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The Economics of Sports

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The Economics of Sports

The sports industry provides a seemingly endless set of examples from every area of
microeconomics, giving students the opportunity to study economics in a context that holds
their interest. Thoroughly updated to refect the current landscape, The Economics of Sports
introduces core economic concepts and theories and applies them to US and international sports.
Divided into fve parts, the book focuses on three major areas of the economics of sports:
industrial organization, public economics, and labor economics. Updates for this seventh
edition include:

• An entirely new chapter on sports gambling and a fully revised section on intercollegiate
sports;
• Updated material on social justice in sports and the impact of the COVID-19 pandemic
on the industry;
• More coverage of international sports, e-sports, and new biographical sketches.

This well-presented and accessible text is supported by easy-to-follow pedagogical features,

such as end-of-chapter summaries and questions, and a companion website, which offers
useful resources for students and instructors. It is the perfect textbook for intermediate and
advanced undergraduate and graduate courses in sports economics.

Michael A. Leeds is Professor of Economics at Temple University in Philadelphia, PA, and

a research associate at IZA. He has published numerous articles in labor economics and the
economics of sports and was co-editor of the Handbook on the Economics of Women in Sports.
He has won departmental, college, and university awards for his teaching. From 2007 to
2009, he was an assistant dean at Temple University, Japan.

Peter von Allmen is the David H. Porter Professor of Economics at Skidmore College in
Saratoga Springs, NY. His primary research focus is sports economics with a particular
focus on demand studies and compensation schemes, incentives, and monopsony power. He
previously served as the president of the North American Association of Sports Economists
(NAASE). In 2006–2007 he was a fellow of the American Council on Education.

Victor A. Matheson is a professor in the Department of Economics and Accounting at the

College of the Holy Cross in Worcester, MA. His research focuses on the economic impact of
teams, stadiums, and events on local economies as well as the economics of gambling. He has
served as the president of the North American Association of Sports Economists (NAASE) and
as an editor of the Journal of Sports Economics. He has also had a long career as a top-level soccer
referee, offciating more than 500 D1 college matches as well as games in Major League Soccer.
The Economics of Sports
SEVENTH EDITION

Michael A. Leeds,
Peter von Allmen and
Victor A. Matheson
Cover image: vm / Getty images
Seventh edition published 2023
by Routledge
605 Third Avenue, New York, NY 10158
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© 2023 Taylor & Francis
The right of Michael A. Leeds, Peter von Allmen and Victor A. Matheson to be
identifed as authors of this work has been asserted in accordance with sections
77 and 78 of the Copyright, Designs and Patents Act 1988.
All rights reserved. No part of this book may be reprinted or reproduced or
utilised in any form or by any electronic, mechanical, or other means, now
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information storage or retrieval system, without permission in writing from the
publishers.
Trademark notice: Product or corporate names may be trademarks or registered
trademarks and are used only for identifcation and explanation without intent
to infringe.
First edition published by Pearson Education 2001
Sixth edition published by Routledge 2018
Library of Congress Cataloging-in-Publication Data
Names: Leeds, Michael (Michael A.), author. | Von Allmen, Peter, author. |
Matheson, Victor A., author.
Title: The economics of sports / Michael A. Leeds, Peter von Allmen and
Victor A. Matheson.
Identifers: LCCN 2022025564
Subjects: LCSH: Sports—Economic aspects.
Classifcation: LCC GV716 .L44 2023 | DDC 338.4/3796—dc23/eng/20220822
LC record available at https://lccn.loc.gov/2022025564
ISBN: 978-1-032-33003-7 (hbk)
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DOI: 10.4324/9781003317708
Typeset in Berling
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Access the companion website here: www.routledge.com/cw/Leeds
Brief Contents

List of Figures xiv

List of Tables xvii
Preface xix

Part I: Introduction and Review of Economic Concepts 1

1 Economics and Sports 3

2 Review of the Economist’s Arsenal 13

Part II: The Industrial Organization of Sports 57

3 Sports Leagues and Franchises 59

4 Monopoly and Antitrust 98

5 Competitive Balance 127

6 Sports Gambling 157

Part III: Public Finance and Sports 185

7 Teams, Stadiums, and Municipalities 187

8 Mega-Events 223

Part IV: The Labor Economics of Sports 253

9 An Introduction to Labor Markets in Professional Sports 255

10 Labor Market Imperfections 287

11 Diversity, Equity, and Inclusion in Sports 317

vi Brief Contents

Part V: Sports in the Not-for-Proft Sector 349

12 The Economics of Intercollegiate Sports 351

Works Cited 390

Photo Credits 418
Index 419
Detailed Contents

List of Figures xiv

List of Tables xvii
Preface xix

Part I: Introduction and Review of Economic Concepts 1

1 Economics and Sports 3

Introduction 3
1.1 The Organization of the Text 5
Special Features and Additional Resources 6
1.2 Babe Ruth and Comparative Advantage 6
Opportunity Costs 6
Absolute and Comparative Advantage 7
Biographical Sketch: Babe Didrikson Zaharias (1911–1956) 9
Summary Discussion Questions Problems 11

2 Review of the Economist’s Arsenal 13

2.1 The Supply and Demand Model 13
Demand, Supply, and Equilibrium 14
Changes in Supply and Demand 17
Elasticity 21
Explaining the Difference in Card Prices 23
Supply, Demand, and Government Policies 24
Price Ceilings and the Economics of Ticket Resale Markets 25
2.2 Output and the Production Function 27
A Note on the Defnition of Output 27
The Production Function 27
2.3 Market Structures: From Perfect Competition to Monopoly 30
Perfect Competition 30
Monopoly and Other Imperfectly Competitive Market Structures 32
viii Brief Contents

The Impact of an Increase in Costs 36

2.4 The Rise of Professional Sports 37
Biographical Sketch: Mark Cuban (1958–) 39
Summary Discussion Questions Problems 41
Appendix 2A Utility Functions, Indifference Curves, and Budget Constraints 43
2A.1 Constrained Maximization 44
2A.2 Using Indifference Curves and Budget Constraints: The Rise of
Soccer and Baseball 50
Appendix 2B Regression Analysis in Brief 52

Part II: The Industrial Organization of Sports 57

3 Sports Leagues and Franchises 59

Introduction 59
Learning Objectives 60
3.1 Open Versus Closed Leagues 60
3.2 The Economics of Team Behavior 61
Maximizing Profts or Maximizing Wins? 62
3.3 Closed Leagues: Revenue and Cost in North American Sports 66
Revenue Is Determined by Demand 66
A Detailed Look at Revenue 70
Costs 80
League Size, Opportunity Cost, and Team Movement 81
3.4 Open Leagues: Revenue and Cost in European Soccer 85
Proft Maximization in Soccer 88
3.5 Single-Entity Ownership 93
Biographical Sketch: Bill Veeck (1914–1986) 94
Summary Discussion Questions Problems 96

4 Monopoly and Antitrust 98

Introduction 98
Learning Objectives 98
4.1 What’s Wrong With Monopoly? 99
Monopolists and Deadweight Loss 100
Do Monopolies Always Charge Monopoly Prices? 102
Promotion, Relegation, and Monopoly Power in Open Leagues 103
4.2 Strategic Pricing 103
Variable and Dynamic Ticket Pricing 104
Bundling 107
Price Discrimination and Two-part Pricing 107
4.3 What’s Right With Monopoly? 111
 Brief Contents ix

4.4 Strategic Barriers to Entry 113

4.5 Society’s Response to Monopoly: Antitrust Laws 115
An Important Anomaly: Baseball’s Antitrust Exemption 116
Leagues That Lack an Antitrust Exemption 120
Limited Exemptions: The NFL and Television 121
Biographical Sketch: Alvin “Pete” Rozelle (1926–1996) 122
Summary Discussion Questions Problems 124

