The Economics of Sports The sports industry provides a seemingly endless set of examples from every area of microeconomics, giving students the opportunity to study economics in a context that holds their interest Thoroughly updated to reflect the current sports landscape, The Economics of Sports introduces core economic concepts and theories and applies them to American and international sports Updates for this sixth edition include: More coverage of international sports, including European football; A revised chapter on competitive balance, reflecting new techniques; A brand-new chapter on mega-events such as the Olympics and World Cup; New material on umpire bias; A completely redesigned chapter on amateur competition that focuses exclusively on intercollegiate sports This chapter is also now modular, enabling instructors who wish to intersperse it with the other chapters to so with greater ease This accessible text is accompanied by a companion website which includes resources for students and instructors It is the perfect text for advanced undergraduate and graduate courses on sports economics Michael A Leeds is Professor and Department Chair of Economics at Temple University, Philadelphia, PA, USA, and a research associate at IZA, USA He has published numerous articles in labor economics and the economics of sports, and was co-editor of the Handbook on the Economics of Women in Sports He has won departmental, college, and university awards for his teaching From 2007 to 2009, he was an Assistant Dean at Temple University, Japan Peter von Allmen is Professor at the Department of Economics, Skidmore College, Saratoga Springs, NY, USA He previously served as the president of the North American Association of Sports Economics, and his primary research area is sports economics, with a particular focus on compensation schemes, incentives, and monopsony power Victor A Matheson is Professor of Economics at the College of the Holy Cross, Worcester, MA, USA He is co-editor of the Journal of Sports Economics and has written over 80 journal articles and book chapters In addition, he worked as a soccer referee for 30 years and has officiated matches in Major League Soccer as well as over 400 Division college games The Economics of Sports Sixth Edition Michael A Leeds, Peter von Allmen and Victor A Matheson Sixth edition published 2018 by Routledge 711 Third Avenue, New York, NY 10017 and by Routledge Park Square, Milton Park, Abingdon, Oxon, OX14 4RN Routledge is an imprint of the Taylor & Francis Group, an informa business © 2018 Taylor & Francis The right of Michael A Leeds, Peter von Allmen and Victor A Matheson to be identified as authors of this work has been asserted by them in accordance with sections 77 and 78 of the Copyright, Designs and Patents Act 1988 All rights reserved No part of this book may be reprinted or reproduced or utilised in any form or by any electronic, mechanical, or other means, now known or hereafter invented, including photocopying and recording, or in any information storage or retrieval system, without permission in writing from the publishers Trademark notice: Product or corporate names may be trademarks or registered trademarks, and are used only for identification and explanation without intent to infringe First edition published by Pearson Education 2001 Fifth edition published by Pearson 2014 Library of Congress Cataloging-in-Publication Data A catalog record for this book has been requested ISBN: 978-1-138-05216-1 (hbk) ISBN: 978-1-315-16794-7 (ebk) Typeset in Corbel and Myriad Pro by Apex CoVantage, LLC Visit the companion website: www.routledge.com/cw/Leeds Brief Contents List of Figures List of Tables Preface Part One: Introduction and Review of Economic Concepts Economics and Sports Review of the Economist’s Arsenal Part Two: The Industrial Organization of Sports Sports Leagues and Franchises Monopoly and Antitrust Competitive Balance Part Three: Public Finance and Sports The Public Finance of Sports: Who Benefits and How? The Public Finance of Sports: Who Pays and Why? Mega-Events Part Four: The Labor Economics of Sports An Introduction to Labor Markets in