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How do we put a price on Olympic Success?

Just admit it: watching a gold medalist, tears streaming down their cheeks, standing on the podium to the sound of “Advance Australia Fair” elicits a feeling of pride in most Australians.

Yet how, might we ask, does one put a price on gold medal glory? What trade offs do we face by allocating millions to our few sporting champions? And what are the opportunity costs involved in subsidising an athlete’s preparation for an event held once every four years?

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