5 Competitive Balance 127

Introduction 127
Learning Objectives 127
5.1 Why Study Competitive Balance? 128
The Fans’ Perspective 128
The Owners’ Perspective 130
The Effect of Market Size 131
The Infuence of Diminishing Returns 133
A Brief History of Competitive Balance 133
5.2 Measuring Competitive Balance 134
Within-Season Variation 135
Between-Season Variation 139
Illustrating Competitive Imbalance 142
5.3 Attempts to Alter Competitive Balance 143
The Invariance Principle 144
Revenue Sharing 146
Salary Caps and Luxury Taxes 147
The Reverse-Order Entry Draft 149
Schedule Adjustments in the NFL 152
Promotion and Relegation 152
Biographical Sketch: Bud Selig (1934–) 153
Summary Discussion Questions Problems 155

6 Sports Gambling 157

Introduction 157
Learning Objectives 158
6.1 A Brief History of Sports Gambling 158
Horse Racing 159
Sports Gambling 160
6.2 Types of Gambling 162
Fixed-odds Betting 162
Pari-mutuel Betting 165
Fantasy Sports 167
The Effcient Market Hypothesis in Gambling 168
x Brief Contents

6.3 Winners and Losers From Gambling 169

The Leagues 169
Governments 173
Consumers 176
6.4 Gambling Addiction and Problem Gambling 178
Biographical Sketch: Joseph Oller(1839–1922) 180
Summary Discussion Questions Problems 181

Part III: Public Finance and Sports 185

7 Teams, Stadiums, and Municipalities 187

Introduction 187
Learning Objectives 188
7.1 A Brief History of Stadium Construction 188
The Entrepreneurial Period (1880s–1923) 188
The Civic Infrastructure Period (1953–1990) 190
The Public–Private Partnership Era (1991–Present) 194
7.2 What Do Teams Get From New Facilities? 197
New Facilities Mean More Fans – At Least for a While 199
New Facilities Often Mean Different Fans 199
Do New Facilities Mean More Wins? 200
7.3 Why Do Cities Subsidize Facilities? 202
The Direct Benefts From Facilities 202
Spillover Effects 206
Intangible Benefts 208
7.4 How Cities Pay for Facilities 212
Avoiding Taxes 213
Tax Increment Financing 214
Sin Taxes 214
Evaluating Taxes 215
Stadiums and Municipal Debt 217
Biographical Sketch: George W. Bush (1946–) 219
Summary Discussion Questions Problems 220

8 Mega-Events 223

Introduction 223
Learning Objectives 224
8.1 A Brief History of Mega-Events 224
The Original Mega-Event: The Ancient Olympics 225
The British Ethic and the Rise of the Modern Olympics 226
FIFA and the World Cup 228
 Brief Contents xi

8.2 The Short-Run Benefts of Mega-Events 229

Broadcast Rights and Sponsorships 229
The Host City 230
Comparing Ex-ante and Ex-Post Economic Studies 235
8.3 The Long-Run Benefts of Hosting Mega-Events 236
General Infrastructure 238
Advertising and Branding 239
8.4 The Costs of Hosting Mega-Events 240
The Costs of Staging a Mega-Event 241
Institutional Reasons Why Cities Spend So Much 244
The All-or-Nothing Demand Curve 244
The Winner’s Curse 245
8.5 Why Do Cities Continue to Bid? 246
The Distribution of Costs and Benefts 247
Noneconomic Rationales 247
Biographical Sketch: Willard “Mitt” Romney (1947–) 248
Summary Discussion Questions Problems 250

Part IV: The Labor Economics of Sports 253

9 An Introduction to Labor Markets in Professional Sports 255

Introduction 255
Learning Objectives 256
9.1 An Overview of Labor Supply and Labor Demand 257
Labor Supply 258
Labor Demand 259
Labor Market Equilibrium 262
Human Capital and Player Compensation 264
9.2 Rank-Order Tournaments and Superstar Effects 266
Tournaments, Superstars, and the Distribution of Income 270
9.3 The Dangers of Tournaments and Superstar Effects 272
The Danger of Trying Too Hard 273
Performance-Enhancing Drugs and the Olympics 274
Biographical Sketch: Scott Boras (1952–) 277
Summary Discussion Questions Problems 279
Appendix 9A
Using Indifference Curves to Model the Labor–Leisure Choice 281
The Labor–Leisure Model When Hours Are Fixed 285

10 Labor Market Imperfections 287

Introduction 287
Learning Objectives 288
xii Brief Contents

10.1 The Monopsony Power of Sports Leagues 288

The Economics of Monopsony 288
The Impact of Rival Leagues 289
The Reserve Clause 290
10.2 Unions in Professional Sports 291
A Brief Introduction to the Economics of Unions 292
The Unique Role of Player Associations 295
10.3 Free Agency 296
The Advent of Free Agency 296
The Franchise Tag 298
Salary Arbitration 299
Measuring Monopsony Power 301
Salary Caps 302
Luxury or Competitive Balance Taxes 305
10.4 Confict and Compromise in Collective Bargaining 306
10.5 Professional Associations 311
Biographical Sketch: Marvin Miller (1917–2012) 313
Summary Discussion Questions Problems 315

11 Diversity, Equity, and Inclusion in Sports 317

Introduction 317
Learning Objectives 318
11.1 Diversity, Equity, and Inclusion Through the Lens of Economics 318
Diversity 319
Equity 319
Inclusion 320
11.2 An Economic Theory of Discrimination 321
Employer Discrimination 322
Does Anyone Win With Employer Discrimination? 325
Employee Discrimination 328
Consumer Discrimination 330
11.3 Toward Equal Access 333
Role Discrimination 336
11.4 Gender Equity in Competitive Sports 338
Trans, Nonbinary, and Intersexed Athletes 341
Biographical Sketch: Colin Kaepernick (1987–) 344
Summary Discussion Questions Problems 346
 Brief Contents xiii

Part V: Sports in the Not-for-Proft Sector 349

12 The Economics of Intercollegiate Sports 351

Introduction 351
Learning Objectives 352
12.1 The NCAA 352
A Brief History of the NCAA 352
The Structure of the NCAA 354
12.2 The Costs and Benefts of Big-time College Sports 355
Football Dominates the Revenue From Intercollegiate Athletics 355
The NCAA Basketball Tournament as a Source of Revenue 360
The Cost of Intercollegiate Athletics 361
Subtraction and Addition 364
12.3 Monopoly Power in College Athletics 365
The NCAA and Optimal Cartel Behavior 366
Prisoner’s Dilemma: How Rational Actions Lead to
Irrational Outcomes 368
Academic Standards: A Key to Academic Integrity or
Monopoly Power? 370
Antitrust and College Sports 370
12.4 Spillovers From Athletics to the University 371
12.5 The College Sports Labor Market 374
The Value of Athletes to Colleges 374
The Value of College to Athletes 375
College Sports as an Investment 378
12.6 Discrimination and College Sports 381
Racial Discrimination 381
Gender Discrimination 382
Biographical Sketch: Shawne Alston (1990–) 386
Summary Discussion Questions Problems 387

