Summary
Contents
Subject index
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.
Team Production and Efficiency in Sports
Team Production and Efficiency in Sports
Introduction
Seminal contributions to literature in the economics of professional team sports, such as Rottenberg (1956) and Neale (1964), have emphasised the importance of a key externality known as the uncertainty of outcome hypothesis (UOH). The UOH was first introduced by Rottenberg (1956), who argued that, other things being equal, the closer the competition between two competing teams in any sporting event, the greater the interest in the event and therefore the greater the attendance and revenue, thereby illustrating the joint production element in sports.
Neale (1964) further emphasised the importance of UOH and provided a boxing example now commonly known as the Louis–Schmeling paradox. Neale states that Joe Louis:
wants ...
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