Market Failure
It is now necessary to have a strong analysis on market failure, in order to highlight the more social aspects of this event. As always, there are positive and negative externalities with all large prestigious events, leaving an array of implications for society. These externalities must be then “weighed” and assessed to determine the social footprint of the Pan American Games.
i) Externalities of Consumption
With 87% of Toronto’s residents stating that watching, attending, or witnessing the Pan American Games improves their daily quality of life, the survey helps prove that the positive externalities of consumption significantly outweigh the negative ones. Such positive externalities include increased happiness, alertness, and overall joy and pride for the city of Toronto. Another prevalent response was …show more content…
When categorizing the overall effect of the Pan American Games on your business, would you say that the event had a positive, negative, or neutral impact?
Part 2: Questions asked to Toronto’s residents
1. Which district in Toronto do you live in?
2. To what extent has the consumption of the culture surrounding the Pan American Games (Including watching, attending, or witnessing the event) affected your quality of life?
• If you were to categorize this effect, would you state that it is a positive, negative, or neutral one?
• Are there now any associated changes to your daily lifestyle as a result of the consumption of this culture?
3. To what extent have the developmental projects (including the production of infrastructure) taking place in the city affected your daily lifestyle and quality of life?
Appendix B: Table showing the funding formula for investing contributors for the Pan American Games. All column values are in millions of dollars.
Provincial (Ontario)
Federal (Canada)
Toronto and Surrounding Municipalities
Forecasts
Operating
372
49
172
593
Contingency reserve
10
0
0
10
New investment
74
0
40
114
Security
It is now necessary to have a strong analysis on market failure, in order to highlight the more social aspects of this event. As always, there are positive and negative externalities with all large prestigious events, leaving an array of implications for society. These externalities must be then “weighed” and assessed to determine the social footprint of the Pan American Games.
i) Externalities of Consumption
With 87% of Toronto’s residents stating that watching, attending, or witnessing the Pan American Games improves their daily quality of life, the survey helps prove that the positive externalities of consumption significantly outweigh the negative ones. Such positive externalities include increased happiness, alertness, and overall joy and pride for the city of Toronto. Another prevalent response was …show more content…
When categorizing the overall effect of the Pan American Games on your business, would you say that the event had a positive, negative, or neutral impact?
Part 2: Questions asked to Toronto’s residents
1. Which district in Toronto do you live in?
2. To what extent has the consumption of the culture surrounding the Pan American Games (Including watching, attending, or witnessing the event) affected your quality of life?
• If you were to categorize this effect, would you state that it is a positive, negative, or neutral one?
• Are there now any associated changes to your daily lifestyle as a result of the consumption of this culture?
3. To what extent have the developmental projects (including the production of infrastructure) taking place in the city affected your daily lifestyle and quality of life?
Appendix B: Table showing the funding formula for investing contributors for the Pan American Games. All column values are in millions of dollars.
Provincial (Ontario)
Federal (Canada)
Toronto and Surrounding Municipalities
Forecasts
Operating
372
49
172
593
Contingency reserve
10
0
0
10
New investment
74
0
40
114
Security