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The Economics of Sports

ISBN: 9780321237743 | 0321237749
Edition: 3rd
Format: Hardcover
Publisher: Addison Wesley
Pub. Date: 1/1/2008

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SummaryTable of Contents
This ground-breaking text on the economy of sports introduces core economic concepts and develops them with examples and applications from the sports industry. With its unique framework, The Economy of Sports covers modern topics of micro and macroeconomics, illustrating such traditional elements as industrial organization, public finance, and labor economics. Modern, progressive subjects including the not-for-profit sector are explored from the vantage point of the sports economy. The text assumes only a basic, one-semester understanding in microeconomics; the rigor and level of depth are designed for undergraduates, making it a perfect fit for sports economics courses and as a supplement to principles-level courses.
Prefacexv
PART ONE Introduction and Review of Economic Concepts1(66)
CHAPTER 1 Introduction
3(10)
Three Major Areas of Economics Expl... MORE
5(2)
The Role of Models
7(1)
Positive versus Normative Economics
8(1)
Biographies
9(1)
Sports History and Balance of Coverage
9(1)
The Organization of the Text
10(1)
Additional Support and Sources
11(2)
CHAPTER 2 Review of the Economist's Arsenal
13(54)
Introduction
13(1)
2.1 Opportunity Cost and Comparative Advantage
14(1)
2.2 A Reintroduction to Supply and Demand
15(11)
Demand, Supply, and Equilibrium
15(4)
Supply and Demand Curves and the Price of Baseball Cards
19(7)
2.3 Price Ceilings and the Benefits of Scalping
26(2)
2.4 Market Structures: From Perfect Competition to Monopoly
28(8)
A Note on the Definition of Output
28(1)
Perfect Competition
29(2)
Monopoly and Other Imperfectly Competitive Market Structures
31(3)
Applying the Models: Evaluating an Increase in Costs
34(2)
2.5 The Development of Professional Sports
36(2)
2.6 Choices Under Uncertainty
38(7)
BIOGRAPHICAL SKETCH
ADAM SMITH
45(1)
SUMMARY
46(1)
DISCUSSION QUESTIONS
46(1)
PROBLEMS
47(2)
APPENDIX 2A Utility Functions, Indifference Curves, and Budget Constraints
49(10)
2A.1 Constrained Maximization
49(6)
2A.2 Using Indifference Curves and Budget Constraints: The Rise of Soccer and Baseball
55(4)
APPENDIX 2B Regression Analysis in Brief
59(10)
Multiple Regression and Dummy Variables
63(4)
PART TWO The Industrial Organization of Sports67(114)
CHAPTER 3 Sports Franchises as Profit-Maximizing Firms
69(44)
Introduction
69(1)
3.1 Sports Ownership and the Ego Premium
70(1)
3.2 What Are Profits and How Are They Maximized?
71(18)
A Detailed Look at Revenue
72(5)
Television Revenue
77(9)
The Effects of Revenue Sharing
86(1)
Cost
87(1)
Opportunity Cost-Teams on the Move
88(1)
3.3 Taxes, Profit, Owner Behavior, and Vertical Integration
89(3)
3.4 Turning Losses into Profits: The Accounting Game
92(4)
Using Sports to Maximize Profits Elsewhere
93(1)
Operating Income, Book Profit, and Bill Veeck
93(3)
3.5 The Importance of Leagues
96(14)
Setting the Rules
97(2)
Limiting Entry
99(3)
Only the (Financially) Strong Survive: The ABL and the WNBA
102(3)
Controlling Entry as Cooperative Behavior
105(1)
League Contraction
106(1)
Marketing
107(3)
BIOGRAPHICAL SKETCH
BILL VEECK
110(1)
SUMMARY
111(1)
DISCUSSION QUESTIONS
111(1)
PROBLEMS
112(1)
CHAPTER 4 Monopoly and Antitrust
113(38)
Introduction
113(1)
4.1 What's Wrong with Monopoly?
114(8)
Monopolists and Deadweight Loss
114(3)
Monopolists and Price Discrimination
117(4)
Consumer Surplus and Personal Seat Licenses
121(1)
Monopoly Stood on Its Head: A Brief Introduction to Monopsony
121(1)
