This groundbreaking book discusses the significance of a microeconomic approach to the transformation process in Eastern Europe from a theoretical and empirical perspective. It reveals that microeconomic conditions constitute the framework for the successful restructuring and recovery of the...

This paper outlines and compares the organizational structure of major sports leagues, explores the reasoning behind their formation, and derives implications for salary caps in European football. To understand why sports leagues have developed a specific organizational structure, one must take...

This paper applies contest theory to provide an integrated framework of a team sports league and analyses the competitive interaction between clubs. We show that dissipation of the league revenue arises from `overinvestment' in playing talent as a direct consequence of the ruinous competitive...

Due to the specifics of the football governance systems and cultures of Europe and the United States, we hypothesize that the charitable foundation involvement of the National Football League (NFL) and its teams is more pronounced than that of the Union of European Football Associations (UEFA)...

This study addresses the question how performance expectations affect involuntary managerial change. As we measure performance expectations based on highly efficient bookmaker odds, our specification is less subject to manipulations than the analyst forecasts employed in prior studies. Using...

The impact of intra-team pay dispersion on team productivity is a highly discussed issue. On the one hand, wage differentials provide incentives for higher employee effort. On the other hand, pay inequality may reduce team cohesiveness and increase feelings of relative deprivation leading to...

In this paper, we provide an analysis of the principal economic issues in the professional team sports industry. We characterize the major peculiarities of this industry and give an overview of the most important league policy measures that are implemented to provide cross subsidies among teams....

Football matches are by no means homogenous goods. Rather, there are big differences in single match quality, which is ex-ante unobservable to consumers. We argue that quality uncertainty leads consumers to search for quality proxies which are observable in advance. Aggregate demand functions...