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1、Thedistributionofwinsinprofessionalteamsportsmostconsistentwiththemaximizationofleagueprofits.CompetitiveBalanceNeal,Walter.“ThePeculiarEconomicsofProfessionalSports”QuarterlyJournalofEconomics78(February,1964):1-14.Louis-SchmellingparadoxTheinvertedjointproductortheproductjointJointpro
2、duct-twoproductstechnologicallyresultingfromasingleprocess.Productjoint-Anindivisibleproductfromtheseparateprocessesoftwoormorefirms.ProfessionalbaseballproducesseveralinterrelatedstreamsofutilityIn-personviewingofthegameBroadcastsofgamesLeaguestandingeffectFourthEstateBenefitConclusion
3、:Theseveraljointproductswhichareproductsjointoflegallyseparatebusinessfirmsarereallythecomplexjointproductsofonefirm,andthisfirmisnecessarilyanall-embracingfirmornaturalmonopoly.Neale(1964),cont.Fourpossiblecasesofinterleaguecompetition:MajorLeagueBaseballsolution:thejoiningoftwoleagues
4、intoonemonopoly.Theprofessionalfootballsolutionofthe1940s:Thebankruptcyofoneleague.Survivaloftwoormoreleaguesthatarenoteconomicallycompetitiveduetogeographicdistancesortheinstitutionsofsportandculture.Survivaloftwoormoreleaguesthatareeconomicallycompetitiveandwhichcouldbesportinglycompe
5、titive.Thesecondcaseisthemostcommonsolution.Geographicdistancesandcultureinstitutionsseemtobeovercomeovertime(exceptionCFLandJapanesebaseball).Ingeneral,additionalleaguesbidupcostsandreducerevenues,hencereducingtheprofitabilityofeachleague.UncertaintyofOutcomeWhyisbalanceimportant?Uncer
6、taintyofoutcomeiscrucialtothedemandforsportingevents.TheworksofKnowles,SheronyandHaupert(1992),andRascher(1999)foundthatMajorLeagueBaseballattendancewasmaximizedwhentheprobabilityofthehometeamwinningwasapproximately0.6.Thesestudiessuggestthatconsumersprefertoseethehometeamwin,butdonotwi
7、shtobecompletelycertainthiswilloccurpriortothegamebeingplayed.Knowles,Glenn,KeithSherony,andMikeHaupert.1992.“TheDemandforMajorLeagueBaseball:ATestoftheUncertaintyofOutcomeHypothesis.”TheAmericanEconomist,36,n2,Fall:72-80.Rascher,Daniel.1999.“ATestoftheOptimalPositiveProduction