Professional Sports 10 Labor Market Imperfections 11 Discrimination Part Five: Sports in the Not-for-Profit Sector 12 The Economics of Intercollegiate Sports References Index Detailed Contents List of Figures List of Tables Preface Part One: Introduction and Review of Economic Concepts Economics and Sports Introduction 1.1 The Organization of the Text Special Features and Additional Resources 1.2 Babe Ruth and Comparative Advantage Opportunity Costs Absolute and Comparative Advantage Biographical Sketch: Babe Didrikson Zaharias Summary, Discussion Questions, Problems Review of the Economist’s Arsenal Introduction Learning Objectives 2.1 The Supply and Demand Model Demand, Supply, and Equilibrium Changes in Supply and Demand 2.2 Output and the Production Function A Note on the Definition of Output The Production Function Price Ceilings and the Economics of Scalping 2.3 Market Structures: From Perfect Competition to Monopoly Perfect Competition Monopoly and Other Imperfectly Competitive Market Structures The Impact of an Increase in Costs 2.4 The Rise of Professional Sports Biographical Sketch: Mark Cuban Summary, Discussion Questions, Problems Appendix 2A: Utility Functions, Indifference Curves, and Budget Constraints 2A.1 Constrained Maximization 2A.2 Using Indifference Curves and Budget Constraints: The Rise of Soccer and Baseball Appendix 2B: Regression Analysis in Brief Part Two: The Industrial Organization of Sports Sports Leagues and Franchises Introduction Learning Objectives 3.1 Open versus Closed Leagues 3.2 The Economics of Team Behavior Maximizing Profits or Maximizing Wins? 3.3 Closed Leagues: Revenue and Cost in North American Sports Revenue and Cost Revenue Is Determined by Demand A Detailed Look at Revenue Costs League Size, Opportunity Cost, and Team Movement 3.4 Open Leagues: Revenue and Cost in European Soccer Profit Maximization in Soccer 3.5 Single-Entity Ownership Biographical Sketch: Bill Veeck Summary, Discussion Questions, Problems Monopoly and Antitrust Introduction Learning Objectives 4.1 What’s Wrong with Monopoly? Monopolists and Deadweight Loss Do Monopolies Always Charge Monopoly Prices? Promotion, Relegation, and Monopoly Power in Open Leagues 4.2 Strategic Pricing Variable and Dynamic Ticket Pricing Bundling Price Discrimination and Two-Part Pricing 4.3 What’s Right with Monopoly? 4.4 Strategic Barriers to Entry 4.5 Society’s Response to Monopoly: Antitrust Laws An Important Anomaly: Baseball’s Antitrust Exemption Leagues That Lack an Antitrust Exemption Limited Exemptions: The NFL and Television Biographical Sketch: Alvin “Pete” Rozelle Summary, Discussion Questions, Problems Competitive Balance Introduction Learning Objectives 5.1 Why Study Competitive Balance? The Fans’ Perspective The Owners’ Perspective The Effect of Market Size maturity 198 Mays, Willie 156 Mayweather, Floyd 239 McCarthy, Danielle 350 McDonald, David J 293 McMorris, Jerry 291 McNamee, Frank 112 McNeil et al v National Football League 280 McPhail, Bill 113 ME see marginal expenditure (ME) mega-events: advertising and branding 221–222; and all-or-nothing demand curve 229–230; ancient Olympics 207–208; characteristics of 206–207; costs of hosting 222–226; declines in tourism during 214–215; distribution of costs and benefits 227; and event analysis 219; ex ante studies of 212–216; ex post studies of 216–219; history of 206–211; and infrastructure 221, 222–223; and leakages 216; longrun benefits of hosting 219–222; modern Olympics 208–210; non-economic rationales for hosting 227–228; and public safety 223; revenues of 211–212; short-run benefits of hosting 211–219; “winner’s curse” 228–229; see also specific events Mercedes-Benz Park 163 Messi, Lionel 252 MetLife Stadium 160 Michener, James 344 Miller, Marvin 281, 284, 292–293 Miller Park 151 Mills, Brian 300 Milwaukee Braves 141 Milwaukee Brewers 141, 151 minimum efficient scale 103 Minnesota Twins 154 Minnesota Vikings 170, 187 minor leagues 56 MLB (Major League Baseball): antitrust exemption of 107–109, 280; arbitration in 283–284; discrimination in 300, 304–306, 308–309, 312; and free agency 280–281, 282; luxury taxes 137; and performance-enhancing