Rent 9780321415561 | The Economics of Sports | Leeds, Michael A.; von Allmen, Peter @knetbooks.com

Summary Table of Contents

KEY MESSAGE: Many economists find the sports industry to be the ideal paradigm to illustrate a range of economic concepts, which explains why the Economics of Sports course continues to grow in popularity. Now in the Third Edition, The Economics of Sports explores economic concepts and theory--industrial organization, public finance, and labor economics--in the context of applications from American and international sports. Introduction and Review of Economic Concepts: Introduction; Review of the Economist's Arsenal. The Industrial Organization... MORE

Preface	p. xiii
Introduction and Review of Economic Concepts	p. 1
Introduction	p. 3
Three Major Areas of Economics Explored	p. 6
The Role of Models	p. 7
Positive Versus Normative Economics	p. 8
Biographies	p. 9
Sports History and Balance of Coverage	p. 9
The Organization of the Text	p. 10
Additional Support a... MOREnd Sources	p. 11
Review of the Economist's Arsenal	p. 13
Introduction	p. 13
Opportunity Cost and Comparative Advantage	p. 14
A Reintroduction to Supply and Demand	p. 15
Demand, Supply, and Equilibrium	p. 16
Supply and Demand Curves and the Price of Baseball Cards	p. 19
Price Ceilings and the Benefits of Scalping	p. 27
Market Structures: From Perfect Competition to Monopoly	p. 28
A Note on the Definition of Output	p. 28
Perfect Competition	p. 29
Monopoly and Other Imperfectly Competitive Market Structures	p. 31
Applying the Models: Evaluating an Increase in Costs	p. 35
The Development of Professional Sports	p. 37
Choices under Uncertainty	p. 38
Biographical Sketch	p. 43
Summary	p. 44
Discussion Questions	p. 44
Problems	p. 45
Utility Functions, Indifference Curves, and Budget Constraints	p. 47
Constrained Maximization	p. 47
Using Indifference Curves and Budget Constraints: The Rise of Soccer and Baseball	p. 54
Regression Analysis in Brief	p. 57
Multiple Regression and Dummy Variables	p. 62
The Industrial Organization of Sports	p. 65
Sports Franchises as Profit-Maximizing Firms	p. 67
Introduction	p. 67
The Importance of Leagues	p. 68
Setting the Rules	p. 69
Limiting Entry	p. 71
Controlling Entry as Cooperative Behavior	p. 75
League Contraction	p. 76
Marketing	p. 77
What Are Profits and How Are They Maximized?	p. 79
A Detailed Look at Revenue	p. 80
Gate Revenue	p. 82
Television Revenue	p. 85
The Effects of Revenue Sharing	p. 92
Cost	p. 94
Opportunity Cost-Teams on the Move	p. 95
Taxes, Profit, Owner Behavior, and Vertical Integration	p. 95
Turning Losses into Profits: The Accounting Game	p. 99
Using Sports to Maximize Profits Elsewhere	p. 99
Operating Income, Book Profit, and Bill Veeck	p. 100
Soccer's Alternative Business Model	p. 102
Profit Maximization in Soccer	p. 103
The Impact of Promotion and Relegation	p. 104
The Financial Dangers of an Open System	p. 106
Soccer in America: The MLS and a Single-Entity League	p. 107
Biographical Sketch	p. 107
Summary	p. 108
Discussion Questions	p. 109
Problems	p. 109
Monopoly and Antitrust	p. 111
Introduction	p. 111
What's Wrong with Monopoly?	p. 112
Monopolists and Deadweight Loss	p. 113
Promotion, Relegation, and Monopoly Power	p. 115
Monopolists and Price Discrimination	p. 116
Consumer Surplus and Personal Seat Licenses	p. 119
Monopoly Stood on Its Head: A Brief Introduction to Monopsony	p. 120
What's Right with Monopoly?	p. 121
Barriers to Entry	p. 124
Society's Response to Monopoly and Monopsony: Antitrust Laws	p. 125
An Important Anomaly: Baseball's Antitrust Exemption	p. 126
The Economic Impact of the Antitrust Exemption	p. 131
Limited Exemptions: The NFL and Television	p. 133
The NCAA: An Incidental Cartel	p. 134
Prisoner's Dilemma: How Rational Actions Lead to Irrational Outcomes	p. 137
Biographical Sketch	p. 140
Summary	p. 142
Discussion Questions	p. 142
Problems	p. 143
An Alternative Application of Game Theory	p. 144
Competitive Balance	p. 147
The Fan's Perspective	p. 148
The Owners' Perspective	p. 151
The Effect of Market Size	p. 152
How Competitive Balance can be Measured	p. 154
Within-Season Variation	p. 154
Between-Season Variation	p. 158
Attempts to Alter Competitive Balance	p. 160
Revenue Sharing	p. 162
Salary Caps and Luxury Taxes	p. 162
The Reverse-Order Entry Draft	p. 163
Schedule Adjustments in the NFL	p. 163
The Effects of Attempts to Alter Competitive Balance	p. 164
The Coase Theorem and Competitive Balance	p. 165
Salary Caps	p. 166
The Draft	p. 168
Revenue Sharing and Luxury Taxes	p. 169
Promotion and Relegation	p. 169
Biographical Sketch	p. 170
Summary	p. 172
Discussion Questions	p. 172
Problems	p. 172
Two Additional Ways to Measure Competitive Balance: The Lorenz Curve and the Markov Chain Method	p. 174
