Showing posts with category "olympics"

If You Oppose Stadium Subsidies, then You Might Be a Deadbeat

Have you ever wondered about the demographics of people who oppose stadium subsidies?  Me neither, but here's something from Savethevikes.org, a stadium proponent website. As with any public hearing we do expect to hear from opposition on a Vikings stadium and given the time slot, the advantage goes to opponents. We typically see those who are unemployed or on a fixed income advocating against a new stadium because the government isn’t giving them enough. All while the majority of the Vikings 2.5 million fans are working. Well, at least the author didn't refer to us pencil-necked, pointy-headed professors - employed […]

May 12, 2020
tags
economic impact

Baltimore Grand Prix Update - 2012 edition

Over a year ago I posted about the agreement between the City of Baltimore and Baltimore Racing Development that brought Grand Prix racing to Baltimore. The event has come and gone, it was held Labor Day weekend, but the real excitement for a sports economist's point of view has all been post race. Because of the claimed benefits to the city, and because the event was in my backyard, Michael Friedman, from the University of Maryland, College Park sport management program, and I developed a survey that was then administered outside the gates at the Grand Prix. We asked basic […]

May 12, 2020
tags
economic impact

The Sports Business in the Recession

Interesting piece here, based on a discussion with economist Dan Rascher.  It starts with the Texas Rangers' trip to bankruptcy court: “The Rangers are like a microcosm of how so many companies have fared in this credit crisis,” said Daniel Rascher, president of Sports Economics, a sports consulting firm. “Once the economy turned bad, their revenues flattened or declined and they realized they didn't have enough equity in their business.” You may recall earlier posts at TSE that noted the valuation and leverage skills in the world of private equity of Rangers owner Tom Hicks .  Perhaps his luck ran […]

May 12, 2020
tags
sports and the economy

Season Ticket Prices and Minimum Donations at FBS Schools

Rivals has collected football season ticket prices and minimum donations at the 120 FBS schools for the 2010 season.  The donations work like NFL personal seat licenses.  Programs realize there is "money on the table" since some fans place a higher value on attendance at home games than what it costs to get season tickets.  So schools charge a fee to capture some of that value in order to generate maximum revenue. There's not a lot of surprising things in there, at least to this economist.  Ohio State tops the list with a minimum donation of $1,500 - you could […]

May 12, 2020
tags
college football

World Cup finances & knock-on effects

This BBC story has a number of figures on the costs and revenues of staging this year's World Cup in South Africa.  Among them (in British pounds): FIFA's expected revenue:  £2.1bn FIFA's budget:  £800m Recent increase to ensure training camps are in good condition:  £67m (included above) South Africa's budget:  £3.5bn, or 1.72% of GDP The expense incurred in South Africa is for building and renovating 10 stadiums, improved transport infrastructure, and security.  You can learn a bit about the stadiums here; they appear to be smartly designed. No figures are given for the anticipated revenues that the country expects […]

May 12, 2020
tags
FIFA

Olympic post-mortem

Personally, less viewing was more fun. It was a shame though, to see "home-cooking" in the Men's 500m short-track race, where a Canadian judge made a marginal call to disqualify my countryman and elevate his onto the podium. If that's what "own the podium" means, the podium's not worth owning. So I'll join England's temporarily pro-American Simon Barnes in sending a somewhat sardonic "Well done, Canada" to our neighbors up North. But why wasn't there an English judge available? Here at TSE in the past few weeks, we've been riffing on the psychological impact of athletic competition. At the Montreal […]

May 12, 2020
tags
2010 Winter Olympics

Vancouver Olympic Blitz

Paragraph 4 of this from the Sports Business Daily is priceless. Can you say substitution effect? Or, as Craig Depken calls this particular example, the "skedaddle effect". Thanks to Craig for alerting me to this article. Here is what he had to say at Division of Labor.

May 12, 2020
tags
economic impact

Capital-Labor Substitution in Production: Sports Writing Edition

Newspapers are in deep trouble. That has been clear for some time. It looks like things just got worse for sports writers. The Intelligent Information Laboratory at Northwestern University has developed a program called Stats Monkey that takes the box score from a game and some play-by-play data as inputs and produces a newspaper story about the game, complete with headline. The program uses statistical modeling to figure out what the important events were in the game and to pick out key plays along with a "library of narrative arcs that describe the main dynamics of baseball games." Here's a […]

May 12, 2020
tags
capital

The DH and Broken Windows Fallacy

Frederic Bastiat's broken windows fallacy: if a window maker breaks windows to increase business, he certainly benefits (if he doesn't get busted, of course). But society is made worse off. Resources used to fix broken windows support window repair jobs, but would have been used in alternative ways and would have supported other types of jobs. Moreover, we'd expect that if fixing broken windows were optimal, people would have gone out and destroyed their own windows. What the H-E-double toothpicks does this have to do with sports? This: We've heard a lot over the past year about job creation. Everything […]

May 12, 2020
tags
broken windows fallacy

Monday Potpourri: Olympic Edition

Rio was selected to host the 2016 Summer Olympic Games. Despite lobbying by President Obama, First Lady Obama, and mega-star Oprah, Chicago's bid was eliminated in the first round of voting. The aftermath of the decision has been quite interesting. President Obama's critics immediately seized this opportunity to criticize the president. The blame game started immediately in the USOC, and the fall out there may include a purge of executives. In my opinion, now would be a good time to re-examine the whole Olympic bid process. The IOC awards the Games in a way that extracts maximum rents from the […]

May 12, 2020
tags
"billion dollar barrier"

Belechick Understands Probability Better than Media

Like him or loathe him, Bill Belechick flies his own path. His late fourth quarter decision to go for a first down rather than punt on 4th and 2 from his own 28 has sent media columnists into a Monday morning tizzy of epic proportions. CBS Sportsline's Pete Prisco writes about the "unusually dumb decision." SI.com's Peter King seethed All in all, I hated the call. It smacked of I'm-smarter-than-they-are hubris. Let Manning, with the weight of the world on his shoulders and no timeouts under his belt, drive 72 yards in two minutes, with his mistake-prone (on this night) […]

May 12, 2020
tags
Uncategorized

Officiating Errors & The Role of "Models"

Recent poor calls in collegiate football and MLB (Yankees-Angels video) have generated a lot of internet traffic. While all "human error" in a generic sense, specific factors probably make such errors more or less likely such as weighting officials down with too many rules to enforce (TSE-Why Good Refs Make Bad Calls) along with variation in evaluation and incentive systems across leagues (TSE-Tail Wags Dog in Some Leagues). The episode in the Yanks-Angels game brought to mind the role of "anticipation" in these errors -- making a call based on a "model" of the situation that the mind builds based […]

May 12, 2020
tags
officiating