This study argues that endowments can be efficient, both for a finite-lived and infinitely-lived agent. When the lost utility from forgone consumption is less than the discounted utility brought by the cash flows paid throughout the endowment, endowments are utility enhancing. Given that this...

Often sports leagues, organizing committees, and team owners justify the use of public funds used to build sports stadiums by the perceived economic impacts and civic pride generated by the team or mega event. Since the 1980s, there have been many economic studies looking at the economic impact...

To search for eras in a sports league, we utilize time series tests with structural breaks to identify eras in Major League Baseball performance. Using data from 1871-2010, the mean and standard deviation of four different performance measures are examined to test if deterministic or stochastic...

Sequential order bias is often used to refer to timing biases in sequential order judging. However, there are two distinct biases within this structure: overall order bias, a bias throughout the event, and a sequential order bias, a judgment biased by the immediately preceding performance. I...

Different theoretical explanations have been developed for seemingly inconsistent actions that deal with varying levels of time and risk: Allais Paradox, present-bias, dynamic inconsistency, risk aversion, prospect theory, and the utility of gambling, for example. This study develops a simple...

A financial analyst who can give accurate return predictions is highly valued. This study uses a unique data set comparing CNBC's Fast Money's ‘March Madness' stock picks as a proxy for analysts' stock return predictions. With this data, set up as a tournament, the analysts pick both a winner...

Valuing a useable but not market-traded asset has historically been difficult. The development of willingness-to-pay studies has allowed for two different techniques: stated preference technique, which uses the contingent valuation method, and a revealed preference technique, using existing...

Analyzing strategies in tournaments can be difficult to analyze given data limitations. We analyze golfers' risk taking strategies with a unique data-set from ten seasons of professional golf tournaments and present three major findings. First, as the value of taking on a risk rises, golfers...

We argue that student-athletes are amateur in title only; they are actually professional athletes in all accounts of their actions. This occurs because of the downstream demand of their athletic success: Coaches are paid professionals. As a paid professional, these coaches are held accountable...

Many count statistics are used to measure the productivity of hitters in Major League Baseball, such as the number of home runs and the number of runs batted in a season. However, comparing the talent of individual players across time is difficult as rules and technologies change. In this paper,...