The Olympic Games are among the largest and most visible sporting events in the world. Every twoyears, the world’s best athletes from some 200 countries come together to compete in lavish new venues in front of thousands of spectators. Hundreds of millions of sports fans worldwide watch the...

Public subsidies for sports stadiums and arenas are often justified as a means to boost the local economy. The argument relies on historical local economic impact multipliers that misrepresent the effect of consumer expenditures on professional sports. Sports expenditures are subject to...