Are Super Bowl ads really worth $5 million?

Boy, is the Super Bowl expensive for advertisers. This year, a 30-second spot during the biggest game in sports costs over $5 million. Judging by the numbers and research alone, that's a complete ripoff. But a weird theory of economic behavior explains why it might be justified. Last year, the Super Bowl raked in 111 million viewers. The next biggest event was the Oscars, way behind at 33 million. But while Super Bowl viewership steadily grew for decades — it was around 40 million in the...