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SG3sportsF11 - SportsEconomics...

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Sports Economics Study Guide Three: Competitive Balance September 15, 2011 Neal, Walter. 1964. “The Peculiar Economics of Professional Sports” Quarterly Journal of Economics 78 (February): 1-14. 1. Explain the following terms and concepts. a. The Louis-Schmelling paradox b. The inverted joint product or the product joint 2. Why is competitive balance important to a professional sports league? Reference the work of Rottenberg (1956), Neal (1964), and the empirical studies noted in lecture and the text. 3. List and explain the different streams of utility derived from professional baseball. 4. List and explain the four possible cases of inter-league competition. 5. Explain Neale’s assertion that professional sports are best characterized as a natural monopoly. Be sure to define your terms in answering this question. Competitive Balance Questions 1. Define the term ‘competitive balance’. 2. What is the optimal winning percentage (on average) for Major League Baseball teams? Reference the work of Knowles, Sherony, Haupert (1992) and Rascher (1999).
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