Edited by Wolfgang Maennig and Andrew Zimbalist
Chapter 17: Outlook, Progress and Challenges of Stadium Evaluation
Gabriel M. Ahlfeldt and Georgios Kavetsos 1 INTRODUCTION The urban economics literature has long been investigating the links between property prices and neighbourhood characteristics. A number of contributions have focused on the impact of schools (Gibbons and Machin, 2003, 2006), airports (Tomkins et al., 1998), transport links (Gibbons and Machin, 2005), and crime (Gibbons, 2004). Following the nugatory effects associated with mega sporting events and franchises on economic growth, tourism, employment and wages (Siegfried and Zimbalist, 2000), a recent strand of the urban economics literature has focused on the impact sports stadiums have on prices of proximate properties. The main result is that stadiums have a positive impact on the desirability of the location, thus inflating sale and rent prices. However, it is unclear whether this is attributed to fandom, area regeneration/accessibility, the stadium’s architectural design, or neighbourhood trends that might be correlated with the effect of the stadium’s construction. Moreover, it is often difficult to make cross-study comparisons because of the differences in terms of the data used and the methodology employed. In this chapter we offer an outlook on the findings of existing studies, suggest two potential methodologies to be used in order to better identify the stadium effect, and present some of the challenges that arise in terms of policy. 2 OUTLOOK OF EXISTING STUDIES Over the last decade, a number of studies have aimed at identifying stadium effects on property prices. This section presents the findings of the most significant of these. Carlino and Coulson (2004)...
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