigate this inefficiency on some occasions increased transparency may even exacerbate the inefficiency

antitrust economics and consumer protection economics in policy and litigation why the disparity the lag in the use of microeconomics in consumer protection policy and litigation as compared with the use of microeconomics in antitrust competition policy and litigation has at least three causes a considerably shorter period of intellectual development the specific historical origins and culture of the u s federal trade commission ftc where this disparity is especially noticeable and the splintering of consumer protection responsibilities across a very large number of federal and state agencies this paper will expand on these themes and discuss their implications including the opportunities for expanded research in the area of consumer protection economics jel b12 b13 b21 d18 l41

do states free ride in antitrust enforcement i introduction recent research has examined the role of state governments in the united states in antitrust enforcement over the past 20 years what has not been explored is the extent to which states make strategic decisions on their involvement in antitrust litigation in particular while most state antitrust cases involve purely local matters a significant number of these concern more than one state states then need to decide whether to invest in leading an investigation or letting other states take the lead and participating in some lesser role which includes simply signing on to a settlement we view the decision by a state to delay entry into antitrust litigation to be a type of free tiding behavior 1 in this paper we analyze this issue of free riding by states in antitrust activity ii previous literature one of the defining characteristics of a pure public good is the nonexcludability of the benefits from its consumption as benefits can be received by individuals without having to pay for the goods this nonexcludability creates the possibility for a free rider problem as a consequence of this free tiding behavior the private market cannot exact a price for this good and this may mean the private market will provide a suboptimal amount of the good free riders are usually used as justification for government intervention into the private market to allocate these so called public goods in order to correct the market failure while this behavior would seem rational it is not easily observed so the extent of free riding is not generally known researchers have employed experimental game evidence to measure the extent of free riding with results ranging from none to an extreme amount factors found in this literature that appear to decrease the degree of free riding behavior under certain conditions include smaller group size isaac walker and thomas 1984 experience through repeated game play fischbacher and gachter 2010 pregame communication among participants and an ability to exclude players from the group or other sanctions delmas and keller 2005 while the free rider problem and the experimental evidence have focused on private market decision makers it is straightforward to extend these behaviors to self interested governments one possibility is that governments reduce the amount of certain appropriations as a result of private contributions becker and linsday 1994 find a considerable degree of government free riding behavior in the context of appropriations to public higher education institutions an alternative source of free riding does not involve the private sector but is between government activities particularly those with significant spillover effects lee 1988 considers the issue of free riding among countries in their efforts devoted to fighting terrorism more recently sav 2010 finds a similar impact chati and kehoe 2007 provide a theoretical discussion of what they call a free rider problem among members of a monetary union in their fiscal and regulatory policies caused by an inability of the monetary authority to commit to their policies sigman 2002 finds that water pollution control is affected by the degree of spillovers crossing international borders somewhat closer to the focus of this paper konisky and woods 2010 investigate whether u s states free tide in environmental regulatory actions their results are somewhat mixed while they report some impact in reducing state enforcement of the clean air act in their counties adjacent to international borders they do not find this pattern in counties bordering other u s states a recent theoretical paper by choi and gerlach 2012 raises the concern that national antitrust enforcement in a global economy with multi market contact among exporters may be suboptimal due to free riding on the antitrust activity of other countries however no empirical evidence is provided

