01-20-2010, 02:48 PM #1Rookie
- Join Date
- Dec 2009
How Much are the Vikings Worth to Minnesotans?
Christopher Slinde, a lifetime Minnesota Vikings fan who has endured decades of heartbreak and lots of overpriced beer in supporting his team, believes Vikings fandom is priceless. According to economists, it's worth $530.65.
"This is deep," said Mr. Slinde, a 33-year-old X-ray technician, outside the Park Tavern near Minneapolis on Sunday. He had been handed a recent economics paper that is tattooed with equations and attempts to value, in dollars, the joy and pain Minnesotans get from the Vikings.
"Don't economists spend their time on more serious stuff?" he asked, after thumbing through the paper in the cold.
Viking Fandom has had more interesting stuff to discuss since Sunday, but eventually the subject of the new stadium is going to come back around and I found this article on a study done in 2002 to be interesting.
Anyway, it's a contingent value study, which essentially tries to put a dollar amount on something that can't possibly have a dollar amount put to it. In another thread, we were arguing that proposing a stadium as an economic boom to the community as a way to get the state to pay for a share of it was quite probably not the best way to win the article while arguing in terms of the "intangibles" was. The main problem with arguing the intangibles is that there's not a good way to state what those intangibles are worth in terms of tax dollars.
These guys say those intangibles are worth $702,351,890 to the population, which works out to be about $530 per Minnesotan, and is startlingly close (considering the study was done with the hideous defeat by Atlanta still fresh in our minds and with the number not being adjusted for inflation) to the amount needed for a new stadium.
Now, contingent value studies have always been a point of argument in the economic world, because they aren't quite accurate. Since arguing the intangibles are nebulous at best, critics say that the study doesn't hold much value as it can't really reflect how individuals would spend their own out-of-pocket cash on such a thing. And they would have a point. No one is going around asking Minnesotans for $500 a piece to build the team a new stadium (although really, looking at it that way, doesn't that sound a lot more reasonable a figure than a lump 900M (rounded because I'm lazy) from the state government?) so there is no concrete way of saying that this is indeed what the team is worth.
However, I've always been of the economic camp that says some number is better than no number at all and so I feel it adds to the discussion.
I know we're all still giddy about the Cowboy win, but I thought it was worth maybe a discussion.
Not to mention, the team is probably worth a lot more than $500 to each of us now. :laugh:
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