We conduct the first study to estimate the dollar value of a sports tradition. Using a contingent valuation survey, we estimate the net benefits of ringing cowbells at Mississippi State University football games to be about $1 million per home game. The per-person benefits of the tradition are $25 for non-students and $9 for students who favor the tradition, and the costs are $8 for non-students and $6 for students who oppose the tradition. Alumni and fans who bring cowbells to games have significantly higher values for the tradition. The tradition is continually under threat of being...Read more