the suppression of state banknotes a reconsideration george selgin it is generally believed that congress in imposing a prohibitive 10 tax on state banknotes in 1865 made the public better off by doing away with inferior brands of currency while simultaneously helping finance the civil war by stimulating bond sales to national banks in truth the tax served neither purpose the true purpose of the 10 tax was not to enhance bond sales or to improve the quality of the currency but to offset the inflationary effects of greenbacks and national banknotes in the long run the public might have been better off had state banks retained their right to issue currency jel g21 n21 let us have a bank currency that will be recognized in the next town a currency that will be recognized in new york philadelphia boston new orleans chicago or any other part of the united states representative john f farnsworth illinois april 28 1864 congressional globe 38th congress 1st session 1934 i f the national banks with the great advantages which they enjoy cannot compete successfully with the state banks it simply shows that the latter subserve better the interests of the business community and should not be destroyed representative francis kernan new york february 16 1865 congressional globe 38th congress 2d session 833 i introduction during the civil war a 10 tax was placed on any issuance of notes of state chartered or incorporated banks deliberately forcing state banks out of the paper currency business and making the regulation and issuance of currency a prerogative of the federal government and of federally chartered national banks this paper reexamines the congressional decision to suppress state banknotes american monetary historians have conventionally viewed the decision as reflecting 1 the public s intolerable disgust with an unregulated currency hammond 1957 11 compare dunbar 1922 220 and 2 the government s desire to boost the demand for national bank charters so as to expand the market for its debt e g hughes and cain 1998 373 74 dowd 1992 230 i plan to argue that neither view accounts adequately for the 10 tax the first view in particular begs important questions that have gone unaddressed if state banknotes were clearly inferior to national banknotes why was a prohibitive tax needed to drive them out of circulation just how were consumers supposed to benefit from having their choices restricted i explore several responses to these questions and ultimately conclude that consumers considered some state banknotes to be just as desirable as their national bank counterparts i argue that the 10 tax served not to overcome any banknote market failure but to force the withdrawal of relatively high quality state banknotes i then proceed to show that the tax was not needed to secure adequate bond sales to national banks proponents of the tax were striving not to increase the number of applications for national bank charters but to limit growth in the aggregate money stock i conclude by suggesting that because state banks of issue could have accommodated market demands that national banks failed to satisfy consumers might have been better served had state banknotes been allowed to survive ii the chase plan when the first shots of the american civil war were fired at fort sumter the paper currency of the united states consisted of over 200 million in banknotes issued by nearly 1 500 state chartered banks the quality of these banknotes varied according to their issuers management and regulatory environment 1 some banknotes circulated at par only near their source and at fluctuating discounts elsewhere so that persons carrying notes from state to state risked incurring currency exchange losses of the sort borne by international travelers today a few were subject to especially heavy discounts or were refused altogether because their issuers solvency was in question

the erosion of colonial trade linkages after independence high trade between countries with colonial ties may be explained by government policies that establish preferential access or as a consequence of networks formed through social interactions using bilateral trade data from 1948 to 2003 we examine the eect of independence on post colonial trade the severing of formal colonial relations can lead to an immediate reduction in trade as preferential access is eliminated as well as a gradual reduction corresponding to the deterioration of trading networks our results reveal that independence reduces colonial trade with its colonizer metropole the reduction cumulates over a 30 year period and the disruption is particularly severe for hostile separations we also find that overall colonial trade falls subsequent to independence but to a lesser extent than trade with the metropole

gresham s law or gresham s fallacy gresham s law often takes two forms the rule that bad money drives out good money and a qualified version of that rule that requires a fixed exchange rate between the two monies yet history contr

winning the olympic host city election key success factors this article examines 147 variables potential to discriminate successful from unsuccessful olympic bids our stepwise rank ordered logistic regression model includes 10 determinants supporting th

the olympic effect why should countries offer to host costly mega events such as the olympic games we show that hosting a mega event increases exports this effect is statistically robust permanent and large trade is over 20 higher for host countries interestingly unsuccessful bids to host the olympics have a similar impact on exports we conclude that the olympic effect on trade is attributable to the signal a country sends when bidding to host the games rather than the act of actually holding a mega event we develop an appropriate formal model and derive conditions under which liberalising countries will signal through a mega event bid

the effect of professional sports on the earnings of individuals evidence from microeconomic data this article examines the impact of professional sports franchises in labour markets using data from the march supplement to the current population survey cps for workers employed in specific occupational groups in all large us cities from 1983 to 2002 results from a standard wage model suggest that professional football franchises increase average hourly and weekly earnings of males employed in these occupations but professional baseball franchises reduce them these results support growing evidence that professional sports affect labour markets however the mixed nature of the association between sport and earnings provides little economic justification for government subsidies for professional sport

a longitudinal assessment on the economic effects of hosting major sporting events hosting major sporting events mses has become a globalized strategy for many countries this paper is to incorporate event study and dynamic panel data analysis with annual secondary data to exam

the impacts of temporary but anticipated tourism spending an application to the glasgow 2014 commonwealth games an extensive literature attempts to identify the economic impact of tourism expenditure while input output methods have been widely applied these may not always be appropriate for such applications and there is a growing use of more flexible computable general equilibrium cge approaches this paper uses a multi period scottish cge model to estimate the system wide effects of the temporary tourism expenditure related to the glasgow 2014 commonwealth games we quantify the sensitivity of our results to model specification focusing in particular on how investment and consumption decisions are made and shifted over time to accommodate the temporary tourism shock as part of this analysis we identify the pre announcement period that optimises the present value of the economic impact whilst the empirical results apply to a specific event our results have implications for similar analyses applied to mega events and other temporary phenomena affecting tourism expenditure such as terrorism attacks or epidemics

