Psychic income and monetary support for hosting major sport events

This research examines the psychic income effects of the 2017 World Road Cycling Championship hosted in Bergen, Norway, and its impact on residents' willingness to pay (WTP) for similar future international sports events. The data are from a three-wave panel study over three-and-a-half years. The respondents were residents of Bergen and 12 surrounding municipalities. The results indicate that the championship had significant long-term emotional and psychological impacts on residents in the hosting region. More than three years after the event, the mean values of psychic income indicators remained significantly elevated compared to pre-event figures. Additionally, the residents' WTP for earmarked taxes to host future international sports events increased between the pre-event and post-event surveys, whereas their WTP for other cultural events that had been regularly hosted in Bergen remained unchanged. The findings suggest psychic income as a significant predictor of residents' valuation of sports events, with a substantial and enduring impact on event evaluation. Thus, translating psychic income into a sustainable legacy could enable host societies to maintain and potentially enhance monetary support from residents for future events. This even if the event causes substantial financial problems, both for the organizer and the local public sector.