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The Champions League and the Coase Theorem

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Author Info
Stefan Szymanski () (Tanaka Business School, Imperial College)

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Abstract

The Coase Theorem is both one of the simplest and most profound ideas in economics. Coase’s insight was first expressed in print as a theorem by George Stigler, following the publication of the famous article “The Problem of Social Cost” by Nobel Laureate Ronald Coase (1960). Stigler stated it thus: “with zero transactions costs, private and social costs will be equal”. In this paper the Coase Theorem is approached through the medium of a sports league. While Coase’s 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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File URL: http://www.holycross.edu/departments/economics/RePEc/spe/Szymanski_Coase.pdf
File Format: application/pdf
File Function: Inaugural Lecture presented on May 11, 2005
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Publisher Info
Paper provided by International Association of Sports Economists in its series Working Papers with number 0617.

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Length: 27 pages
Date of creation: Oct 2006
Date of revision:
Handle: RePEc:spe:wpaper:0617

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Keywords: Coase;

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Find related papers by JEL classification:
L83 - Industrial Organization - - Industry Studies: Services - - - Sports; Gambling; Recreation; Tourism

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Craig A. Depken II, 1996. "Free-Agency and the Competitiveness of Major-League Baseball," Industrial Organization 9610001, EconWPA, revised 31 Oct 1996. [Downloadable!]
    Other versions:
  2. La Croix, Sumner J & Kawaura, Akihiko, 1999. "Rule Changes and Competitive Balance in Japanese Professional Baseball," Economic Inquiry, Oxford University Press, vol. 37(2), pages 353-68, April.
  3. Eckard, E Woodrow, 2001. "Free Agency, Competitive Balance, and Diminishing Returns to Pennant Contention," Economic Inquiry, Oxford University Press, vol. 39(3), pages 430-43, July.
  4. Stefan Szymanski, 2006. "Tilting the Playing Field: Why a sports league planner would choose less, not more, competitive balance," Working Papers 0620, International Association of Sports Economists. [Downloadable!]
  5. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October. [Downloadable!] (restricted)
  6. Stefan Szymanski & Stefan KÈsenne, 2004. "Competitive balance and gate revenue sharing in team sports," Journal of Industrial Economics, Blackwell Publishing, vol. 52(1), pages 165-177, 03. [Downloadable!] (restricted)
    Other versions:
  7. Thomas Hoehn & Stefan Szymanski, 1999. "The Americanization of European football," Economic Policy, CEPR, CES, MSH, vol. 14(28), pages 203-240, 04. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Trudo Dejonghe & Wim Van Opstal, 2008. "The consequences of an open labour market in a closed product market in the economic environment of European professional football," Working Papers 0830, International Association of Sports Economists. [Downloadable!]
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