This book presents Stephen Shmanske's innovative research combining two of his passions, golf and economics. He develops two themes — the use of economics to explore institutional aspects of the business side of golf and the use of golf statistics to shed light on several vexing issues in economics. These two themes are addressed in two settings — the economics of golf course management and the economics of professional golf. Examples from golf course management are covered in separate chapters on golf cart usage, golf course maintenance, and the problem of slow play. Examples from professional golf include the causal relationships from practice to skill to earnings, the tournament compensation model, and the measurement of gender discrimination.
Super Golfonomics continues along the path of Professor Shmanske's pathbreaking Golfonomics. It uses economic and statistical analysis of the sport of golf for three main purposes, (1) For the enjoyment of golfers and fans of professional golf, (2) to teach a little economics and show how it can be used to analyze the game of golf, and (3) to use golf statistics and golf course statistics to comment on social, political, and economic issues like gender discrimination, inefficient pricing and public finance. Professor Shmanske pioneered the field of golf economics with his early writings in Golfonomics. Now, Super Golfonomics presents his more recent scholarship in the field in a form accessible to an intelligent, general readership.
This book presents Stephen Shmanske's innovative research combining two of his passions, golf and economics. He develops two themes — the use of economics to explore institutional aspects of the business side of golf and the use of golf statistics to shed light on several vexing issues in economics. These two themes are addressed in two settings — the economics of golf course management and the economics of professional golf. Examples from golf course management are covered in separate chapters on golf cart usage, golf course maintenance, and the problem of slow play. Examples from professional golf include the causal relationships from practice to skill to earnings, the tournament compensation model, and the measurement of gender discrimination.
Super Golfonomics continues along the path of Professor Shmanske's pathbreaking Golfonomics. It uses economic and statistical analysis of the sport of golf for three main purposes, (1) For the enjoyment of golfers and fans of professional golf, (2) to teach a little economics and show how it can be used to analyze the game of golf, and (3) to use golf statistics and golf course statistics to comment on social, political, and economic issues like gender discrimination, inefficient pricing and public finance. Professor Shmanske pioneered the field of golf economics with his early writings in Golfonomics. Now, Super Golfonomics presents his more recent scholarship in the field in a form accessible to an intelligent, general readership.
Pure public goods and pure private goods are sometimes seen as polar opposite cases enclosing a range of mixed goods. Since there is some controversy over the proper definition of a public good, there is a related ambiguity over what constitutes a mixed good. This paper explores the many different attributes that have been connected with public goods and derives the corresponding nature of the mixed good continuum for each case. Whether interventionist or free market policies are implied depends on the nature of the attribute defining the pure public good and on the method of developing the mixed good continuum between the polar cases.
A number of clubs in professional sports leagues exhibit winning streaks over a number of consecutive seasons that do not conform to the standard economic model of a professional sports league developed by El Hodiri and Quirk (1994) and Fort and Quirk (1995). These clubs appear to display what we term "unsustainable runs", defined as a period of two to four seasons where the club acquires expensive talent and attempts to win a league championship despite not having the market size to sustain such a competitive position in the long run. The standard model predicts that clubs that locate in large economic markets will tend to acquire more talent, achieve more success on the field and at the box office than clubs that are located in small markets. This book builds a model that can allow unsustainable runs yet retains most of the features of the standard model. The model is then subjected to empirical verification. The new model we develop in the book has as its central feature the possibility of generating two equilibria for a club. In the empirical sections of the book, we use time-series analysis to attempt to test for the presence of unsustainable runs using historical data from National Football League (NFL), National Basketball Association (NBA), National Hockey League (NHL) and Major League Baseball (MLB). The multiple equilibria model retains all of the features of the standard model of a professional sports league that is accepted quite universally by economists, yet it offers a much richer approach by including an exploration of the effects of revenues that are earned at the league level (television, apparel, naming rights, etc.) that are then shared by all of the member clubs, making this book unique and of great interest to scholars in a variety of fields in economics.
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