drugs (PED) 257; and revenue sharing 135; rise of 34–36; salary cap exemption 271 MLBPA see Major League Baseball Players Association (MLBPA) MLS (Major League Soccer) 157, 205; see also soccer models 13 Mondello, Michael 345 Moneyball (Lewis) 138–139 monopolies 30–34; and all-or-nothing demand curve 229; and antitrust laws 106–111; bilateral 276–278; challenges to 110; and deadweight losses 94; and discrimination 306–307; and entry barriers 104–106, 342–343; impacts of 92–94; and intercollegiate sports 337–344; and monopsonies 272; natural 103–104; NFL as 91; and open leagues 95–96; power of 90; and prices 95; strategic pricing 96–102; teams as 183–186; see also closed leagues monopsony power 90, 272–275; and discrimination 306–307; measuring 284–285; and salary arbitration 282–283; see also salaries Moore, Robert 217 Morgan, Alex 314 MPC see marginal propensity to consume (MPC) MPS see marginal propensity to save (MPS) MRPL see marginal revenue product of labor (MRPL) multiplier effects 166–168 municipal bonds 198–199 municipal ownership 190–191 Munsey, Paul 192 Nadal, Rafael 248 Nagel, Juan 346 Nagurski, Bronko 137 naming rights 70–71 Napier, Shabazz 347 Nardinelli, Clark 23, 310 NASCAR 122, 253–254 Nash, John 276, 278 National Basketball Association (NBA) see NBA (National Basketball Association) National Collegiate Athletic Association (NCAA) see NCAA (National Collegiate Athletic Association) National Football League (NFL) see NFL (National Football League) National Hockey League (NHL) see NHL (National Hockey League) National League 74–75, 90 natural monopolies 103–104 NBA (National Basketball Association) 110; discrimination in 300, 310–311, 313; and free agency 280, 281; luxury taxes 136–137; and revenue sharing 135; salaries 245; and salary caps 136; salary caps in 285; stadium-sharing agreements with NHL 156 NBA v San Diego Clippers 105–106 NCAA (National Collegiate Athletic Association): academic progress rates (APR) 342; academic standards 341–343; and antitrust laws 340, 343–344; history of 328–329; as incidental cartel 338; and monopoly power 337–344; and Prisoner’s Dilemma 340–341; and Sanity Code 328; and scholarships 347; structure of 329–330; and Vaccaro 355–356; see also sports, intercollegiate NCAA basketball tournament 334–335 negative externality 161, 214 Negro Leagues 85, 304, 305–306 net exports 165 Netz, Janet 346 New England Patriots 151–152 Newfield, Jack 179 New York Giants (baseball) 156 New York Giants (football) 111 New York Mets 156 New York Yankees 58, 59, 108, 120 NFL (National Football League): and Alvin “Pete” Rozelle 111–114; and antitrust laws 343; challenges to monopoly of 110; discrimination in 300, 306, 307; and free agency 280, 281; limited antitrust exemption for 110, 113; market power of 96–97; as monopoly 91; and revenue sharing 135; and salary caps 136; salary caps in 286; team schedules 139–140; and television 113; see also Super Bowl NHL (National Hockey League): arbitration in 283; and competitive balance 140; discrimination in 302–304, 307, 311; and free agency 280, 281–282; and revenue sharing 135; and salary caps 136; salary caps in 285–286; stadium-sharing agreements with NBA 156; strikes and lockouts in 289, 291–292; team mobility of 187–188 Nike 355 Niskanen, William 169 Nocera, Joe 347 non-excludability 159 non-exclusive franchise tag 282 non-rivalry 159 normal goods 17 Nowitzki, Dirk 37 Oakland Athletics 138–139 Oakland Raiders 156, 172, 173, 174, 183 O’Bannon, Ed 343, 356 O’Bannon v NCAA 343 “Olympic Effect” 222 Olympics: amateur ideals of 209; in ancient Greece 207–208; and Babe Didrikson 9; cost overruns 224; declines in tourism during 215; and defining gender 315; effect of, on Barcelona as host 221; and export growth of hosts 222; facilities as legacy of host locations 219–220; and foreign policy 3; and invariance principle 133–134; location selection of 209–210; Los Angeles (1984) 224, 226; and Mitt Romney 230–231; in modern times 208–210; and public safety 223; and “winner’s curse” 228–229 O’Malley, Walter 179, 181, 318 online media 68–69 open economies 167 open leagues: vs closed leagues 56–57; and competitive balance 