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The sports industry can be the ideal paradigm to illustrate economic concepts such as industrial organization, public finance, and labor economics. The Third Edition of this market-leading text features the latest issues and research, such as stadium attendance demographics, business models of successful teams, and the growing internationalization of sports. Book jacket.
Table of Contents
Introduction and Review of Economic Concepts
Three Major Areas of Economics Explored
The Role of Models
Positive Versus Normative Economics
Sports History and Balance of Coverage
The Organization of the Text
Additional Support and Sources
Review of the Economist's Arsenal
Opportunity Cost and Comparative Advantage
A Reintroduction to Supply and Demand
Demand, Supply, and Equilibrium
Supply and Demand Curves and the Price of Baseball Cards
Price Ceilings and the Benefits of Scalping
Market Structures: From Perfect Competition to Monopoly
A Note on the Definition of Output
Monopoly and Other Imperfectly Competitive Market Structures
Applying the Models: Evaluating an Increase in Costs
The Development of Professional Sports
Choices under Uncertainty
Utility Functions, Indifference Curves, and Budget Constraints
Using Indifference Curves and Budget Constraints: The Rise of Soccer and Baseball
Regression Analysis in Brief
Multiple Regression and Dummy Variables
The Industrial Organization of Sports
Sports Franchises as Profit-Maximizing Firms
The Importance of Leagues
Setting the Rules
Controlling Entry as Cooperative Behavior
What Are Profits and How Are They Maximized?
A Detailed Look at Revenue
The Effects of Revenue Sharing
Opportunity Cost-Teams on the Move
Taxes, Profit, Owner Behavior, and Vertical Integration
Turning Losses into Profits: The Accounting Game
Using Sports to Maximize Profits Elsewhere
Operating Income, Book Profit, and Bill Veeck
Soccer's Alternative Business Model
Profit Maximization in Soccer
The Impact of Promotion and Relegation
The Financial Dangers of an Open System
Soccer in America: The MLS and a Single-Entity League
Monopoly and Antitrust
What's Wrong with Monopoly?
Monopolists and Deadweight Loss
Promotion, Relegation, and Monopoly Power
Monopolists and Price Discrimination
Consumer Surplus and Personal Seat Licenses
Monopoly Stood on Its Head: A Brief Introduction to Monopsony
What's Right with Monopoly?
Barriers to Entry
Society's Response to Monopoly and Monopsony: Antitrust Laws
An Important Anomaly: Baseball's Antitrust Exemption
The Economic Impact of the Antitrust Exemption
Limited Exemptions: The NFL and Television
The NCAA: An Incidental Cartel
Prisoner's Dilemma: How Rational Actions Lead to Irrational Outcomes
An Alternative Application of Game Theory
The Fan's Perspective
The Owners' Perspective
The Effect of Market Size
How Competitive Balance can be Measured
Attempts to Alter Competitive Balance
Salary Caps and Luxury Taxes
The Reverse-Order Entry Draft
Schedule Adjustments in the NFL
The Effects of Attempts to Alter Competitive Balance
The Coase Theorem and Competitive Balance
Revenue Sharing and Luxury Taxes
Promotion and Relegation
Two Additional Ways to Measure Competitive Balance: The Lorenz Curve and the Markov Chain Method
Public Finance and Sports
The Public Finance of Sports: The Market for Sports Franchises
Introduction: How Walter O'Malley Changed the Landscape of Sports
The Competition for Teams and the Value of a New Stadium
How Teams Exploit Market Forces
Leagues, Cities, and Monopoly Power
The All-Or-Nothing Demand Curve
The Winner's Curse
How the Olympics and the World Cup Induce Overspending
The Form and Function of Stadiums and Arenas
What's in a Name?
The Size and Shape of Facilities
Location, Location, Location
The Costs and Benefits of a Franchise to a City
Why Do Cities Do It? The Benefits of a Franchise
Privately Built Facilities
Is a Stadium a Worthwhile Investment for a City?
Why Governments Subsidize Sports Franchises
Can Anyone Win at This Game?
The Impact of Special Events
A Public Choice Perspective
An Economic View of Taxes: Who Should Pay?
Taxes That Broaden the Burden
The Benefits of Debt
The Labor Economics of Sports
An Introduction to Labor Markets in Professional Sports
Overview of Labor Supply and Demand
Market Demand and Equilibrium
Imperfect Competition and the Demand for Labor
Human Capital Theory
Monopsony and Other Restrictions of Competitive Markets
The Reserve Clause
Final Offer Arbitration
Empirical Evidence on Restricted Player Movement and Player Salaries
The Impact of Rival Leagues
The Economics of Tournaments and Superstars
Evidence on the Potential Inefficiency of Tournaments
What Is a Gold Medal Worth?
An Exception to the Rule: NASCAR
The Distribution of Income
The Labor-Leisure Choice Model of Indifference Curves
Labor Unions and Labor Relations
A Brief Introduction to the Economics of Unions
An Overview of Strikes
Labor Conflict in Professional Sports
A Change of Pace: The 2002 Baseball Agreement
Thrown for a Loss: The NFLPA and Salaries in Professional Football
Reversal of Field: Recent Settlements in Basketball and Hockey
Professional Tennis Associations
Becker's Theory of Labor Discrimination
Different Forms of Discrimination in Professional Sports
Does Anyone Win with Employer Discrimination?
Discrimination by National Origin in European Soccer
Positional Discrimination or Hiring Discrimination
Gender Equity-A Special Case?
Title IX and Discrimination in College Sports
Sports in the Not-for-Profit Sector
The Economics of Amateurism and College Sports
The Troublesome Concept of Amateurism
A Brief History of Amateurism and "the Olympic Ideal"
Amateurism, Profits, and the NCAA
The Code of Amateurism: Academic Ideals or Monopsony Power?
Pay for Play: The Grant-in-Aid
What's in a Name? The Lot of the "Student-Athlete"
Measuring the Net Value of Athletes to Colleges
Dividing the Profits: The NCAA as an Efficient Cartel
College as an Investment for the Student-Athlete
The NCAA and the Uneasy Coexistence of Athletics and Academia
Why Schools Promote Big-Time Athletic Programs
The Difficulty in Regulating College Sports
The Knight Commission on Intercollegiate Athletics
Academic Standards: Bulwarks of Integrity or Barriers to Entry?
Academic Standards as a Barrier to Entry
The Finances of College Athletics
Do Colleges Make a Profit from Athletics?
College Athletics and Profit Maximization
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