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Econ 3 Key theme 1 : Olympic CBA

Introduction:
Hot topic and possible to consider within the Econ 3 Cost Benefit Analysis (CBA) Framework:

  

Economic Concepts
Private Cost: Direct costs of the project (estimated involved between £9bn and £12bn on construction venues, staffing and policing the event.
External Cost: Third party effects of the games such as increased congestion and other disruptions to normal routines during the construction and hosting of the games.
Private Benefit: Direct value extracted from the consumption of a good or service eg enjoyment from being there when Bolt runs the100m final
External Benefit: third party gains from the decision to produce and consume.  Multiplier effects of construction and investment, legacy notions of facilities and a new generation of fitter healthier people
Secondary Markets:  touts selling tickets above face value

Analysis;

• secondary markets

• External Costs

   
• External Benefits

video olympics legacy

 Evaluation

• In reality the picture is complex with the creation of :
• short and long run externalities
• of consumption and production
• of a positive and negative nature. 
• Identifying them and attaching a value to them is an extremely difficult task.
• Ulitmately the costs could be considered to be relatively short term whilst the benefits in terms of the legacy of the games is relatively long term.
• Regionality of impacts is another issue all together.

Links:

• ft in depth: 2012 olympics
•  
• bbc 2012

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Choose a Study ModeScatterLearnFlashcards

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