Works Cited 390

Photo Credits 418
Index 419
Figures

2.1 The Demand for Baseball Cards 15

2.2 The Supply of Baseball Cards 15
2.3 Equilibrium in the Baseball Card Market 16
2.4 Changes in the Demand for and Supply of Baseball Cards 19
2.5 Relatively Elastic Versus Inelastic Supply 21
2.6 Differences in Demand for Hank Aaron and Mickey Mantle Cards Create
Differences in Price 24
2.7 A Change in Supply Due to a Tax 25
2.8 The Effect of a Price Ceiling 26
2.9 (a) The Total Product Curve, (b) the Marginal Product Curve,
(c) the Marginal Cost Curve 29
2.10 Determination of Competitive Firm Demand 31
2.11 Marginal Revenue and Marginal Cost 32
2.12 Rockies Attendance and Prices 34
2.13 Rockies Versus Nuggets Attendance and Prices 35
2.14 A Change in Demand Due to the Addition of a Marquee Player 36
2.15 The Marginal Utility and Marginal Cost of Leisure Time 38
2A.1 Consumer Preferences 45
2A.2 Indifference Curves 45
2A.3 Diminishing Marginal Rate of Substitution 46
2A.4 The Impossibility of Intersecting Indifference Curves 47
2A.5 Budget Constraint 48
2A.6 The Effect of Changes in Price on the Budget Constraint 48
2A.7 The Effect of an Increase in Income 49
2A.8 The Utility-Maximizing Bundle 49
2A.9 The Trade-Off Between Goods and Leisure 50
2A.10 The Utility-Maximizing Combination of Goods and Leisure 51
2A.11 Subsistence Level of Income Allows No Leisure 51
2A.12 An Increase in Income Allows for Some Leisure 52
2B.1 Scatterplot of Attendance and Winning Percentage in MLB, 2016 53
2B.2 The Regression Line 55
3.1 Total Revenue and Total Cost Curves 65
3.2 Revenue, Cost, and City Size 69
3.3 Gate Revenue for the NBA, NFL, NHL, and MLB 71
 Figures xv

3.4 Determining the Optimal Size of a Closed League 82

3.5 The Effect of Entry on Demand 83
4.1 The Cost of a Monopoly to Society 99
4.2 Consumer Surplus for Individual Consumers 101
4.3 Variable Ticket Pricing 106
4.4 Segmented Market Price Discrimination 110
4.5 Representative Demand Curve for a Consumer and Two-Part Pricing 111
4.6 Natural Monopoly 112
5.1 The Beneft of Improving the Team Depends on Market Size 132
5.2 The Lorenz Curve for Serie A and MLS 143
5.3 The Market for Tickets to the Opening Ceremonies at
the 2018 Olympics 145
6.1 States With Legal Sports Gambling (as of March 2022) 162
6.2 The Utility of Income 176
7.1 Seating and Field Confguration for a “Cookie-cutter” Stadium 193
7.2 A New Facility Could Encourage a Team to Win More Games 201
7.3 The Impact of Constructing a New Facility 203
7.4 Competing Firms Move to the Center of Town 205
7.5 The Rent Gradient 206
7.6 Positive Consumption Externalities Shift the Demand Curve to
the Right 211
7.7 Negative Consumption Externalities Shift the Supply Curve to
the Left 212
7.8 The Impact of a $4/Night Tax on Hotel Stays 214
7.9 A Tax on an Inelastically Demanded Good Can Raise Revenue 215
7.10 Tax Breaks Favor Municipal Bonds 218
8.1 Costs and Cost Overruns of Recent Olympics 240
8.2 A Monopoly Can Extract Consumer Surplus by Setting Price
and Quantity 245
9.1 Average Player Salaries in MLB Since 1991 257
9.2 Individual and Market Labor Supply Curves for Workers and Boxers 258
9.3 The Labor Demand Curve 260
9.4 The Equilibrium Wage and Quantity in the Labor Market 263
9.5 Changes in NBA Salaries Due to Changes in Demand 263
9.6 The Effect of Roster Limits 264
9.7 The Increasing Marginal Cost of Effort 268
9.8 Creating the Incentive for a High Level of Effort in a Tournament 268
9.9 Minor Differences in Performance Can Lead to Large Shifts in Demand 270
9.10 The Lorenz Curve for the LPGA and WTA in 2021 271
9.11 PED Use, a Prisoner’s Dilemma 276
9A.1 Indifference Curves 281
9A.2 The Income and Time Constraints 282
9A.3 Individual Utility-Maximizing Curves 283
9A.4 Changes in Labor Supply Due to Wage Changes 284
9A.5 The Individual Labor Supply Curve 285
9A.6 Increases in Wealth That Result in No Labor Supplied 286
xvi Figures

9A.7 Labor Supply When the Number of Games Is Constrained 286

10.1 Employment and Wage Level for a Monopsonist 289
10.2 Effect of Unions on Wages: (a) Craft Union, (b) Industrial Union 294
10.3 Bilateral Monopoly 295
10.4 Payrolls for Teams in the Four Major Leagues for 2019–2020 305
10.5 The Contract Zone 308
10.6 (a) Contract Zone With Powerful Union, (b) Contract Zone With
Powerful Employer, (c) Mistaken Perceptions About the Contract Zone 309
11.1 (a) Equilibrium Wages With Discrimination; (b) Equilibrium Wages With
No Discrimination 323
11.2 Discrimination With a Large Pool of Players 326
11.3 The Color Line Breaks Down as a Result of the Prisoner’s Dilemma 328
12.1 Cartels and Marginal Cost 367
12.2 Optimal Division of Output by a Cartel 368
Tables

1.1 The Gain and Loss From Moving Babe Ruth 8

2.1 Career Statistics of Hank Aaron and Mickey Mantle 17
2.2 Hypothetical Marginal Revenue for Colorado Rockies Ticket Sales 33
2B.1 Simple Regression Results 54
2B.2 Multiple Regression Results 56
3.1 2018 Performance Measures for the Yankees, Dodgers, Red Sox, Astros,
and White Sox 62
3.2 Dallas Mavericks’ and Toronto Raptors’ Winning Percentage and 63
Operating Income, 2007–2012 63
3.3 Market Value, Revenue, Payroll, Gate Revenue, and Operating Income,
2018–2019 ($ Millions) 67
3.4 Revenue From League-wide Broadcasting Rights Agreements 72
3.5 The Ten Most Lucrative US Naming Rights Deals (in Millions) 78
3.6 Ten Most Populous Metropolitan Statistical Areas and Their Sports Teams,
2022 82
3.7 Top Ten European Soccer Club Values and Revenues, 2019–2020
($ Millions) 86
3.8 Organizational Structure of English Soccer 87
3.9 The Hierarchy of English Soccer Competition 87
3.10 Revenue Distributions for the EPL, the Bundesliga, La Liga, Serie A,
and Ligue 1 for 2018–2019 90
4.1 Changes in Attendance and Average Ticket Prices, 2001–2019 104
5.1 New York Yankees’ Success and American League and National
League Attendance, 1950–1958 129
5.2 Winning Percentages for the WNBA, 2015 and 2018 136
5.3 Dispersion of Winning Percentages, 2020–2021 137
5.4 Distribution of Championships, 2001–2002 to 2020–2021 140
6.1 An Example of Pari-mutuel Odds 166
7.1 Spending on Major League Sports Facilities in North America Since
2015 195
8.1 Examples of Ex-ante and Ex-post Economic Impact Studies of
Mega-Events 235
9.1 The Five Highest-Paid Actors and Musicians in the Forbes 2020
“Celebrity 100” 271
xviii Tables

10.1 Labor Unrest in Professional Sports Since 1980 307

11.1 2020 Racial and Gender Report Card Grades 334
11.2 Racial and Ethnic Breakdown of MLB Players in 2015 at
Selected Positions (%) 337
11.3 Performance and Rewards for Men’s and Women’s Soccer Teams at
the World Cup 340
12.1 Proft and Revenue for the 20 Most Valuable Football Programs, 2019 356
12.2 Power 5 Conference Broadcast Revenue for Football 358
12.3 Selected Bowl Payouts in 2019–2020 359
12.4 Bowl Payouts by Conference in 2019–2020 360
12.5 Mean Revenues, Expenditures, Subsidies, and Profts for
FBS Athletic Departments 364
12.6 College Football Broadcasts as a Prisoner’s Dilemma 369
Preface