Public Finance and Sports	p. 179
The Public Finance of Sports: The Market for Sports Franchises	p. 181
Introduction: How Walter O'Malley Changed the Landscape of Sports	p. 181
The Competition for Teams and the Value of a New Stadium	p. 185
How Teams Exploit Market Forces	p. 190
Leagues, Cities, and Monopoly Power	p. 191
The All-Or-Nothing Demand Curve	p. 193
The Winner's Curse	p. 195
How the Olympics and the World Cup Induce Overspending	p. 196
The Form and Function of Stadiums and Arenas	p. 200
What's in a Name?	p. 201
The Size and Shape of Facilities	p. 202
Location, Location, Location	p. 208
Biographical Sketch	p. 211
Summary	p. 212
Discussion Questions	p. 213
Problems	p. 213
The Costs and Benefits of a Franchise to a City	p. 215
Introduction	p. 215
Why Do Cities Do It? The Benefits of a Franchise	p. 216
Privately Built Facilities	p. 216
Is a Stadium a Worthwhile Investment for a City?	p. 217
Why Governments Subsidize Sports Franchises	p. 219
Multiplier Effects	p. 227
Can Anyone Win at This Game?	p. 231
The Impact of Special Events	p. 234
A Public Choice Perspective	p. 235
Financing Facilities	p. 237
An Economic View of Taxes: Who Should Pay?	p. 238
Sales Taxes	p. 241
Incremental Financing	p. 242
Taxes That Broaden the Burden	p. 243
The Benefits of Debt	p. 244
Biographical Sketch	p. 246
Summary	p. 247
Discussion Questions	p. 247
Problems	p. 248
The Labor Economics of Sports	p. 249
An Introduction to Labor Markets in Professional Sports	p. 251
Introduction	p. 251
Overview of Labor Supply and Demand	p. 252
Labor Supply	p. 253
Labor Demand	p. 255
Market Demand and Equilibrium	p. 258
Imperfect Competition and the Demand for Labor	p. 258
Human Capital Theory	p. 259
Monopsony and Other Restrictions of Competitive Markets	p. 262
Monopsony	p. 262
The Reserve Clause	p. 264
Free Agency	p. 265
Final Offer Arbitration	p. 266
Salary Caps	p. 268
The Draft	p. 270
Empirical Evidence on Restricted Player Movement and Player Salaries	p. 271
The Impact of Rival Leagues	p. 275
The Economics of Tournaments and Superstars	p. 277
Evidence on the Potential Inefficiency of Tournaments	p. 281
What Is a Gold Medal Worth?	p. 285
An Exception to the Rule: NASCAR	p. 285
The Distribution of Income	p. 287
Biographical Sketch	p. 290
Summary	p. 292
Discussion Questions	p. 292
Problems	p. 293
The Labor-Leisure Choice Model of Indifference Curves	p. 295
Labor Unions and Labor Relations	p. 303
Introduction	p. 303
A Brief Introduction to the Economics of Unions	p. 304
An Overview of Strikes	p. 308
Labor Conflict in Professional Sports	p. 314
A Change of Pace: The 2002 Baseball Agreement	p. 315
Thrown for a Loss: The NFLPA and Salaries in Professional Football	p. 317
Reversal of Field: Recent Settlements in Basketball and Hockey	p. 320
Professional Tennis Associations	p. 324
Biographical Sketch	p. 330
Summary	p. 331
Discussion Questions	p. 332
Problems	p. 333
Discrimination	p. 335
Introduction	p. 335
Becker's Theory of Labor Discrimination	p. 337
Different Forms of Discrimination in Professional Sports	p. 339
Employer Discrimination	p. 339
Does Anyone Win with Employer Discrimination?	p. 344
Employee Discrimination	p. 350
Consumer Discrimination	p. 353
Discrimination by National Origin in European Soccer	p. 355
Positional Discrimination or Hiring Discrimination	p. 357
Gender Equity-A Special Case?	p. 360
Title IX and Discrimination in College Sports	p. 362
Biographical Sketch	p. 364
Summary	p. 366
Discussion Questions	p. 366
Problems	p. 366
Sports in the Not-for-Profit Sector	p. 369
The Economics of Amateurism and College Sports	p. 371
Introduction	p. 371
The Troublesome Concept of Amateurism	p. 373
A Brief History of Amateurism and "the Olympic Ideal"	p. 373
Amateurism, Profits, and the NCAA	p. 376
The Code of Amateurism: Academic Ideals or Monopsony Power?	p. 377
Pay for Play: The Grant-in-Aid	p. 381
What's in a Name? The Lot of the "Student-Athlete"	p. 382
Measuring the Net Value of Athletes to Colleges	p. 382
Dividing the Profits: The NCAA as an Efficient Cartel	p. 383
College as an Investment for the Student-Athlete	p. 387
The NCAA and the Uneasy Coexistence of Athletics and Academia	p. 392
Why Schools Promote Big-Time Athletic Programs	p. 394
The Difficulty in Regulating College Sports	p. 397
The Knight Commission on Intercollegiate Athletics	p. 398
Academic Standards: Bulwarks of Integrity or Barriers to Entry?	p. 399
Academic Standards as a Barrier to Entry	p. 403
The Finances of College Athletics	p. 404
Do Colleges Make a Profit from Athletics?	p. 404
College Athletics and Profit Maximization	p. 407
Biographical Sketch	p. 409
Summary	p. 410
Discussion Questions	p. 410
Problems	p. 411
Works Cited	p. 413
Index	p. 433
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