The Run to the Pennant - A Multiple Equilibria Approach to Professional Sports Leagues (Hardcover, 2014 ed.)

A number of clubs in professional sports leagues exhibit winning streaks over a number of consecutive seasons that do not conform to the standard economic model of a professional sports league developed by El Hodiri and Quirk (1994) and Fort and Quirk (1995). These clubs seem to display what we call "unsustainable runs," defined as a period of two to four seasons where the club acquires expensive talent and attempts to win a league championship despite not having the market size to sustain such a competitive position in the long run. The standard model predicts that clubs that locate in large economic markets will tend to acquire more talent and achieve more success on the field and at the box office than clubs that are located in small markets.This book builds a model that can allow for unsustainable runs yet retain most of the features of the standard model then subjects it to empirical verification. The new model we develop in the book has as its central feature the ability to generate two equilibria for a club under certain conditions. In the empirical sections of the book, we use time-series analysis to attempt to test for the presence of unsustainable runs using historical data from National Football League (NFL), National Basketball Association (NBA), National Hockey League (NHL) and Major League Baseball (MLB). The multiple equilibria model retains all of the features of the standard model of a professional sports league that is accepted quite universally by economists, yet it offers a much richer approach by including an exploration of the effects of revenues that are earned at the league level (television, apparel, naming rights, etc.) that are then shared by all of the member clubs, making this book very unique and of great interest to scholars in a variety of fields in economics.

General

Imprint:	Springer-Verlag New York
Country of origin:	United States
Series:	Sports Economics, Management and Policy, 6
Release date:	July 2013
First published:	2014
Authors:	Duane W. Rockerbie • Stephen T Easton
Dimensions:	235 x 155 x 10mm (L x W x T)
Format:	Hardcover
Pages:	78
Edition:	2014 ed.
ISBN-13:	978-1-4614-7884-3
Categories:	Books > Business & Economics > Economics > Econometrics > General Books > Business & Economics > Business & management > Management & management techniques > General
LSN:	1-4614-7884-7
Barcode:	9781461478843

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