As 2019 came to a close, with Washington, DC, basking in the wake of the Washington
Nationals and Washington Mystics gaining their frst championships in Major League Base-
ball and the WNBA, no one could have predicted what was to come. Within a few months
the entire sports industry – and countless other businesses – was shutting down across the
globe. Seasons were cancelled, the Tokyo Olympics were postponed, hockey and basketball
playoffs were conducted in bubbles with no fans, forcing organizers to pipe in cheering –
and booing – for the beneft of television viewers. While the impact of COVID-19 cast a
long shadow over the sporting universe, a host of other changes have taken place since the
publication of the sixth edition of The Economics of Sports. A European super league folded
almost as quickly as it was announced; performance-enhancing drug bans continued to mar
Olympic Games; players and owners negotiated a new Major League Baseball collective
bargaining agreement; the US saw dramatic changes in legalized gambling; NCAA athletes
won the rights to market their names, images, and likenesses; and the US Women’s National
Soccer Team made signifcant strides in its fght for equality with the men’s team – and there
are many more examples.
From its modest beginnings as something of a novelty, sports economics has become a
vibrant sub-discipline of the larger feld of applied microeconomics, fully recognized by the
American Economic Association as a stand-alone feld with its own Journal of Economic Lit-
erature (JEL) classifcation code. Researchers are drawn to the feld for two reasons: the
wide variety of interesting economic questions one can ask about the industry itself and the
extraordinary availability of data that allow economists to use sport to answer broader ques-
tions about economic relationships.
As the research has developed, the number of sports economics courses has grown as well.
Throughout this growth and change, sports economics continues to be both a mirror and a
lens, refecting our broader culture and values while bringing into focus such fundamental
issues as fairness and the legitimacy of free markets. With the passing of each season, new
events unfold in professional and amateur sports that call out for analysis. For all these rea-
sons, sports economics remains a vital and interesting area of study for students of economics.
Sports provides countless examples from every area of microeconomics, enabling students
to study public economics, industrial organization, and labor markets in a context that holds
student interest like no other.
Over the many years that we have worked on this project, we have enjoyed continuous
help and support from students and colleagues at colleges and universities across the United
States and around the world. Our colleagues continue to offer encouragement, share class-
room experiences, and suggest new and different coverage as the industry evolves. For all this
xx Preface

support and help, we are most grateful. We hope that our own enthusiasm, as well as the
enthusiasm others have shared with us, is refected in the text.

NEW TO THIS EDITION

The seventh edition is perhaps the most ambitious since the frst edition appeared more than
20 years ago. In addition to the usual updates, many chapters have been revised to refect the
state of the discipline as well as the state of the sports industry.

• We have added a new chapter on sports gambling (Chapter 6). This once largely illegal
practice in the United States has, in just a few short years, become a national industry
embraced by the leagues. This new chapter covers some of the important history of
sports gambling, the current state of the industry, the ways in which gambling frms earn
money from gamblers (win or lose), and the cautionary tales of its impact on the integ-
rity of the game.
• The chapter on mega-events (Chapter 8) has been updated to include the most recent
World Cup and Olympic Games.
• We have signifcantly tightened our presentation of the public economics of sports by
combining what were Chapters 6 and 7. This new chapter, along with Chapter 8, provides
a comprehensive discussion of the costs and benefts of stadium and event fnancing.
• Chapter 11 has been completely rewritten and retitled. It extends the discussion from
discrimination to include diversity, equity, and inclusion (DEI) in sports.
• The material on intercollegiate sports (Chapter 12) has been substantially rewritten
to refect the changes in players’ rights, most notably, the right to earnings from their
names, images, and likenesses. As with previous editions, Chapter 12 parallels the pre-
sentation of the rest of the book, allowing instructors to cover the material as a stand-
alone chapter or to use each section as part of the relevant chapter earlier in the text.
• All tables and fgures have been updated to refect the most recently available information.
• We continue to offer a wide variety of online support materials, to include an author
blog, mini-lectures from the authors, periodic updates of tables, and additional material
that we were not able to include in the text.

As with the previous editions, our goal is to keep the text comprehensive yet accessible. The
nature of the subject matter makes this a unique challenge. Unlike area courses, such as indus-
trial organization or labor economics, which are self-contained subfelds of economics, sports
economics cuts across a wide array of economic disciplines. To deal with this problem, we have
split the text into fve parts, three of which illustrate prominent areas of economics: industrial
organization, public economics, and labor economics. This division provides students with an
overview of much of economics and inspires them to pursue each individual feld.

INTENDED AUDIENCE

Balancing accessibility against an economist’s desire for theoretical rigor remains a challenge.
Economics of sports classes are taught at a variety of levels, ranging from undergraduate
 Preface xxi

courses with principles of economics as the only prerequisites to the graduate level. This text
provides the instructor a great deal of fexibility. All the material in the main body of the
text should be accessible to students with a single semester of microeconomics principles.
To enrich courses taught at a higher level, we have included appendices containing interme-
diate-level material at the end of several chapters. The online resources provide additional
opportunities to add depth and rigor.
To ensure that all students begin the course with a common background, we provide a
substantial review of principles-level material in Chapter 2. This material can be covered
explicitly in class or left to the students to read on their own, as needed. For instructors
interested in presenting econometric research, Chapter 2 contains an appendix on the fun-
damentals of regression. In advanced undergraduate- and graduate-level courses, the text can
provide a foundation for readings from primary source materials.

ORGANIZATION OF THE TEXT AND COVERAGE OPTIONS

As stated previously, the text is divided into fve parts. The frst two chapters introduce stu-
dents to sports economics, review principles-level tools, and illustrate how economic principles
apply to the sports industry. Chapters 3 through 6 cover the industrial organization of the
sports industry. Here, we discuss the competitive landscape, the implications of monopoly
power, proft maximization, competitive balance, and the impact of gambling. Chapter 3 asks
whether sports teams maximize profts and if they do not what they do maximize. It then
details ways in which sports teams might maximize proft. Chapter 4 focuses on antitrust and
regulation and how they have impacted the formation, success, and, sometimes, the failure of
leagues. Chapter 5 explains why leagues worry about competitive balance, how to measure
competitive balance, and how leagues attempt to alter competitive balance. Chapter 6 covers
the economics of sports gambling. Chapters 7 and 8 focus on public economics. In Chapter 7,
students learn the benefts and costs of providing public support for stadiums and events, why
teams seem to have so much power over municipalities, and why municipalities fght so hard
to keep the teams they have or to court new ones. Chapter 8 presents the economics of mega-
events, including why nations strive to win the right to host them and why the benefts rarely
outweigh the costs. Chapters 9 through 11 focus on labor issues in sports. Chapter 9 introduces
fundamental theories of labor markets, including human capital theory and tournament theory.
Chapter 10 covers monopoly unions and monopsony, two labor market imperfections that pro-
foundly impact the functioning of most sports labor markets. Chapter 11 discusses diversity,
equity, and inclusion in sports. Finally, Chapter 12 focuses on the economics of intercollegiate
sports. Because major college sports is an industry in itself, this chapter serves as a capstone to
the text, incorporating the theories and concepts from many of the previous chapters. It may
also be split up and used in conjunction with previous chapters.