4.2 What's Right with Monopoly?
122(3)
4.3 Barriers to Entry
125(1)
4.4 Society's Response to Monopoly and Monopsony: Antitrust Laws
126(2)
4.5 An Important Anomaly: Baseball's Antitrust Exemption
128(7)
The Economic Impact of the Antitrust Exemption
133(2)
Limited Exemptions: The NFL and Television
135(1)
4.6 The NCAA: An Incidental Cartel
135(4)
4.7 Prisoner's Dilemma: How Rational Actions Lead to Irrational Outcomes
139(3)
BIOGRAPHICAL SKETCH
"PETE" ROZELLE
142(1)
SUMMARY
143(1)
DISCUSSION QUESTIONS
144(1)
PROBLEMS
144(2)
APPENDIX 4A An Alternative Application of Game Theory
146(2)
APPENDIX 4B Producer Surplus
148(3)
CHAPTER 5 Competitive Balance
151(30)
5.1 The Fan's Perspective
152(3)
5.2 The Owners' Perspective
155(3)
The Effect of Market Size
156(2)
5.3 How Competitive Balance Can Be Measured
158(6)
Within-Season Variation
158(3)
Between-Season Variation
161(3)
5.4 Attempts to Alter Competitive Balance
164(3)
Revenue Sharing
165(1)
Salary Caps and Luxury Taxes
165(1)
The Reverse-Order Entry Draft
166(1)
Schedule Adjustments in the NFL
166(1)
5.5 The Effects of Attempts to Alter Competitive Balance
167(6)
The Coase Theorem and Competitive Balance
168(1)
Salary Caps
169(2)
The Draft
171(1)
Revenue Sharing and Luxury Taxes
172(1)
BIOGRAPHICAL SKETCH
BUD SELIG
173(1)
SUMMARY
174(1)
DISCUSSION QUESTIONS
175(1)
PROBLEMS
175(2)
APPENDIX 5A Two Additional Ways to Measure Competitive Balance: The Lorenz Curve and the Markov Chain Method
177(4)
PART THREE Public Finance and Sports181(72)
CHAPTER 6 The Public Finance of Sports: The Market for Sports Franchises
183(36)
Introduction: How Walter O'Malley Changed the Landscape of Sports
183(3)
6.1 The Competition for Teams and the Value of a New Stadium
186(5)
6.2 How Teams Exploit Market Forces
191(7)
Leagues, Cities, and Monopoly Power
192(2)
The All-or-Nothing Demand Curve
194(1)
The Winner's Curse
195(3)
6.3 How the Olympics and the World Cup Induce Overspending
198(4)
6.4 The Form and Function of Stadiums and Arenas
202(12)
What's in a Name?
202(2)
The Size and Shape of Facilities
204(6)
Location, Location, Location
210(4)
BIOGRAPHICAL SKETCH
AL DAVIS
214(1)
SUMMARY
215(1)
DISCUSSION QUESTIONS
216(1)
PROBLEMS
216(3)
CHAPTER 7 The Costs and Benefits of a Franchise to a City
219(34)
Introduction
219(1)
7.1 Why Do Cities Do It? The Benefits of a Franchise
220(19)
Privately Built Facilities
220(1)
Is a Stadium a Worthwhile Investment for a City?
221(1)
Stadium Rents: What Do Teams Pay?
222(1)
Why Governments Subsidize Sports Franchises
223(7)
Multiplier Effects
230(4)
Can Anyone Win at This Game?
234(4)
The Impact of Special Events
238(1)
7.2 A Public Choice Perspective
239(1)
7.3 Financing Facilities
240(9)
An Economic View of Taxes: Who Should Pay?
241(3)
Sales Taxes
244(1)
Lotteries as an Alternative Revenue Source
245(1)
Two Superior Funding Mechanisms
246(1)
Taxes or Debt?
247(2)
BIOGRAPHICAL SKETCH
"MITT" ROMNEY
249(1)
SUMMARY
250(1)
DISCUSSION QUESTIONS
250(1)
PROBLEMS
251(2)
PART FOUR The Labor Economics of Sports253(168)
CHAPTER 8 An Introduction to Labor Markets in Professional Sports
255(54)
Introduction
255(1)
8.1 Overview of Labor Supply and Demand
256(10)
Labor Supply
256(3)
Labor Demand
259(2)
Market Demand and Equilibrium
261(1)
Imperfect Competition and the Demand for Labor
262(2)
Human Capital Theory
264(2)
8.2 Monopsony and Other Restrictions of Competitive Markets
266(14)
Monopsony
266(2)
The Reserve Clause
268(1)
Free Agency
269(1)
Final Offer Arbitration
270(2)
Salary Caps
272(1)
The Draft
273(1)
Empirical Evidence on Restricted Player Movement and Player Salaries
274(3)
The Impact of Rival Leagues
277(3)
8.3 The Economics of Tournaments and Superstars
280(13)
Evidence on the Potential Inefficiency of Tournaments
283(2)
What Is a Gold Medal Worth?
