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...