Alternative Olympic Medal Tables
Economists get everywhere! For example, the Financial Times got some economists to forecast how many medals each country would win in the London Olympics (click here). The econometric models which were developed by the economists used things like GDP, population, home-country advantage, past performance etc. to help forecast the number of medals each country would win. In terms of pre-Games expectations, Japan got 10 more medals than predicted and Team GB got eight more medals than predicted. Unsurprisingly, Australia did a lot worse than predicted, falling seven medals short of the pre-Games prediction.
The Wall Street Journal also has a twist on the traditional medal table – they awarded lead, zinc and tin medals for bottom three finishes. Guess who topped the table – Team GB! Click here for further details.