285(1)
An Exception to the Rule: NASCAR
286(2)
The Distribution of Income
288(5)
BIOGRAPHICAL SKETCH
BABE DIDRICKSON ZAHARIAS
293(1)
SUMMARY
294(1)
DISCUSSION QUESTIONS
295(1)
PROBLEMS
295(2)
APPENDIX 8A The Labor-Leisure Choice Model of Indifference Curves
297(7)
The Labor-Leisure Model when Hours Are Fixed
302(2)
APPENDIX 8B The Time Value of Money
304(5)
CHAPTER 9 Labor Unions and Labor Relations
309(34)
Introduction
309(1)
9.1 A Brief Introduction to the Economics of Unions
310(4)
9.2 An Overview of Strikes
314(4)
9.3 Labor Conflict in Professional Sports
318(12)
Strike One: The Baseball Strike of 1972
319(2)
Strike Two: The NFL Strike of 1987
321(2)
Strike Three: The NHL Lockout of 1994-95
323(2)
Strike Four: The 1998-99 NBA Lockout
325(3)
Balk: The 2002 Agreement in Baseball
328(2)
9.4 Comparing the Major Unions: How They Attacked the Reserve Clause
330(10)
Mighty Oaks from Little Acorns Grow: The MLBPA and the Reserve Clause
330(3)
Snatching Defeat from the Jaws of Victory: The NFLPA and the Reserve Clause
333(3)
The NBPA and the Reserve Clause: Pioneering a Partnership
336(2)
Bringing Up the Rear: Free Agency in the NHL
338(2)
BIOGRAPHICAL SKETCH
MARVIN MILLER
340(1)
SUMMARY
341(1)
DISCUSSION QUESTIONS 341 PROBLEMS
342(1)
CHAPTER 10 Discrimination
343(36)
Introduction
343(2)
10.1 Becker's Theory of Labor Discrimination
345(2)
10.2 Different Forms of Discrimination in Professional Sports
347(21)
Employer Discrimination
347(4)
Does Anyone Win with Employer Discrimination?
351(6)
Employee Discrimination
357(2)
Consumer Discrimination
359(4)
Positional Discrimination or Hiring Discrimination
363(4)
Gender Equity-A Special Case?
367(1)
10.3 Title IX and Discrimination in College Sports
368(4)
BIOGRAPHICAL SKETCH
BRANCH RICKEY
372(2)
SUMMARY
374(1)
DISCUSSION QUESTIONS
374(1)
PROBLEMS
374(3)
PART FIVE Sports in the Not-for-Profit Sector
377(2)
CHAPTER 11 The Economics of Amateurism and College Sports 379 Introduction
379(42)
11.1 The Troublesome Concept of Amateurism
380(3)
A Brief History of Amateurism and "the Olympic Ideal"
381(2)
11.2 Amateurism, Profits, and the NCAA
383(11)
The Code of Amateurism: Academic Ideals or Monopsony Power?
385(3)
Pay for Play: The Grant-in-Aid
388(1)
What's in a Name? The Lot of the "Student-Athlete"
389(1)
Measuring the Net Value of Athletes to Colleges
389(1)
Dividing The Profits: The NCAA as an Efficient Cartel
390(4)
11.3 College as an Investment for the Student-Athlete
394(6)
11.4 The NCAA and the Uneasy Coexistence of Athletics and Academia
400(10)
Why Schools Promote Big-Time Athletic Programs
401(2)
Administrators Who Embraced Athletics-and One Who Did Not
403(2)
The Difficulty in Regulating College Sports
405(2)
Academic Standards: Bulwarks of Integrity or Barriers to Entry?
407(2)
Academic Standards as a Barrier to Entry
409(1)
11.5 The Finances of College Athletics
410(7)
Do Colleges Make a Profit from Athletics?
410(2)
Do Athletic Departments Try to Maximize Profits?
412(5)
BIOGRAPHICAL SKETCH
ANITA DEFRANTZ
417(1)
SUMMARY
418(1)
DISCUSSION QUESTIONS
418(1)
PROBLEMS
419(2)
Works Cited421(18)
Index439

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