ACKNOWLEDGMENTS

In a project such as this, the list of people who contributed to its completion extends far
beyond those whose names appear on the cover. We owe personal and professional debts of
sincere gratitude to a great many people. First, we thank our editorial team: Emily Kindleysides,
xxii Preface

Michelle Gallagher, Chloe Herbert, Cathy Hurren, Kate Fornadel, and Mathew Willis. We
also are grateful for the advice, encouragement, and suggestions from the ever-growing com-
munity of sports economists who use this book. Their input and support serve as a continu-
ing source of motivation and assistance. We would particularly like to thank all of those who
read and reviewed the manuscript as we prepared the seventh edition. Their suggestions for
improvements were excellent, and we tried our best to incorporate them wherever possible.
A special thanks to Eva Marikova Leeds for her diligent review of the manuscript during the
revision process and to Salwa Asselman and Max Gravenstein for research assistance. Finally,
as always, we thank our families: Eva, Daniel, Melanie, Heather, Daniel, Thomas, Eric, Jolie,
Lara, and Aly, all of whom provided unwavering support.
Michael A. Leeds
Peter von Allmen
Victor A. Matheson
 Part I

INTRODUCTION AND
REVIEW OF ECONOMIC
CONCEPTS

Chapter 1 Economics and Sports 3

Chapter 2 Review of the Economist’s Arsenal 13
CHAPTER 1

Economics and Sports

All I remember about my wedding day in 1967 is that the Cubs dropped a
double-header.
– George Will1

INTRODUCTION

On March 11, 2020, just minutes before the Utah Jazz were scheduled to tip off against the
Oklahoma City Thunder, the National Basketball League (NBA) abruptly cancelled the game
and suspended all other contests because Utah’s All-Star center Rudy Gobert had tested positive
for COVID-19. The NBA’s “temporary” suspension lasted more than four months, and when
play resumed on July 30, all games were played behind closed doors with no fans in attendance.
In the big picture, the loss of a handful of basketball games pales in comparison to the
global economic devastation brought about by the coronavirus pandemic. But for many peo-
ple, the sudden suspension of the NBA season, followed quickly by the suspension of games
in Major League Baseball (MLB), the National Hockey League (NHL), Major League Soccer
(MLS), and intercollegiate sports, it was the moment the COVID-19 crisis became “real.”
Sports occupy a unique position in the human psyche. Athletic contests around the world
have long been a way for individuals, institutions, cities, and nations to defne themselves. Sports
can bring out the best and the worst in people. As early as the 19th century, universities used
football to give their students a sense of identity. Cities feel that they have achieved “big-time”
status when they attract a major league franchise. At the national level, Japan’s performance
in the 2011 Women’s World Cup provided a much-needed lift to a country devastated by an
earthquake and tsunami and shaken by a near nuclear disaster. At the same time, police have
had to quell riots on campuses in the wake of heartbreaking losses – or big victories. Reports of
domestic violence rise in cities when “their” team is upset in the Super Bowl. In their pursuit
of national pride, countries have sometimes sacrifced the physical well-being of their young
athletes by giving them performance-enhancing drugs with dire side-effects.2

1 George F. Will. 1998. Bunts (New York: Scribner): 22.

2 See Katie Kindelain. 2012. “Kentucky Students Riot after NCAA Championship Win,” abcnews.com, April 3,
at http://abcnews.go.com/blogs/headlines/2012/04/kentucky-students-riot-after-ncaa-championship-win;
David Card and Gordon B. Dahl. 2011. “Family Violence and Football: The Effect of Unexpected Emotional
Cues on Violent Behavior,” Quarterly Journal of Economics, 126(1), February: 103–143; Steven Ungerleider.
2001. Faust’s Gold: Inside the East German Doping Machine (New York: Thomas Dunne Books).

DOI: 10.4324/9781003317708-2
4 Introduction and Review of Economic Concepts

Sports can also serve as tools by which nations conduct foreign policy. They have brought
people together, as was the case in 1971 when a team of American table tennis players and
their “ping-pong diplomacy” marked the frst step in the reopening of relations between the
United States and China. They have also kept people apart, as demonstrated by the boycotts
that disrupted the 1976, 1980, and 1984 Olympics.
The clamor over sports might lead one to think that the sports industry dominates the
world economy. In fact, compared to many frms, let alone industries, it is relatively small.
The total revenue generated by the world’s richest sports league, the National Football
League (NFL), in 2019 (before COVID decimated the revenue streams of sports teams
worldwide), was $15.3 billion,3 more than $2 billion less than the annual revenue generated
by Sherwin-Williams paint stores.4 Add in the other four largest professional leagues in the
US (NBA, NHL, MLB, and MLS); Europe’s biggest soccer leagues, including the English Pre-
mier League (EPL), La Liga (Spain), the Bundesliga (Germany), Serie A (Italy), and Ligue
1 (France); major individual sports like the PGA Tour (men’s golf), the Ladies Professional
Golf Association (LPGA), the Association of Tennis Professionals (ATP – men’s tennis),
and the Women’s Tennis Association (WTA); major women’s leagues such as the Wom-
en’s National Basketball Association (WNBA) and the National Women’s Soccer League
(NWSL); auto racing organizations such as Formula One and the National Association for
Stock Car Auto Racing (NASCAR); all college sports in the US, including the major revenue
sports of football and basketball; other large sport leagues outside the US other than soc-
cer, including Nippon Professional Baseball (Japan), the Australian Football League, Chinese
Basketball Association, Korean Baseball Organization League, the Indian Premier League
(IPL – Cricket), the Kontinental Hockey League (KHL – primarily Russia), the National
Rugby League (Australia and New Zealand), and the Canadian Football League (CFL); and
even major esports competitions like the Overwatch League (OWL) and the total revenue
generated by spectator sports around the world was only about $90 billion in 2019.5 This is
roughly the same size as medical product and drugmaker Johnson & Johnson and about one-
sixth the size of Walmart. Yet, unlike sports, Walmart does not have its own section in any
newspaper, and Johnson & Johnson is not routinely featured on “all Band-Aids, all the time”
programming cable networks.6
This book harnesses our enthusiasm for sports and uses it to introduce a variety of eco-
nomic concepts. These concepts frequently have applications beyond the business of sports.
For example, understanding how sports leagues exercise monopoly power provides deeper
insight into the policies followed by OPEC or Google, and learning about the impact of free
agency on team payrolls shows how free markets affect the distribution of incomes in an
economy. In addition, the rich data sources that sports offer have long provided a laboratory
for studying labor markets in general.7 Studying sports economics thus does more than give

3 Eckstein, Jakob. 2020. “How the NFL Makes Money,” Investopedia.com, at www.investopedia.com/articles/
personal-fnance/062515/how-nf-makes-money.asp, accessed December 18, 2020.
4 “Fortune 500,” at https://fortune.com/fortune500/, accessed February 14, 2021.
5 “Competition Between Sports for Fans’ Money and Attention Is Increasingly Fierce,” 2019. The Econo-
mist, at www.economist.com/international/2019/10/05/competition-between-sports-for-fans-money-and-
attention-is-increasingly-ferce, accessed October 5, 2019.
6 “Fortune 500,” at https://fortune.com/fortune500/, accessed February 14, 2021.
7 Kahn, Lawrence M. 2000. “The Sports Business as a Labor Market Laboratory,” Journal of Economic Perspec-
tives, 14(3): 75–94.
 Economics and Sports 5

an appreciation for the sports industry. It also demonstrates how economic reasoning helps
us understand the world around us. This text emphasizes economic concepts rather than
providing encyclopedic coverage of professional and amateur sports and athletes. As a result,
we do not explain the particulars of every sport in each chapter, and some sports receive
much more attention than others. The book includes signifcant coverage of the four major
sports in North America as well as European soccer. As part of your course, your instructor
may ask you to apply the lessons learned here to other leagues, events, or athletes, giving you
the opportunity to apply the principles learned here.

