The Olympic Games garner worldwide attention. This mega sporting event requires examination in terms of economic impact. The purpose of this study is to determine the effects of hosting the Olympic Games through GDP, employment, and tourism. To assess the economic impact, host nations will not only be analyzed in and of itself, but will also be compared to runner-up nations in the bidding process. Though runner-up nations tend to economically benefit more often than the host nation per Olympiad, host nations are found to benefit intrinsically.
The implementation of the North American Free Trade Agreement (NAFTA) on January 1, 1994 signaled the economic integration of Canada, the United States, and Mexico. The economic theory behind international trade suggests the free flow of goods allows each nation to focus on comparative advantages, therefore permitting all parties involved to consume more goods of a better quality and at a lower price. The purpose of this study was to determine how agricultural trade patterns for Canada, the United States, and Mexico changed in terms of composition, value, and volume since the implementation of NAFTA. As several studies included suggest, Canada and the United States exhibit a comparative advantage in the production of eggs, maize, milk, beef, and wheat, and Mexico tends to exhibit a comparative advantage in the production of horticultural products such as asparagus, beans, chilies, cucumbers, eggplants, grapes, onions, pumpkins, strawberries, tomatoes, and watermelons. With this information in mind, this study sought to analyze whether or not NAFTA prompted each nation to specialize in the production of products for which they have a comparative advantage, thus the focus on the changing composition of agricultural trade. Additionally, this study attempted to determine if and when structural breaks in the trade patterns for the selected products happened (both in terms of value and volume). If the structural break happened before the implementation of NAFTA, then it may be suggested that the rising trade levels are simply the continuation of an already existing upward trend that may have started during the 1980’s. If the structural break happened around the time NAFTA was implemented, then there may be some evidence that NAFTA in particular propelled this increase in agricultural trade levels. This study relied on data provided by the Food and Agriculture Organization of the United Nations (FAOSTAT). Specifically, this analysis used international trade data, in terms of value and volume, for Canada, the United States, and Mexico for sixteen agricultural products from 1961 to 2011. The methodology consisted of various multiple regression models designed to detect a structural break in value and volume trends over time. The results suggest that most products exhibited a positive value and volume structural break in 1994, when NAFTA was put in place. Various products showed evidence of a different break date, but this break date tended to be in the mid 1980’s. This is not surprising given that Mexico’s economic liberalization began during this decade with its accession into the General Agreement on Tariffs and Trade (GATT) in 1986 and considering the 1988 Free Trade Agreement (FTA) between Canada and the United States.
This paper will focus on three questions. Is the National Hockey League draft a good indicator of a drafted players probability of playing in the National hockey league? Does the relative position a player is selected in the NHL draft influence a player’s decision to attend an NCAA school? And finally, for those players that choose to attend an NCAA Division 1 hockey program, does it change their probability of playing in the National Hockey League? Three models have been created to answer these questions. The results suggest the draft is a good indicator of playing in the NHL, that draft position does have an influence on player’s decision to attend college and that playing in the NCAA will slightly reduce the negative probability of playing in the NHL.
This study investigates the company Fantex as well as creates a hypothetical model used to evaluate two upcoming NBA draft lottery picks, Andrew Wiggins and Doug McDermott. There is very little research on this subject being that Fantex is a relatively new company. Before this study, the only models that this company has created have been for NFL football players Arian Foster, running back for the Houston Texans, Vernon Davis, tight end for the San Francisco 49ers, and only recently EJ Manuel, quarterback for the Buffalo Bills. I will be creating these models so that I can come up with my own equation to value these phenomenal college athletes, and determine if investment in their brand would be a profitable venture. This analysis will provide new information about the effect of endorsement deals, player statistics, current contract, likeability, and other variables (that will be explained later) on a player’s stock. I am coming up with a forecast model to determine the influence of each statistic on a player’s salary. I am taking a specific player, plugging in their actual college statistics into the equation (player’s last year of college statistics + model coefficients) and coming up with each player’s predicted salaries. Once I have their predicted salaries I will estimate the likelihood of endorsements and exactly how much they might bring in. I will then approximate how long each player will play in the league. Finally, I will create a contract, similar to Fantex’s contracts, to offer each player.
