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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- Usher, Dan, 1998. "The Coase theorem is tautological, incoherent or wrong," Economics Letters, Elsevier, vol. 61(1), pages 3-11, October.
- Craig Depken, 1999.
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Springer;The Industrial Organization Society, vol. 14(3), pages 205-217, May.
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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.
- Stefan Szymanski & Stefan KÈsenne, 2004.
"Competitive balance and gate revenue sharing in team sports,"
Journal of Industrial Economics,
Wiley Blackwell, vol. 52(1), pages 165-177, 03.
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- Stefan KÃ‰senne, 2004. "Competitive Balance and Revenue Sharing," Journal of Sports Economics, , vol. 5(2), pages 206-212, May.
- Eckard, E Woodrow, 2001. "Free Agency, Competitive Balance, and Diminishing Returns to Pennant Contention," Economic Inquiry, Western Economic Association International, vol. 39(3), pages 430-443, July.
- Varouj Aivazian & Jeffrey Callen, 2003. "The Core, Transaction Costs, and the Coase Theorem," Constitutional Political Economy, Springer, vol. 14(4), pages 287-299, December.
- Thomas Hoehn & Stefan Szymanski, 1999. "The Americanization of European football," Economic Policy, CEPR;CES;MSH, vol. 14(28), pages 203-240, 04.
- Michael R. Butler, 1995. "Competitive Balance in Major League Baseball," The American Economist, , vol. 39(2), pages 46-52, October.
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