local labor markets and natural resources a synthesis of the literature a primary way that natural resources affect a locality is through the demand for labor with greater extraction requiring more workers shifts in labor demand can be measured through changes in employment and earnings the main labor market outcomes or through changes in the population and income more generally these changes may spillover into the nonresource economy leading to greater overall effects or possibly crowd out be spread unequally across the population thereby altering the distribution of income and the poverty rate or influence educational attainment as people choose between additional schooling and work in this review the literature linking natural resources to local labor markets is synthesized by organizing existing studies according to their resource measurement and the outcomes that they consider this synthesis provides an accessible guide to a literature that has boomed in recent years it also identifies promising avenues for future research and lays a foundation to further generalize the evidence through an eventual meta analysis

on the economic impact of international sport events microevidence from survey data at the euro 2008 using firm level data for more than 700 swiss hotels and restaurants we evaluate the economic impact of the euro 2008 soccer championship in switzerland although aggregated macrodata do not reveal any sizable economic impact we report an overall negative effect based on the surveyed companies notably the reported effects of the individual firms are very heterogeneous for instance hotels in cities benefitted from the tournament as they were able to raise prices and thereby increase sales looking at the long run impact only a small fraction of companies do believe in a positive effect interestingly this outlook does not depend on realized sales but on the guest structure

asymmetric information and optimal bank reserves one traditional argument in favor of bank reserve requirements holds that since a b ank and its depositors are asymmetrically informed as to the bank s reserve position and its portfolio the bank will hold too few reserves and too risky a port folio this being the case presumably a central banking authority is equipped t o impose and to monitor a minimal reserve requirement yielding a pareto superior outcome this paper analyzes this position in the context of a formalmodel and shows that at least for some parameters of the model there is such a case for a minimal reserve requirement copyright 1987 by ohio state university press

does the world cup get the economic ball rolling evidence from a synthetic control approach abstract in this paper we analyze the impact of hosting the fifa soccer world cup on gdp per capita in a worldwide sample of countries using a transparent statistical methodology for data driven case studies the synthetic control method using country level annual data covering all events occurring in the period between 1978 argentina and 2006 germany we show that the estimated average treatment effect was either zero or negative for all but one of the countries analyzed our results therefore support the general claim that world cups are not statistically associated to development and economic growth

trip scheduling in urban transportation analysis evidence is presented for the importance of endogenous scheduling the effects of ignoring it and the recent advances in modeling it are also described these advances include analysis of the welfare benefits associated with policies that modify scheduling choices there are many ways that models can be made more realistic one way is to embed them in a network with endogenous route choice another is to incorporate more fully the heterogeneity that is found in the empirical studies of scheduling choice both in parameters and in unobservable preferences for particular schedules yet another is to allow capacity to be random depending for example on weather conditions or traffic accidents another desirable extension awaiting better empirical measurements is to incorporate the reliability of travel schedules despite these limitations the analysis is sufficiently advanced and it can be incorporated into practical traffic studies and into standard economic theories of traffic congestion doing so promises to bring new predictive accuracy and new insights into transportation analysis

explaining the demand for free bank notes abstract this paper explains why the risky notes of banks established during the free banking era 1837 1863 were demanded even when relatively safe specie gold and silver coin was an alternative free bank notes were demanded because they were priced to reflect the expected value of their backing the empirical evidence supports this explanation specifically in new york wisconsin and indiana the expected value of backing was sufficient for free bank notes to circulate at par which they did in minnesota the backing for notes was very poor they exchanged well below par being treated as small denomination securities

state banks and the national banking acts measuring the response to increased financial regulation 1860 1870 the national banking acts and their supporting legislation led to 263 state bank closures and 934 charter conversions between 1863 and 1870 this paper measures and analyzes these sudden changes using the period s first complete bank level census the data suggest that the national capital requirements prevented many existing banks from converting to a national charter whereas a tax on state bank notes was responsible for the large number of closures the legislation also prevented new national banks from replacing closed state banks and instead encouraged note and security brokers to open new banks in developing areas along the manufacturing belt

state antitrust enforcement in the us and implications for small business entry and relocation this article examines the impact of the important yet little studied state level antitrust enforcement activity on entry and relocation behaviour by small us firms feinberg and husted 2011 have shown that this enforcement especially nonhorizontal cases may be viewed by potential entrants as a negative aspect of the state business climate however they did not pursue a more disaggregate analysis of small firm entry behaviour nor did they investigate different responses between manufacturing wholesaling and retailing firms another related issue is the extent to which state cases filed in tandem with federal investigations have the same impact on establishment entry as do purely independent cases these considerations are dealt with in this article the author uses annual state level data from the statistics of us business to examine entry and relocation reactions to state antitrust enforcement by firms within three small business categories 1 19 employees 20 99 employees 100 499 employees g

