We develop an infinite-horizon dynamic search model to understand education-job mismatches in the labor markets where job seekers face three different types of labor markets based on their minimum educational requirements. Using a new data set, we find that our model matches the U.S. data well...

In professional sports there are externalities. If one team acquires too much talent then that may impact the quality of the competition negatively. This means that the league can improve social welfare by distorting the competitive equilibrium allocation. This idea has been used to explain that...

In professional sports there are externalities. If one team acquires too much talent then that may impact the quality of the competition negatively. This means that the league can improve social welfare by distorting the competitive equilibrium allocation. This idea has been used to explain that...

In North America, professional sports leagues operate mostly as cartels. They employ certain policies such as revenue sharing, salary caps to ensure that teams get high revenues and players get high wages. There are two major hypotheses regarding the talent distribution among the teams that...

There are two major hypotheses regarding the talent distribution among the teams that would maximize the total revenues in a sports league; dominant teams versus parity. This paper examines the revenue structure of National Football League and proposes policy recommendations regarding talent...