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Goal! Profit Maximization Versus Win Maximization in Soccer

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  • Pedro Garcia-del-Barrio

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  • Stefan Szymanski

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  • Pedro Garcia-del-Barrio & Stefan Szymanski, 2009. "Goal! Profit Maximization Versus Win Maximization in Soccer," Review of Industrial Organization, Springer;The Industrial Organization Society, vol. 34(1), pages 45-68, February.
  • Handle: RePEc:kap:revind:v:34:y:2009:i:1:p:45-68
    DOI: 10.1007/s11151-009-9203-6
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    References listed on IDEAS

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    1. Ferguson, D G, , et al, 1991. "The Pricing of Sports Events: Do Teams Maximize Profit?," Journal of Industrial Economics, Wiley Blackwell, vol. 39(3), pages 297-310, March.
    2. Bernd Frick & Robert Simmons, 2008. "The impact of managerial quality on organizational performance: evidence from German soccer," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 29(7), pages 593-600.
    3. Stephen Hall & Stefan Szymanski & Andrew S. Zimbalist, 2002. "Testing Causality Between Team Performance and Payroll," Journal of Sports Economics, , vol. 3(2), pages 149-168, May.
    4. Donald L. Alexander, 2001. "Major League Baseball," Journal of Sports Economics, , vol. 2(4), pages 341-355, November.
    5. Roger G. Noll, 2002. "The Economics of Promotion and Relegation in Sports Leagues," Journal of Sports Economics, , vol. 3(2), pages 169-203, May.
    6. Prajit K. Dutta & Roy Radner, 1999. "Profit Maximization and the Market Selection Hypothesis," Review of Economic Studies, Oxford University Press, vol. 66(4), pages 769-798.
    7. Guido Ascari & Philippe Gagnepain, 2006. "Spanish Football," Journal of Sports Economics, , vol. 7(1), pages 76-89, February.
    8. Mark Walker & John Wooders, 2001. "Minimax Play at Wimbledon," American Economic Review, American Economic Association, vol. 91(5), pages 1521-1538, December.
    9. Ali Hortaçsu & Steven L. Puller, 2008. "Understanding strategic bidding in multi‐unit auctions: a case study of the Texas electricity spot market," RAND Journal of Economics, RAND Corporation, vol. 39(1), pages 86-114, March.
    10. P.-A. Chiappori, 2002. "Testing Mixed-Strategy Equilibria When Players Are Heterogeneous: The Case of Penalty Kicks in Soccer," American Economic Review, American Economic Association, vol. 92(4), pages 1138-1151, September.
    11. Ignacio Palacios-Huerta, 2003. "Professionals Play Minimax," Review of Economic Studies, Oxford University Press, vol. 70(2), pages 395-415.
    12. Pedro Garcia-del-Barrio & Francesc Pujol, 2007. "Hidden monopsony rents in winner-take-all markets-sport and economic contribution of Spanish soccer players," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 28(1), pages 57-70.
    13. Stefan Kesenne, 2000. "Revenue Sharing and Competitive Balance in Professional Team Sports," Journal of Sports Economics, , vol. 1(1), pages 56-65, February.
    14. Stefan Szymanski, 2003. "The Economic Design of Sporting Contests," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1137-1187, December.
    15. Sloane, Peter J, 1971. "The Economics of Professional Football: The Football Club as a Utility Maximiser," Scottish Journal of Political Economy, Scottish Economic Society, vol. 18(2), pages 121-146, June.
    16. Stefan Szymanski & Tommaso M. Valletti, 2005. "Promotion and Relegation in Sporting Contests," Rivista di Politica Economica, SIPI Spa, vol. 95(3), pages 3-39, May-June.
    17. Lawrence M. Kahn, 2000. "The Sports Business as a Labor Market Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 75-94, Summer.
    18. Thomas Hoehn & Stefan Szymanski, 1999. "The Americanization of European football," Economic Policy, CEPR;CES;MSH, vol. 14(28), pages 203-240, April.
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    Citations

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    Cited by:

    1. Paul Madden & Mario Pezzino, 2013. "Sports League Quality, Broadcaster TV Rights Bids and Wholesale Regulation of Sports Channels," The School of Economics Discussion Paper Series 1304, Economics, The University of Manchester.
    2. Sanchez Santos Jose Manuel & Dopico Jesús & Castellanos Pablo, 2012. "Playing Success and Local Market Size in Spanish Football League: Can Small Cities Dream of Winning Teams?," Journal of Quantitative Analysis in Sports, De Gruyter, vol. 8(2), pages 1-23, June.
    3. Daniel Plumley & Rob Wilson & Robbie Millar & Simon Shibli, 2019. "Howzat? The Financial Health of English Cricket: Not Out, Yet," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 7(1), pages 1-17, February.
    4. Eremin, G., 2018. "Analysis of Factors Influencing the Pricing of Transfers in European Professional Football," Journal of the New Economic Association, New Economic Association, vol. 40(4), pages 174-183.
    5. Marc Rohde & Christoph Breuer, 2016. "Europe’s Elite Football: Financial Growth, Sporting Success, Transfer Investment, and Private Majority Investors," International Journal of Financial Studies, MDPI, Open Access Journal, vol. 4(2), pages 1-20, June.
    6. Paul Madden, 2012. "Welfare Economics of "Financial Fair Play" in a Sports League With Benefactor Owners," The School of Economics Discussion Paper Series 1221, Economics, The University of Manchester.
    7. Pedro Garcia‐del‐Barrio & Francesc Pujol, 2009. "The Rationality of Under‐employing the Best‐performing Soccer Players," LABOUR, CEIS, vol. 23(3), pages 397-419, September.
    8. Lionel Page & Markus Schaffner & Marie Beigelman, 2016. "Striking strikers. A case of player mispricing in Association Football," QuBE Working Papers 043, QUT Business School.
    9. Bernd Frick, 2013. "Team wage bills and sporting performance: evidence from (major and minor) European football leagues," Chapters, in: Plácido Rodríguez & Stefan Késenne & Jaume García (ed.), The Econometrics of Sport, chapter 4, pages 63-80, Edward Elgar Publishing.
    10. R. Todd Jewell, 2017. "Technical efficiency with multi-output, heterogeneous production: a latent class, distance function model of english football," Journal of Productivity Analysis, Springer, vol. 48(1), pages 37-50, August.
    11. PEETERS, Thomas & SZYMANSKI, Stefan, 2012. "Vertical restraints in soccer: Financial fair play and the English Premier League," Working Papers 2012028, University of Antwerp, Faculty of Business and Economics.
    12. Raul Caruso & Marco Di Domizio & Domenico Rossignoli, 2017. "Aggregate wages of players and performance in Italian Serie A," Economia Politica: Journal of Analytical and Institutional Economics, Springer;Fondazione Edison, vol. 34(3), pages 515-531, December.
    13. Terry Robinson & Robert Simmons, 2014. "Gate-Sharing and Talent Distribution in the English Football League," International Journal of the Economics of Business, Taylor & Francis Journals, vol. 21(3), pages 413-429, November.
    14. Madden, Paul, 2012. "Fan welfare maximization as a club objective in a professional sports league," European Economic Review, Elsevier, vol. 56(3), pages 560-578.
    15. Stefan Szymanski, 2013. "Wages, transfers and the variation of team performance in the English Premier League," Chapters, in: Plácido Rodríguez & Stefan Késenne & Jaume García (ed.), The Econometrics of Sport, chapter 3, pages 53-62, Edward Elgar Publishing.
    16. Aloys L. Prinz, 2019. "Indirect Evolution and Aggregate-Taking Behavior in a Football League: Utility Maximization, Profit Maximization, and Success," Games, MDPI, Open Access Journal, vol. 10(2), pages 1-12, May.
    17. Michele Bisceglia & Assunta Gabriella Caputi & Luca Grilli & Vincenzo Pacelli, 2018. "Internal Balance and International Competitiveness: Sports Leagues Decision Models," Italian Economic Journal: A Continuation of Rivista Italiana degli Economisti and Giornale degli Economisti, Springer;Società Italiana degli Economisti (Italian Economic Association), vol. 4(3), pages 567-578, November.
    18. Rohde, Marc & Breuer, Christoph, 2018. "Competing by investments or efficiency? Exploring financial and sporting efficiency of club ownership structures in European football," Sport Management Review, Elsevier, vol. 21(5), pages 563-581.
    19. Nyberg, Sten & Priks, Mikael, 2017. "Public order and private payments: Evidence from the Swedish soccer league," Journal of Public Economics, Elsevier, vol. 153(C), pages 1-8.
    20. Peter Sloane, 2014. "Club objectives," Chapters, in: John Goddard & Peter Sloane (ed.), Handbook on the Economics of Professional Football, chapter 1, pages 13-22, Edward Elgar Publishing.
    21. Hackinger, Julian, 2019. "Ignoring millions of Euros: Transfer fees and sunk costs in professional football," Journal of Economic Psychology, Elsevier, vol. 75(PB).
    22. Caruso, Raul & Carlo, Bellavite Pellegrini & Marco, Di Domizio, 2016. "Does diversity in the payroll affect soccer teams’ performance? Evidence from the Italian Serie A," MPRA Paper 75644, University Library of Munich, Germany.
    23. Fabíola Zambom-Ferraresi & Fernando Lera-López & Belén Iráizoz, 2017. "And if the ball does not cross the line? A comprehensive analysis of football clubs’ performance," Applied Economics Letters, Taylor & Francis Journals, vol. 24(17), pages 1259-1262, October.
    24. Stefan Szymanski, 2014. "Insolvency in English football," Chapters, in: John Goddard & Peter Sloane (ed.), Handbook on the Economics of Professional Football, chapter 7, pages 100-116, Edward Elgar Publishing.
    25. Szymanski, Stefan & Wilkinson, Guy, 2016. "Testing the O-Ring theory using data from the English Premier League," Research in Economics, Elsevier, vol. 70(3), pages 468-481.

    More about this item

    Keywords

    Club owners’ objectives; Profits; Sport performance; L21; L82; J24; J31;

    JEL classification:

    • L21 - Industrial Organization - - Firm Objectives, Organization, and Behavior - - - Business Objectives of the Firm
    • L82 - Industrial Organization - - Industry Studies: Services - - - Entertainment; Media
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J31 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - Wage Level and Structure; Wage Differentials

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