In the past century, marathon running has become a major phenomenon in society. As a result, race participation and frequency have increased in the United States over the past decade. With the increased growth of the sport, the amount of money and the overall economic impact of races have risen, causing event organizers and sponsors to face decisions involving race awards and funding. Using an OLS regression model, this study examines the impact of prize money on marathon performance and acclaim. Results reveal marathon running to be exempt from incentive theory, as athletes do not perform better as a result of increases in winning prize money. Prize money also has no significant impact on the popularity of marathon events. Other factors, such as marathon location and history, significantly affect the acclaim of a marathon event. A thorough understanding on the impact of prize money is necessary for the future of the growing sport of marathon running.
The construction of Major League stadiums has been booming across North America since the early nineteen nineties. The question becomes whether or not the promised benefits from team owners to sway government officials is really worth the millions of dollars invested on these venues. I set my research out to determine whether these vastly large investments bring an economic impact to a given metropolitan area. This topic has been previously researched therefore I based my research off of previous studies on this topic. Various different variables were used to collected data from government resources to accurately depict the economic impact. My research will be collected to look into the economic impact of venues in the National Football League between 1990-2013 to determine the impact on metropolitan areas across the United States, to ultimately predict how the Minnesota Vikings stadium when completed will affect the Minneapolis metropolitan area.
William Weida addresses the economic, political and health impacts of Confined Animal Feeding Operations (CAFOs), how and why we have deviated from conventional farming, and how we can reclaim American agriculture. Part of the 2009-2010 State of the Rockies Speaker series: "Food and Agriculture in the Rockies." Recorded September 7, 2009.
For the last ten years, the words ‘sustainability’ and ‘sustainable development’ have been used by many prominent political and economic leaders. But what is sustainability really and is it possible to accurately measure the sustainability of countries’ economies objectively? This study focuses on three sustainability models, namely the Environmental Sustainability Index (ESI), the Sustainability Assessment by Fuzzy Evaluation (SAFE) and the Sustainable Human Carrying Capacity (SHCC), and their evaluations on the sustainability of the Hungarian economy and environment. Furthermore, it also surveys the opinion of Hungarian undergraduate economics students on the Hungarian economy and its sustainability. The study shows that the ability of current sustainability models and measures to give accurate portrayals of countries and regions is problematic, because they use different definitions of sustainability, use different environmental and/or economic indicators, do not differentiate between the impacts of the individual indicators, and are able to be used for political purposes. This is especially true for Hungary, as the country’s economy is crumbling with increasing social unrest, yet sustainability models give it a high ranking. Also, the Hungarian students’ views on the country’s sustainability depend on what school of economics they were taught in, and what they think about Hungary’s past, current and future economic and environmental situation.
Israel's ultra-orthodox population presents a puzzle for economists. This population has large families and forgoes secular education despite high rates of poverty. Lannacone (1992) pioneered the use of a club goods model to explain the behavior of such religious groups. This paper utilizes Lannacone's (1992) model of club goods in the context of Israel's ultra-orthodox, and also presents the historical and religious background of the issue.
Unconventional oil drilling in North Dakota has accelerated over the past decade and is unlikely to abate soon. Agriculture is large component of North Dakota’s economy. This study compares total acres planted with oil prices and number of wells drilled within crop districts of North Dakota. Using panel data on the total number of wells and acres planted in North Dakota. This study finds that acres planted had a statistically significant negative correlation with number of wells and oil prices.
This paper examines the demand for attendance at National Football League (NFL) games by taking a previously developed model that attempted to explain game-day attendance at NFL games using variables that may exhibit a relationship with game-day attendance and testing it within the context of the modern NFL. This model is then expanded to include additional explanatory variables and is once again tested using a pooled dataset that was collected by gathering game-by-game data from every NFL regular season game in the 2010, 2011, and 2012 NFL seasons. Attendance is quantified as a ratio of the actual attendance at a game compared to the maximum stated capacity of the host stadium. The expanded model explained more of the variance than the replicated model when applied to the modern NFL. In particular, the attendance at the previous home game, average ticket price, home team win percentage to date in the current season, whether or not the away team made the playoffs last year, and whether or not the game was held between members of the same conference were found to hold a significant relationship with NFL game attendance figures. From these findings, it is concluded that the NFL is suffering from correctable inefficiencies related to their scheduling practices and that moving a struggling franchise is not a viable solution for generating fan interest.