AN EXAMINATION OF THE PUBLIC GOOD EXTERNALITIES OF PROFESSIONAL ATHLETIC VENUES

다국어 초록 (Multilingual Abstract)

Stadium and arena projects have become centerpieces of downtown redevelopment efforts. Between 1990 and 2006, it is estimated that $10 billion will be spent on the construction of professional athletic venues, of which public subsidies will account for 70 to 80 percent (Noll and Zimbalist 1997). A review of the literature shows that stadiums and arenas are insignificant in terms of creating employment, engendering aggregate increases in local spending, and increasing per capita income levels. Public subsidies, then, may be better justified with reference to the non-pecuniary, public good externalities of professional athletic venues. This research examines whether the public good externalities of Baltimore's Oriole Park and Cleveland's Jacobs Field justify the use of taxpayer resources to finance such projects. The public good externalities include civic pride, city reputation, national identity, and patrimony. Baltimore and Cleveland metropolitan area residents were surveyed via telephone using random probability sampling methods. A total of 330 responses were obtained from the Baltimore metropolitan area (55 percent response rate), while 346 responses were obtained from the Cleveland metropolitan area (58 percent response rate). This research supports the conclusion that the public good externalities of Oriole Park and Jacobs Field are determinants of willingness to support the use of taxpayer resources to finance stadium projects. In other words, the public good externalities seemingly justify public stadium subsidies, and therefore a comprehensive assessment of proposed capital expenditures should account for such externalities.

목차 (Table of Contents)

• ABSTRACT
• INTRODUCTION
• LITERATURE REVIEW
• METHODOLOGY
• RESULTS
• DISCUSSION AND CONCLUSION
• REFERENCES