140; defined 56–57; promotion and relegation 57, 95–96; revenues and costs in 78–83 opportunity costs 196; of Babe Ruth as pitcher vs outfielder 6–7; closed leagues 73; defined 6; of megaevent hosting 221; and team mobility 181 Oriole Park at Camden Yards 150 Orlando Magic 138 Orr, Bobby 291 output 24–27 parachute payments 83 Paserman, M Daniele 250 pay disparity 251–252, 253–254 PED see performance-enhancing drugs (PED) Peeters, Thomas 215 Perez, Stephen 344 perfect (first-degree) price discrimination 100 perfect competition 28–30 performance 244, 248, 253 performance-enhancing drugs (PED) 255–257 personal seat licenses 102 Petco Park 171 Philadelphia 76ers 55, 138 Philadelphia Phillies 58, 59, 85 Philadelphia World Hockey Club v Philadelphia Hockey Club 280 Pickens, T Boone 345 “ping-pong diplomacy” Plessy v Ferguson 351 Plutarch 207 point-shaving scandals 329 Pollard, Fritz 352 Polo Grounds 156 Pope, Devin 344 Pope, Jaren 344 positive externality 161 present value 185–186 Preston, Ian 310 Price, Joseph 300 price ceilings 27–28 price discrimination 100–102 prices 22–23; see also ticket prices price-takers 29 Prim, Eric 310 Prisoner’s Dilemma 256–257, 307–308, 339–341 producer surplus 93 production: defined 24; long run 24; short run 24; and total product of labor 24, 26 production function, and output 24–27 productivity 248 professional associations 278–279; see also unions professional athletes see athletes professional sports see sports, professional Progressive Field 150, 171, 185 promotion and relegation 57, 95–96, 140 property rights 133, 134 prospect theory 121 public choice 94, 168–170, 197 public finance public goods 159–160, 344 public-private partnership 182 public safety 223 Purdy, Dean 350 Putin, Vladimir 255 Pyun, Hyunwoong 284 Qatar 205–206 quantity discounts 101 Quicken Loans Arena 171, 185 Quinn, Kevin 158 Racial and Gender Report Cards 300 racism 23, 351–352; see also discrimination Radovich v National Football League 280 Ramsey rule 192 rank-order tournaments 248–252 Rapinoe, Megan 314 Rasp, John 300 rational choice 40 Raveling, George 355 Ray, Margaret 315 Real Madrid 59 recession (2008) 17 Reese, Pee Wee 309 Reeves, Dan 112 regression analysis 48–51 regulation 106–107 rent gradients 189–190 rent seeking 94 reserve clause 85, 108–109, 184, 274–275, 279–280, 293 restricted free agency 281 revenues: advanced media 68–69; broadcast 66–67, 81–82; and closed leagues 61–72; vs costs 62–65; gate 65, 332; generated by sports 3–4; from intercollegiate sports 331–335; licensing agreements 69; local television 67–68; and open leagues 78–83; parachute payments 83; solidarity payments 83; sources of, for European soccer 80–82; transfers of 71–72; venue and sponsorship 69–71, 332 revenue sharing 82–83, 135–136 reverse-order entry draft 137–139 Rhoads, Thomas 159 Ricardo, David 198 Richard, Maurice 160 Richter, Felix 222 Rickey, Branch 299, 316–318 right of first refusal 281 Rishe, Patrick 97 Robertson, Oscar 280 Robertson v NBA 280 Robeson, Paul 352 Robinson, Jackie 85, 299, 308–309, 317, 351 Rockne, Knute 348 Rodriguez, Alex 259 Rogers Centre 156 Romney, Dick 339–340 Romney, Mitt 226, 230–231 Ronaldo, Cristiano 252 Rooney, Art 112 Rooney, Dan 313 “Rooney Rule” 313 Roosevelt, Theodore 328 Rose, Andrew 222 Rosenbloom, Carroll 182 Rottenberg, Simon 133 Rozelle, Alvin “Pete” 110–114, 173, 280 Rozelle rule 280 Rupp, Adolph 329 Ruppert, Jacob 181 Ruseski, Jane 256 Rush, Ed 37 Rustichini, Aldo 250 Ruth, George Herman “Babe” 6–8 Ruther, Matthew 313 salaries: arbitration 282–284; and baseball’s reserve clause 108–109, 274–275; in baseball vs football 271; and bilateral monopolies 276–278; of college coaches 336; as franchise cost 73; growth in, of pro athletes 240–241, 271; and human capital 247–248; for men vs women 314–315; and players’ unions 271; rival leagues’ impact on 273–274; see also monopsony power salary caps: and competitive balance 136–137; hard vs soft 136; impact of 287–288; Larry Bird exception 136; MLB exemption from 271; in NBA 285; in NFL 286; in NHL 285–286 sales taxes 192–198 Salovey, Peter 350 Salt Lake Organizing Committee (SLOC) 231 Sanderson, Allen 170 San Diego Clippers 105–106 