A monetary valuation of hosting a sport mega-event via residential real estate markets in small host communities: evidence from post-event analysis
研究了2018年平昌冬奥会对小型主办社区房价的影响，发现赛事期间无显著影响，但约一年后出现延迟效应，且居民可能偏好体育设施在区域内但不在自家附近。
Research question This study explores the monetary value of non-market goods, such as hosting a sport mega-event, by analyzing housing prices in small host communities, particularly those influenced by the PyeongChang 2018 Olympics. The research anticipates that small communities might experience unique effects from social overhead capital, including new rail lines and sport facilities upgraded for the Games.Research methods The study analyzes apartment sales data before and after the Games. It employs Two-Way Fixed Effects (TWFE) regressions, grounded in the hedonic pricing (HP) model and propensity score matching (PSM), to estimate housing price changes in host regions and determine if these changes correlate with the Olympics. Geographic Information System (GIS) network analysis assesses realistic proximity effects, measuring driving time to sport facilities.Results and findings Results indicate the Games had no significant influence on housing prices in host communities during or immediately after the event. However, about a year later, an effect on prices emerged, suggesting a delayed influence. Although GIS analysis suggests potential influences within a 20-minute driving distance from the facilities, no statistically significant effect on housing prices near these facilities was observed.Implications The findings suggest that negative externalities from the Games might have been reflected in the housing market, indicating that residents may prefer sport facilities in their regions but not near their homes. This study introduces a novel, generalizable approach using driving time measures, addressing inconsistent findings on proximity effects across different research contexts and contributing to the literature on monetary valuation in Asia.