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The Champions League and the Coase Theorem

  • Stefan Szymanski

    ()

    (Tanaka Business School, Imperial College)

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://college.holycross.edu/RePEc/spe/Szymanski_Coase.pdf
File Function: Inaugural Lecture presented on May 11, 2005
Download Restriction: no

Paper provided by International Association of Sports Economists & North American 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
Contact details of provider: Web page: http://www.cdes.fr/index.php?id=fr69

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  1. Varouj Aivazian & Jeffrey Callen, 2003. "The Core, Transaction Costs, and the Coase Theorem," Constitutional Political Economy, Springer, vol. 14(4), pages 287-299, December.
  2. Craig A. Depken II, 1996. "Free-Agency and the Competitiveness of Major-League Baseball," Industrial Organization 9610001, EconWPA, revised 31 Oct 1996.
  3. Eckard, E Woodrow, 2001. "Free Agency, Competitive Balance, and Diminishing Returns to Pennant Contention," Economic Inquiry, Western Economic Association International, vol. 39(3), pages 430-43, July.
  4. SZYMANSKI, Stefan & KÉSENNE, Stefan, 2003. "Competitive balance and gate revenue sharing in team sports," Working Papers 2003003, University of Antwerp, Faculty of Applied Economics.
  5. Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October.
  6. 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.
  7. 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.
  8. Thomas Hoehn & Stefan Szymanski, 1999. "The Americanization of European football," Economic Policy, CEPR;CES;MSH, vol. 14(28), pages 203-240, 04.
  9. Brad R. Humphreys, 2002. "Alternative Measures of Competitive Balance in Sports Leagues," Journal of Sports Economics, , vol. 3(2), pages 133-148, May.
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