The Champions League And The Coase Theorem
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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Volume (Year): 54 (2007)
Issue (Month): 3 (07)
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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.:
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- 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;North American Association of Sports Economists.
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- La Croix, Sumner J & Kawaura, Akihiko, 1999. "Rule Changes and Competitive Balance in Japanese Professional Baseball," Economic Inquiry, Western Economic Association International, vol. 37(2), pages 353-68, April.
- Thomas Hoehn & Stefan Szymanski, 1999. "The Americanization of European football," Economic Policy, CEPR;CES;MSH, vol. 14(28), pages 203-240, 04.
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