1.1 THE ORGANIZATION OF THE TEXT

The text is divided into fve parts. The remainder of this part provides an extensive review
of basic economic theory, particularly supply and demand, the basics of production theory,
and models of perfect competition and monopoly. The tools introduced in Chapter 2 are
used throughout the text to inform a wide variety of questions in the broader sports industry.
The next three parts of the text are devoted to showing how three areas of economics
provide insight into how sports function. Part II presents the industrial organization of sports.
Industrial organization is the study of frm strategy, such as how frms set prices to maxi-
mize proft, as well as the regulatory response of government when frms’ interests confict
with broad societal goals. In Chapter 3, we discuss the purpose and structure of profes-
sional leagues by studying the largest leagues in North America and Europe. We also review
competitive and monopoly markets and discuss the implications for proft maximization in
each case. In Chapter 4, we extend the discussion of monopoly and analyze the challenges
that concentrated markets create for consumers and would-be competitors. In Chapter 5,
we investigate the desirability of competitive balance, how it can be measured, how it has
changed over time, and how leagues have dealt with unbalanced competition. Finally, in
Chapter 6, we examine the economics of gambling and the role betting can play in both
increasing and decreasing the demand for sports. This chapter also explores the public policy
involved in the decision of whether to legalize sports gambling.
Part III contains two chapters on the public fnance of sports. Public fnance asks how
and why governments provide goods and services and how they raise the funds to pay for
them. In Chapter 7, we discuss the potential costs and benefts of new arenas for teams and
the cities in which they play. We also explore how stadiums have evolved over time and the
methods used by teams and cities to fund the construction of these facilities. In Chapter 8 we
discuss the economics of mega-events, such as the Olympics and World Cup.
Part IV covers the labor economics of professional sports. Labor economics analyzes how
markets determine levels of employment and compensation. In Chapter 9, we use labor
markets to explain why professional athletes receive such high salaries. In doing so, we intro-
duce labor market concepts, such as human capital and rank-order tournaments. Chapter 10
explores the monopsony power of teams and leagues and the countervailing power of player
unions. We show how the two institutions set pay and working conditions. We also explore
the causes and implications of work stoppages, which occur when leagues and players fail to
reach an agreement. In Chapter 11, we discuss diversity, equity, and inclusion in the context
of sports as well as the history and implications of discrimination in professional sports. From
the informal yet strictly enforced “color lines” that marked the NFL and MLB until 1946
6 Introduction and Review of Economic Concepts

and 1947, respectively, to roster limits that leagues such as Nippon Professional Baseball
still place on foreign players, to female athletes’ quest for equal pay and equal opportuni-
ties, we see many examples of leagues’ failures to provide an inclusive environment free of
discrimination.
Finally, in Part V (Chapter 12), we broaden our study of sports to include amateur athlet-
ics in the form of major college sports. We begin with a brief history of the National Colle-
giate Athletic Association (NCAA). We go on to examine how the principles explored earlier
in the textbook – industrial organization, public fnance, and labor economics – apply in the
context of intercollegiate sports.

Special Features and Additional Resources

At the conclusion of each chapter, you will fnd biographical sketches. The world of sports is
flled with colorful personalities that add to our enjoyment of the game. Some of these peo-
ple are well-known to even the casual sports fan. Others are less known, but all have played
vital roles in the evolution of the economics of sports. These biographical sketches, the frst
of which appears in this chapter, highlight both their accomplishments in the context of the
chapter and their character as individuals.
As you progress through the course, we encourage you to make full use of the internet as
a powerful and easy-to-use source of information. First and foremost, the publisher of this
text, Routledge, maintains a website specifcally designed to support the book. Go to www.
routledge.com/cw/Leeds and you will fnd data, a set of interesting links, and supplementary
material designed to enhance your learning. The site is updated regularly so that it contains
links to sites and stories that are sure to be of interest.
In addition to the sites we provide, virtually every major (and almost every minor) league
team, sports league, and association has its own website. These sites contain news (including
economic events) from around the league. One caution: Beware of “fake news” or inaccurate,
poorly maintained data sets that are rampant on noncommercial, individual blogs and private
websites. The information they convey is often based on opinion rather than on fact and is
of little or no value.

1.2 BABE RUTH AND COMPARATIVE ADVANTAGE

In many ways, sports economics brings together two topics that can each shed light on the
other. Sports can be used to illustrate important concepts from sports, and economics can
often help to resolve what at frst glance seems to be puzzling behavior in sports. For exam-
ple, consider how comparative advantage, a model normally used to explain international
trade, can explain why the Boston Red Sox stopped using the best left-handed pitcher in
baseball in 1918.

Opportunity Costs
In 1915, a young left-hander for the Boston Red Sox emerged as one of the dominant pitch-
ers in the game, helping the Red Sox to World Series championships in 1916 and 1918. In
the 1918 World Series, he won two games and set a record for consecutive scoreless innings
 Economics and Sports 7

that stood until 1961. From 1915 through 1918, he won 78 games and lost only 40, and he
allowed slightly more than two runs per game. In 1919, he pitched in only 17 games and won
only 16 more games in the rest of his career, yet no fans complained. The reason was that the
young pitcher was none other than George Herman “Babe” Ruth, who went on to redefne
baseball as a power-hitting right felder for the Red Sox and the New York Yankees.
Babe Ruth confronted the Red Sox with the classic economic problem of opportunity
costs. An opportunity cost is the value of the best forgone alternative. We all face opportu-
nity costs in our everyday lives. Our limited time, income, and energy constantly force us
to choose between alternative actions. When we go to the movies on Saturday night, we no
longer have the time or the money to go to a concert that evening. When the Red Sox used
Babe Ruth as a right felder, they gave up the chance to use him as a pitcher. (Because the
main contribution of a right felder is as a hitter, we will use the term “hitter” rather than
“right felder” from now on.) If the goal of a team is to win as many games as possible (an
objective we will explore later in this text) then the opportunity cost of using a player at one
position is the wins that the team sacrifces by not using him at another position. When the
Red Sox used Babe Ruth as an outfelder, they sacrifced wins by not having a great pitcher
in their rotation. If they had kept Ruth as a pitcher, they would have sacrifced wins by not
having a great hitter in their lineup.

Absolute and Comparative Advantage

It is usually easy to decide where to use a player, as only a few players make good pitchers,
and pitchers are typically bad hitters. Babe Ruth, however, was an exception. He was the best
pitcher and the best hitter on the team. Being the best at everything meant that Babe Ruth
had an absolute advantage at both pitching and hitting. A person or country has an absolute
advantage in an activity when it is more effcient at that activity than another person or
country. If the United States can make cancer drugs using fewer resources than Japan can, it
has an absolute advantage in making cancer drugs. Because Babe Ruth was a better pitcher
and hitter than any other player on the Red Sox, he had an absolute advantage over all his
teammates in both pitching and hitting.
The Red Sox used Babe Ruth as a hitter because, although he had an absolute advantage
as both a hitter and as a pitcher, his absolute advantage as a hitter was much larger than his
absolute advantage as a pitcher. This meant that Babe Ruth had a comparative advantage as
a hitter. A person or country has a comparative advantage when the opportunity cost of an
activity is lower than it is for another person or country. Because Babe Ruth was such a good
hitter, the opportunity cost of using him as a pitcher (the number of wins the team would
sacrifce) was extremely high, much higher than for other players on the team. This meant
that, even though Babe Ruth had an absolute advantage over his teammates as a pitcher, he
did not have a comparative advantage as a pitcher.8
To see the gains from moving Babe Ruth from the pitcher’s mound to the outfeld more
clearly, we compare the opportunity cost of using Babe Ruth at each position in 1918. The
opportunity cost of using Ruth as an outfelder was the additional runs given up by Red

8 For a more complete explanation of Babe Ruth’s comparative advantage during his career with the New
York Yankees, see Edward Scahill. 1990. “Did Babe Ruth Have a Comparative Advantage as a Pitcher?”
Journal of Economic Education, 21(4), Fall: 402–410.
8 Introduction and Review of Economic Concepts

