Sports economics is a well-established and dynamic area of study; a key component in the fields of sport management, sport science and sport studies, as well as in other areas of economics, finance and management. Covering amateur to professional sports, individual events and organised tournaments, this Handbook provides an authoritative contribution to the understanding of sport in the economy. The editors of The SAGE Handbook of Sports Economics have brought together a global team of respected scholars to create this benchmark collection of insights into sports economics. Each chapter includes a study of a specific context in which issues arise in sports economics, a critical presentation of its main theoretical contributions, an overview of current research findings, and an outline of enquiry for future research. PART I: The Nature and Value of the Sports System and Economy; PART II: Amateur Sports Participation, Supply and Impact; PART III: Professional Team Sports; PART IV: Professional Sports Leagues; PART V: Sports Events and their Impacts; PART VI: Individual Sports; and PART VII: Future Research.

Competition Policy in Sports Markets

Competition policy in sports markets
Oliver Budzinski

Introduction: Why, When, and How do Competition Rules Apply to Sports?

The virtue of competitive markets is the decentralized coordination mechanism, driving supply and demand towards each other. As a consequence, competitive markets coordinate economic relations and while doing so promote efficiency of (i) allocation (static welfare), (ii) innovation (dynamic welfare) as well as (iii) reactive capacity (evolutionary welfare). Furthermore, competition is simultaneously a precondition and a consequence of the individual freedom to act in economic affairs (freedom of consumption choice, freedom of supply). However, competitive markets can only be workable and effective if anticompetitive arrangements and conduct by the market participants undermining competition forces is prevented.1 It is the task ...

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