large sport events and unemployment the case of the 2006 soccer world cup in germany this study analyses on the basis of a multivariate analysis ex post the effects on the jobs market of a soccer world cup in this case the 2006 world cup held in germany in addition to three methods already used for other analyses in studies of sporting events an extended difference in difference estimate is used in order to compare the development of the numbers of unemployed in the 12 world cup venues with the development of the numbers of unemployed in 63 other german cities the results demonstrate that in none of the respective match venues did the effect of the sporting event on unemployment differ significantly from zero

supportive housing and neighborhood property value externalities we analyzed impacts on single fam institutional settings as part of the nationily home prices of eleven small scale supportive wide deinstitutionalization movement housing facilities announced in denver during beginning in the 1970s chronically men 1989 1995 using a difference in differences econo tally ill developmentally and physically dis metric specification we found that these facilities abled non violent produced a positive impact on house prices within offenders recovering 1 001 to 2 000 feet we attributed this effect to coun substance abusers and frail elderly inditervailing externalities building rehabilitation vs viduals have increasingly been domiciled resident behaviors that vary in their spatial extent in small scale facilities located in residen supportive housing facilities were systematically tial neighborhoods this normalization sited in neighborhoods with declining relative of residential environment coupled with prices compared to elsewhere in the census tract on site and on call specialized care is seen this location bias led a conventional econometric as therapeutic bymany policy makers new specification to erroneously estimate a negative property value impact from supportive housing

what should you pay to host a party an economic analysis of hosting sports mega events governments all over the world put huge amounts of money into bidding for and then hosting sports events like football s world cup or the olympic games they also give money to professional sports teams and other mega events to encourage them to locate within a particular constituency this article examines the statistical relationship between tourism and three football world cups and five olympic games finding very little positive effect given this conclusion the article looks at why governments continue to bid for these competitions it presents evidence that shows that these sports contests make people happy and argues that politicians capitalize on this feel good factor harnessing the hubris associated with these events for political gain the article then contends that the best way to reduce the politics associated with bidding for mega events is to allocate them via an auction rather than the wasteful rent seeking methods that are currently used

capital account liberalization as a signal the authors present a model in which a government s current capital control policy signals future policies controls on capital outflows evolve in response to news on technology conditional on government attitudes toward taxation of capital when there is uncertainty over governmental types a policy of liberal capital outflows sends a favorable signal that may trigger a capital inflow this prediction is consistent with the experience of several countries that have liberalized their capital accounts copyright 1997 by american economic association

assessing the olympic games the economic impact and beyond this study reviews the literature on the evaluation of the olympic games within the broader framework of their significance as cultural assets and opportunities for endogenous growth and sustainable development of the host city the study reviews the main approaches to the economic assessment of the games from the point of view of the underlying economic concepts and methodologies as well as of the empirical results obtained it focuses on the effects that are measured and on those which even though important are generally neglected the methodologies utilized for the quantitative assessments of the games are reviewed with special emphasis on impact and cost benefit analysis both on ex ante and ex post basis the studies surveyed are analysed from the point of view of different sets of effects on the host city and for a limited number of cases on the host country while the major focus is on hosting the summer olympics some attention is also paid to the bidding cities the winter olympics and the paralympics the general findings appear to be controversial with some hints of positive overall effects but also with a well documented tendency to exaggerate the benefits and underestimate the costs of holding the games in the ex ante versus the ex post studies the survey finally suggests that ex post cross country econometric studies tend to catch sizable differential and persistent benefits ignored by individual studies especially on macroeconomic and trade variables

the economics of sports facilities and their communities since the 1950s taxpayers have been the primary investors in stadia built for the use of privately owned professional sports teams team owners have argued that sports facilities boost local economic activity however economic reasoning and empirical evidence suggest the opposite public support for stadia is also driven by demand for community image and owners of sports teams supply a scarce input into image enhancement participation in the major league for which they have been able to extract monopoly rents from dispersed taxpayers we suggest reforms to dissipate the monopoly sports leagues exercise when negotiating with host communities for their teams

economics of a bottleneck abstract drawing on vickrey amer econ rev 59 251 261 1969 and subsequent literature this paper provides a thorough economic analysis of the simplest bottleneck model of road congestion with peak load demand in the morning rush hour a fixed number of identical individuals one per car must travel from home to work between which is a bottleneck of given capacity the costs of travel include queuing time and schedule delay time early or late for work the frequency distribution of departure times adjusts so that in equilibrium all individuals have the same travel costs the paper extends the previous literature by examining a coarse toll and solving for optimal capacities the application of congestion tolls can generate efficiency gains by altering the frequency distribution of departure times previous estimates of the efficiency gains from congestion tolling are likely to be substantially downward biased because they have ignored this effect