The Champions League And The Coase Theorem
AbstractThe Coase Theorem is both one of the simplest and most profound ideas in economics. Coaseâs insight was first expressed in print as a theorem by George Stigler, following the publication of the famous article âThe Problem of Social Costâ by Nobel Laureate Ronald Coase (1960). Stigler stated it thus: âwith zero transactions costs, private and social costs will be equalâ. In this paper the Coase Theorem is approached through the medium of a sports league. While Coaseâs article dates from 1960, a colleague at Chicago University published a discussion of the market for baseball players in 1956 which almost completely anticipates the more famous paper (Rottenberg (1956)).
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Bibliographic InfoArticle provided by Scottish Economic Society in its journal Scottish Journal of Political Economy.
Volume (Year): 54 (2007)
Issue (Month): 3 (07)
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- L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Restaurants; Recreation; Tourism
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