Most of us are familiar with free-market competition: the idea that society and the economy benefit when people are left to self-regulate, testing new ideas in pursuit of profit. Less known is the fact that this theory arose after arguments for the scientific method and freedom of speech had...

Ethnic conflict has not been tested using economic theory, except its most extreme forms - violence and warfare. This paper adopts the newer economic approach to conflict to analyze ethnic conflict more broadly defined. The analysis is able for the first time to derive equilibrium discrimination...

This article tests the efficient-markets hypothesis by looking at profits in National Football League (NFL) betting markets. The author tests whether successful betting strategies exist when points scored and allowed earlier in a season can outperform the betting line in predicting the margin of...

The article models the upset—a low-probability outcome of a periodic competition. It is assumed that the upset is an independent component of consumer preferences, whose marginal willingness to pay grows with time. The decision rule for a league on upset timing is a competitive-balance problem...

Major League Baseball draws players from many nations. This article tests the predictions of neoclassical and product-lifecycle trade theory against the careers of Major League Baseball players from six foreign countries. Sustained specialization, consistent with neoclassical trade theory, is...