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Goal! Profit Maximization Versus Win Maximization in Soccer


  • Pedro Garcia-del-Barrio


  • Stefan Szymanski



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Suggested Citation

  • 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

    1. 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.
    2. 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.
    3. Donald L. Alexander, 2001. "Major League Baseball," Journal of Sports Economics, , vol. 2(4), pages 341-355, November.
    4. Roger G. Noll, 2002. "The Economics of Promotion and Relegation in Sports Leagues," Journal of Sports Economics, , vol. 3(2), pages 169-203, May.
    5. 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.
    6. Guido Ascari & Philippe Gagnepain, 2006. "Spanish Football," Journal of Sports Economics, , vol. 7(1), pages 76-89, February.
    7. Mark Walker & John Wooders, 2001. "Minimax Play at Wimbledon," American Economic Review, American Economic Association, vol. 91(5), pages 1521-1538, December.
    8. 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.
    9. 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.
    10. Ignacio Palacios-Huerta, 2003. "Professionals Play Minimax," Review of Economic Studies, Oxford University Press, vol. 70(2), pages 395-415.
    11. 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.
    12. Stefan Kesenne, 2000. "Revenue Sharing and Competitive Balance in Professional Team Sports," Journal of Sports Economics, , vol. 1(1), pages 56-65, February.
    13. Stefan Szymanski, 2003. "The Economic Design of Sporting Contests," Journal of Economic Literature, American Economic Association, vol. 41(4), pages 1137-1187, December.
    14. 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.
    15. 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.
    16. 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.
    17. 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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    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. 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.
    3. Stefan Szymanski, 2013. "Wages, transfers and the variation of team performance in the English Premier League," Chapters,in: The Econometrics of Sport, chapter 3, pages 53-62 Edward Elgar Publishing.
    4. 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.
    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. Nyberg, Sten & Priks, Mikael, 2014. "Public Order and Private Payments: Paying for Police Services at Events," Research Papers in Economics 2014:3, Stockholm University, Department of Economics.
    9. Lionel Page & Markus Schaffner & Marie Beigelman, 2016. "Striking strikers. A case of player mispricing in Association Football," QuBE Working Papers 043, QUT Business School.
    10. Bernd Frick, 2013. "Team wage bills and sporting performance: evidence from (major and minor) European football leagues," Chapters,in: The Econometrics of Sport, chapter 4, pages 63-80 Edward Elgar Publishing.
    11. repec:kap:jproda:v:48:y:2017:i:1:d:10.1007_s11123-017-0508-4 is not listed on IDEAS
    12. Peter Sloane, 2014. "Club objectives," Chapters,in: Handbook on the Economics of Professional Football, chapter 1, pages 13-22 Edward Elgar Publishing.
    13. 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 Applied Economics.
    14. repec:eee:pubeco:v:153:y:2017:i:c:p:1-8 is not listed on IDEAS
    15. 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.
    16. repec:spr:epolit:v:34:y:2017:i:3:d:10.1007_s40888-017-0062-6 is not listed on IDEAS
    17. 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.
    18. Stefan Szymanski, 2014. "Insolvency in English football," Chapters,in: Handbook on the Economics of Professional Football, chapter 7, pages 100-116 Edward Elgar Publishing.
    19. 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


    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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