San Francisco 49ers 151–152 Sanity Code 328 Sauer, Raymond 139 Sauerbrunn, Rebecca 314 scalping 27–28 scatterplot 48 Schmidt, Martin 122, 139 scholarships 335–336, 346–347 Schramm, Tex 112 Schroffel, Jesse 300 Schwartzwalder, Ben 172 Seattle Seahawks 170 segmented market (third-degree) price discrimination 101–102 Selig, Alan H (“Bud”) 140–142, 291 Selig-Preib, Wendy 141 separatist movements 160 sexism: and Babe Didrikson 9–10; in intercollegiate sports 352–354; and Olympic games 208; in professional sports 314–316; see also discrimination Seymour, Harold 163 Sherer, Peter 311 Sherman Antitrust Act 106, 340 Shibe Park 155–156, 171 shortage or excess demand 15 short run 24 Sianis, William “Billy Goat” “signaling effect” 222 Simmons, Bill 37 Simmons, Robert 304, 312 Simon, Curtis 23, 310 sin taxes 196–197 SLOC see Salt Lake Organizing Committee (SLOC) slope term 49 Smith, Red 155 soccer: discrimination in 306; gender discrimination in 314; hierarchical league organization of 78–79; profit maximization in 80–82; and revenue sharing 82–83; revenue sources for 80–82; rise of 34–36; salaries in 273–274; and salary caps 136; see also English Premier League (EPL); FIFA (Fédération Internationale de Football Association) soccer stadiums see specific stadiums; stadiums social justice 84–85 social well-being 169–170 Soldier Field 170 solidarity payments 83 Solo, Hope 314 Solow, Benjamin 313 Solow, John 135, 313 Sommers, Christina Hoff 354 Spiegel, Mark 222 spillovers 166, 171, 344 sports: dangers of 254–257; and foreign policy 3; psychology of 3; revenues generated by 3–4 sports, intercollegiate: academic standards 341–343; and admissions 344–345; and antitrust laws 340, 343–344; benefits of 330–335; bowl games 333–334; “collegiate model” 330; costs of 335–337; and discrimination 351–354; discrimination in 313; donations and state funding 345–346; and graduate rates 348–351; as investment 348; labor market 346–351; monopoly power in 337–344; NCAA basketball tournament 334–335; as public goods 344; revenues from 331–335; scholarships 346–347; spillovers from, to universities 344–346; stadiums 332, 336–337; subsidies 335; and television 332–333; see also NCAA (National Collegiate Athletic Association) sports, professional: effect of recession on 17; labor conflict in 291–292; rise of 34–36; spillovers from 166, 171 sports analytics 244 stacking 312 stadiums: baseball stadiums 152–156; basketball arenas 156; direct benefits of 164–166; economic impact of 168; financing and costs of 190–192; football stadiums 152–154, 157; four phases of funding 181–183; hockey arenas 156; intercollegiate sports 332, 336–337; and interest groups 168–170; as legacy of mega-event 219–220; location and costs 187–190; location of 170–171; and market failure 160–161; multiplier effects 166–168; paying for 192–199; and public choice 168–170; size and shape of 152–157; soccer stadiums 157; spending and tax revenue 164–171; and taxpayer subsidies 160; terminology 181; see also specific stadiums; teams stadiums, new: benefits of, to fans 152–160; benefits of, to teams 150–152; effects of, on team quality 158–159; “honeymoon effect” of 150–151; luxury boxes in 151–152; and ticket prices 151, 159 standard deviation 125–126 standard error 49 Stankey, Eddie 308 statistical discrimination 304 Staudohar, Paul 289 Steinbrenner, George 192 Stephens, Helen 315 Sterling, Donald 105 steroids see performance-enhancing drugs (PED) Stewart, Allison 224 Stinson, Jeffrey 345 Stovey, George 308 Strasser, Rob 355 Strauss, Ben 347 strikes 276, 288–289, 291 subsidies 335 substitute goods 17 substitution effect 214, 242, 265 substitution spending 165 suburbanization 171 Sunderland 55 Super Bowl 3, 212–213, 223; see also NFL (National Football League) superstar effects 250–251, 253–257 Suppes, Corey 192 supply 14–15, 20–21, 241–242 supply, law of 15 supply and demand model 13–23; see also demand supply curve 15, 19–20 surplus 93 surplus or excess supply 15 Szymanski, Stefan 215, 306, 310 Taft, William Howard 108 Tagliabue, Paul 111 Tainsky, Scott 300 tastes 18 tax burdens 192–198 tax increment financing (TIF) 197 taxpayer subsidies 160 teams: benefits