Bidding Till Bankrupt: Destructive Competition in Professional Team Sports
The analysis and evidence here suggest that the market for star athletes in professional sports could be subject to "destructive competition"--a competitive process that drives some participants from a market even though it is inefficient for them to leave. When pursuing a league championship, the talent that turns an average team into a contender contributes disproportionately to the team's success. Teams that fail to earn enough on the last stars they sign to offset losses on their inframarginal talent will abandon a competitive market for star athletes. Other situations that involve input rivalry between producers might yield similar results. Copyright 1993 by Oxford University Press.
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Volume (Year): 31 (1993)
Issue (Month): 1 (January)
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