Sox pitchers, which might have led to more losses. The opportunity cost of using Ruth as a
pitcher was the reduction in runs scored by the Red Sox, which also might have led to more
losses. Ruth’s switch from pitcher to outfelder probably displaced Tilly Walker, arguably
the worst of the Red Sox starting outfelders in 1917, and made room for Dutch Leonard,
who had the highest earned run average (ERA) among the regular starting pitchers in 1918.9
Ruth’s last year as a full-time pitcher – 1917 – was an amazing one; he won 24 games, lost 13,
and gave up about two runs per game. The frst year that Ruth played mostly in the outfeld
was even more amazing. He led the league in slugging percentage (the average number of
bases advanced per at bat), and his 11 home runs not only led the league, they were almost
twice as much as the six home runs hit by the entire Red Sox starting outfeld in 1917.10
Table 1.1 shows that replacing Ruth, who had a 2.01 ERA in 1917, with Leonard, who
had a (still low) 2.72, meant that the Sox gave up 0.71 more runs per nine innings than
they would have if Ruth had had an identical year in 1918. Over the 14 games that Leonard
pitched, that meant that the Red Sox’ opportunity cost of using Babe Ruth in the feld was
about ten runs in the 1918 season.11 Using the formula for runs produced (runs scored +
runs batted in – home runs), shows that Ruth produced 29 more runs in 1918 than Walker
produced in 1917. Thus, the Red Sox came out 19 runs ahead from the switch.
At this point, one might ask why the Red Sox did not use Babe Ruth as a pitcher every
four or fve days and as a hitter every day in between. In baseball, the skills of pitching and
hitting are so different that it is extremely diffcult to develop both at the same time. In fact,
no MLB player since Babe Ruth has had signifcant success as both a pitcher and a hitter until
Shohei Ohtani broke onto the scene for the Los Angeles Angels in 2018. So unusual was his
2021 season, when he hit 46 home runs (good for third in the league) while also starting
23 games and striking out 156 batters as a pitcher, that he earned a rare unanimous selection
as the American League’s Most Valuable Player.

TABLE 1.1 The Gain and Loss From Moving Babe Ruth

Player Runs Sacrifced Runs Produced

Babe Ruth 2.01 per game 105 per season

Dutch Leonard 2.72 per game –

Tilly Walker – 76 per season

Net change +9.94 per seasona +29 per season

a
Uses 14 starts for the 1918 season.
Source: Baseball Almanac, online at www.baseball-almanc.com

9 The earned run average is the average number of runs a pitcher gives up per nine innings, the normal
length of a ballgame.
10 This statistic may be surprising to modern baseball fans used to seeing even benchwarmers hitting a dozen
or more homeruns a season, but it was the reality in the “dead ball” era of baseball. Of course, economics
can even explain why modern players hit more homeruns. MLB noticed that fans like watching home
runs so they made the ball livelier and more likely to be a hit a long distance. The increased salaries that
professional players now earn has also encouraged players to spend more time in training leading to better
physical conditioning and the strength to hit long balls.
11 The Boston Red Sox played only 126 games in 1918 because the season was terminated on September 1
due to the United States’ entry into World War I.
 Economics and Sports 9

More generally, one of the most important conclusions of the theory of comparative
advantage is that developing specifc skills and specializing in activities that use these skills
makes individuals, frms, and nations better off. Professors employ research assistants, and
working parents hire day care providers, because trying to do everything would take them
away from the activities that they perform best. It is cheaper (more effcient) for them to
pay other people to provide the goods or services than to try to do everything themselves.
At the national level, if the United States has a comparative advantage in producing
COVID-19 vaccines, it is better off specializing in vaccines than in TVs, even if it has an
absolute advantage over Japan in both products. The opportunity cost of our sacrifcing vac-
cines to make TVs is higher than the cost of sending vaccines to Japan in exchange for TVs.
Like Babe Ruth, we are better off specializing in what we are relatively best at and leaving
the rest to others.

Biographical Sketch: Babe Didrikson Zaharias (1911–1956)

I knew exactly what I wanted to be when I grew up. My goal was to be the greatest
athlete that ever lived.
– Babe Didrikson Zaharias1

The theory of comparative advantage tells us that athletes are better off when they spe-
cialize. A quick look at athletes from the professional ranks to middle schools seems to
bear this hypothesis out. “Two-way” football players have become a rarity, and athletes
who play more than one sport have all but disappeared. It is thus unlikely that the athletic
world will ever see another Babe Didrikson Zaharias. Zaharias dominated the athletic
world like no athlete before or since, achieving star status in the disparate worlds of
basketball, track and feld, and golf.
Mildred Ella Didriksen was born in 1911 to impoverished Norwegian immigrants
in Port Arthur, Texas. The sixth of seven children and the youngest girl, Mildred got the
nickname “Babe” while a young girl and still the “baby” of the family, though she later
attributed the nickname to comparisons with baseball hero Babe Ruth. Her last name was
changed to “Didrikson” because of a spelling error in her school records.
10 Introduction and Review of Economic Concepts

As a youth, Zaharias was drawn to sports at a time when sexual stereotypes discour-
aged women from participating in “manly” sports, but Zaharias’ working-class upbring-
ing freed her from many of the restrictions that would have constrained her development
as an athlete. She did not participate in organized sports, however, until she left high
school in 1930 to play basketball for the Employers Casualty Insurance Company.
It may seem odd today for an athlete to advance her career by taking a job as a
secretary for an insurance company, but at that time, many colleges did not offer ath-
letic programs for women, and the fedging NCAA was openly disdainful of women’s
athletics. Employers Casualty played in the 45-member Women’s National Basketball
League, which played under the auspices of the Amateur Athletic Union (AAU). The AAU
was then the dominant athletic body; it oversaw competitions by a few schools and by
companies that sponsored teams.
The Employers Casualty “Golden Cyclones” were one of the best amateur teams in
the nation. When the frst All-American women’s basketball team was announced in
1929, eight of its members were from Employers Casualty. Zaharias quickly established
herself as a star among stars, being named an All-American for three straight years.
As good as she was on the basketball court, Zaharias had her greatest success in
track and feld. It was here that she recorded the greatest single performance in the
history of track and feld and perhaps of any athletic competition. At the 1932 National
Track and Field Competition, which was the trials for the 1932 Los Angeles Olympic
Games, Zaharias was the sole representative of the Employers Casualty team. In one
afternoon, she ensured that Employers Casualty won the team championship by winning
the shot put, the baseball throw, the javelin throw, the 80-meter hurdles, and the broad
jump. She also tied for frst in the high jump and fnished fourth in the discus, an event
in which she normally did not compete. In all, she won six gold medals and broke four
world records in about three hours. Zaharias hardly skipped a beat in the Olympics,
setting world records in the javelin throw and the 80-meter hurdles. She also tied for frst
in the high jump, but some judges objected to her then-unorthodox style (the Western
Roll, which soon became the dominant style). As a compromise, she was declared the
second-place fnisher and won the only half-gold-half-silver medal in the history of the
Olympics.
As the dominant performer and personality of the 1932 “Hollywood Games,” Zah-
arias quickly became a national celebrity. Her publicity, however, came at a consider-
able cost. The public did not know what to make of a woman who defed the sexual
stereotypes of the time. Zaharias seemed destined to fade from public view when the
AAU stripped her of her amateur status for appearing in an automobile advertisement
(even though, apparently, she had not given permission for the frm to use her likeness).
After a year or so of stunts and exhibition tours, she returned to work for Employers
Casualty.
Over the next several years, Zaharias reconstructed her personal and athletic lives.
Stung by her treatment in the press, she strove to develop a more feminine image, play-
ing up her role as a wife following her marriage to professional wrestler (and later sports
promoter) George Zaharias in 1938, but she was anything but a typical housewife.
Having picked up golf as a teenager, Zaharias threw herself into her new, more socially
acceptable sport. In 1935, she won the Texas State Women’s Golf Championship and
 Economics and Sports 11