of, to cities 159–171; benefits to, of new facilities 150–152; disadvantages of, to cities 161–163; long- vs short-run goals 57–58; maximizing profits 60–61; maximizing profits vs wins 57–61; maximizing wins 61; mobility of 180–181, 183; and monopoly power 183–186; movement of 73–74; number of, and labor demand 245–246; as public goods 159–160; and separatist movements 160; see also leagues; stadiums Tebbetts, Birdie 293 television 66–68, 82, 105, 113, 332–333, 340–341 tennis 278–279, 315 terrorism 223 Texas Rangers 200–201, 259 Theodosius 208 Thompson, Bobby 156 Thorpe, Jim 209 threat points 278 ticket prices: bundling 99; and cost increases 33–34; dynamic 18, 97–99; impact of tastes on 18–19; and monopolies 30–33; and new facilities 151, 159; personal seat licenses 102; and price discrimination 100; quantity discounts 101; segmented markets 101–102; two-part pricing 102; variable 97–99 TIF see tax increment financing (TIF) time constraint 263 “time-switching” 214 Title IX 338, 352 Toolson, George 108 Toolson v New York 280 Toronto Blue Jays 156 Toronto Raptors 58 Tour de France 257 tournaments: dangers of 253–257; and effort 248–250; rank-order 248–252; and superstar effects 250–251; and women 250 trading cards 15–23, 310 training 247–248 transaction costs 134 transition tag 282 Trump, Donald 255 t-statistic 49 Tu, Charles 168 Tullock, Gordon 169 Tversky, Amos 121 two-part pricing 102 Uber 216 Ueberroth, Peter 200 UEFA see Union of European Football Associations (UEFA) Uncertainty of Outcome Hypothesis (UOH) 121 Union of European Football Associations (UEFA) 60 unions: and collective bargaining 276; defined 275; history of 275–276; Major League Baseball Players Association (MLBPA) 275; and player salaries 271; and professional associations 278–279; in professional sports 275–279; role of 278; and strikes 276; see also labor relations; professional associations United States: “ping-pong diplomacy” 3; and World Cup (2022) 205 unrestricted free agency 281 UOH see Uncertainty of Outcome Hypothesis (UOH) U.S Bank Stadium 187 user fees 195 US Soccer Federation 314 USWNT see US Women’s National Soccer Team (USWNT) US Women’s National Soccer Team (USWNT) 314 utility 34 utility, total 40 utility function 40 Vaccaro, John Paul Vincent (Sonny) 354–356 Valley, Wayne 173 Van Scyoc, L.J 23, 310 variable ticket pricing (VTP) 97–99 Veeck, Bill 84–85, 159, 299 Veeck, Michael 85 venue and sponsorship revenue 69–71 Veraros, Nikolaos 219 Vermeil, Dick 265–266 vertical equity 194 Vincent, Fay 141 “virtuous circle” 82 von Allmen, Peter 284, 311 VTP see variable ticket pricing (VTP) wages 241, 275–276; see also salaries The Wages of Wins (Berri, Schmidt, and Brook) 139 Wagner, Todd 36, 37 Walker, Dixie 308, 309 Walker, Moses Fleetwood 308 Walker, Tilly Walker, Todd 313 Walsh, Stella 315 Washington, Kenny 307 Wertz, Vic 156 WHA see World Hockey Association (WHA) Wilken, Claudia 343 Wilson, Dennis 342 Winfree, Jason 300 “winner’s curse” 228–229 Wolfers, Justin 300 women: college graduation rates of 349–350; discrimination against 313, 314–316; in intercollegiate sports 352–354; salaries of 252; tennis associations 278–279; Title IX 338; and tournaments 250 Women’s National Basketball League Women’s World Cup 314 World Cup see FIFA World Cup World Hockey Association (WHA) 76 World Series 3, wrestling 354 Wrigley, Philip 108 Wrigley Field 156 “Wrigleyville” 163 Yang, Chih Hai 300 Yankee Stadium 151, 155, 171, 192 Yu, Hsuan 300 Zaharias, Babe Didrikson 8–10 Zhou, Li 121 Zimbalist, Andrew 224, 346 Zito, Barry 259 Zobay, Stephanie 217 ... Five: Sports in the Not-for-Profit Sector 12 The Economics of Intercollegiate Sports Introduction Learning Objectives 12.1 The NCAA A Brief History of the NCAA The Structure of the NCAA 12.2 The. .. the economic landscape of professional and amateur sports is constantly changing As a reflection of the dynamic nature of the field, the sixth edition of The Economics of Sports includes several... Sweet 16 Teams 12.9 The Probability of Signing with a Professional Team Preface As always seems to be the case, much has happened in the world of sports since the publication of the previous edition