was ready to enter full-time competition when the United States Golf Association banned
her from amateur competition because of her appearance in the automobile advertise-
ment. She responded by turning pro, but she quickly realized that professional golf
provided neither adequate competition nor adequate pay. She succeeded in having her
amateur status reinstated in 1943. Though she would have to wait until the end of World
War II to enter the next stage of her athletic career, it was worth the wait.
Zaharias burst onto the women’s golf tour in 1945, winning the Texas Women’s
Open and the Western Open, and being named “Woman Athlete of the Year” by the
Associated Press (an award she had won 13 years earlier for her Olympic exploits). This
proved merely a warm-up for 1946, when she won 14 straight tournaments. In 1947,
Zaharias became the frst American to win the British Women’s Amateur golf champion-
ship in the 55-year history of the event.
After her victory in the British Amateur event, Zaharias again turned pro and a year
later became a charter member of the newly formed Ladies Professional Golf Association
(LPGA – it chose the term “Ladies” to avoid confict with the unsuccessful Women’s PGA).
Her talents led her to be a dominant fgure in the LPGA – she won about two of every
three events she entered in 1950 and 1951 – and her showmanship, while not always
appreciated by her competitors, helped market the new tour.
In 1953, Zaharias was diagnosed with cancer, and doctors told her family and
friends (but not Zaharias herself) that she had less than a year to live. Within four months,
however, she was back on the tour, fnishing as the sixth-highest money winner for 1953.
She did even better in 1954, winning fve tournaments and having the lowest average
on the tour. The cancer reappeared in 1955, and Babe Didrikson Zaharias, arguably
the greatest athlete of the 20th century, died in 1956.

1
Susan Cayleff, Babe: The Life and Legend of Babe Didrikson Zaharias (Urbana: University of
Illinois Press, 1995), p. 46.

Source: Susan Cayleff, Babe: The Life and Legend of Babe Didrikson Zaharias (Urbana: University
of Illinois Press, 1995).

SUMMARY

Sports occupy a unique place in the public psyche. Although sports generate less revenue
than many other industries, sports results are predicted, reported, and analyzed in news-
papers, magazines, books, and TV and radio programs. This text presents economic models
from industrial organization, public fnance, and labor economics to provide insight into the
economics of sports. As you read the text, you will learn about the largest sports leagues in
North America and Europe as well as mega-events like the Olympics and their power to
illuminate economic theory. For example, one of the most important economic models is
that of comparative advantage. Despite having an absolute advantage as both a pitcher and
an outfelder and hitter, Babe Ruth specialized in playing the outfeld because he had a com-
parative advantage at hitting over pitching.
12 Introduction and Review of Economic Concepts

DISCUSSION QUESTIONS

1. Why do sports generate so much more news coverage than other industries that are much
larger in fnancial terms?
2. Why do some countries prefer particular sports over others? What factors might lead us
follow different sports?
3. The theory of comparative advantage predicts that athletes perform better when they spe-
cialize. Studies show that young athletes are increasingly focusing on a single sport. Do
you think this is a good idea?

PROBLEMS

1.1 Use an appropriate economic theory to explain why LeBron James might employ some-
one to answer his fan mail even if he can read the letters and type the responses more
quickly than the person he employs.
1.2 Is the following statement true or false? Explain your reasoning. “I am attending college
on a full athletic scholarship, so the opportunity cost of attending college is zero for me.”
1.3 From 1946 through 1967, the placekicker and offensive lineman for the Cleveland
Browns, Lou Groza, was successful on 54.9 percent of his feld goal attempts. In 2021,
the Browns’ kicker was Cody Parkey, who has been successful on 84.6 percent of his
attempts. Use the theory of comparative advantage to explain the massive improvement
in the Browns’ kicking game.
1.4 The term “fgure skating” refers to the shapes that skaters used to trace in the ice as part of
skating competitions. In the 1970s, this aspect of the sport was deemphasized and even-
tually eliminated. Use the theory of comparative advantage to show why eliminating this
part of the competition has led skaters to perform much more diffcult and sophisticated
jumps and spins.
1.5 Rose Lavelle is widely considered one of the best midfelders in international women’s
soccer. She is also an effective attacker, scoring three goals in the 2019 Women’s World
Cup, including a remarkable solo effort in the fnal. Based on the theory of comparative
advantage, what position should Lavelle play?
1.6 Athletes in the US are more likely to specialize in a specifc sport today at a much earlier
age than a generation or two ago when it was much more likely for high school or col-
lege students to be multisport athletes. What economic factors could explain this shift?
1.7 In July 2021, the NCAA modifed its policy on an athlete profting from his or her name,
image, or likeness (NIL), allowing college athletes for the frst time to earn money from
endorsements, appearance fees, monetizing Instagram/Twitter/TikTok accounts, coach-
ing, or selling autographs. Use the concept of opportunity cost to explain whether this
change in policy is likely to encourage athletes to stay in college and complete their
degrees.
Review of the Economist's Arsenal
Dallas Mavericks . The Business of Basketball. Forbes.com. At www.forbes.com/teams/dallas-mavericks/.
Accessed October 31, 2016.
Richard Feloni . How Mark Cuban turned the Dallas Mavericks franchise around by treating it like a startup.
Business Insider. At www.businessinsider.com/how-mark-cuban-turned-around-dallas-mavericks-2015-4.
Accessed October 31, 2016.
Mark’s Bio . At http://markcubancompanies.com/about.html. Accessed October 31, 2016.
Mark Cuban . Bio.com. At www.biography.com/people/mark-cuban-562656. Accessed October 31, 2016.
Mark Cuban Won’t Sell the Mavericks for Any Amount of Money. SI.com. At www.si.com/nba/2016/06/30/mark-
cuban-dallas-mavericks-wont-sell-any-amount. Accessed October 31, 2016.
Andrew Powell Morse . Mark Cuban : King of NBA Fines. Bleacher Report.com. At http://bleacher-
report.com/articles/1614812-mark-cuban-king-of-nba-fines. Accessed October 29, 2016.
Dwain Price . Fifteen years ago, Mark Cuban came to the Mavericks rescue. Star Telegram. www.star-
telegram.com/sports/nba/dallas-mavericks/article5390883.html. Accessed October 31, 2016.

Diversity, Equity, and Inclusion in Sports

John Bena . April 29, 2011. 2011 NFL Draft: Denver Broncos Trade Pick To San Francisco 49ers. Mile High
Report. At www.milehighreport.com/2011/4/29/2143429/2011-nfl-draft-denver-broncos-trade-pick-to-san-
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John Branch . September 7, 2017. The Awakening of Colin Kaepernick. New York Times. Online at
www.nytimes.com/2017/09/07/sports/colin-kaepernick-nfl-protests.html. Viewed November 8, 2021.
Colin Kaepernick . Pro Football Reference. At www.pro-football-reference.com/players/K/KaepCo00.htm.
Viewed November 8, 2021.
Tadd Haislop . September 13, 2020. Colin Kaepernick kneeling timeline: How protests during the national
anthem started a movement in the NFL. The Sporting News. At www.sportingnews.com/us/nfl/news/colin-
kaepernick-kneeling-protest-timeline/xktu6ka4diva1s5jxaylrcsse. Viewed November 8, 2021.
Ken Belson . March 21, 2019. N.F.L. Settlement with Kaepernick and Reid is Said to be Much Less Than $10
Million. At www.nytimes.com/2019/03/21/sports/colin-kaepernick-nfl-settlement.html.Viewed November 8, 2021.

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