The Champions League and the Coase Theorem

Stefan Szymanski

No 617, Working Papers from International Association of Sports Economists, North American Association of Sports Economists

Abstract: The Coase Theorem is both one of the simplest and most profound ideas in economics. Coase’s insight was first expressed in print as a theorem by George Stigler, following the publication of the famous article “The Problem of Social Cost” by Nobel Laureate Ronald Coase (1960). Stigler stated it thus: “with zero transactions costs, private and social costs will be equal”. In this paper the Coase Theorem is approached through the medium of a sports league. While Coase’s article dates from 1960, a colleague at Chicago University published a discussion of the market for baseball players in 1956 which almost completely anticipates the more famous paper (Rottenberg (1956)).

Keywords: Coase (search for similar items in EconPapers)
JEL-codes: L83 (search for similar items in EconPapers)
Pages: 27 pages
Date: 2006-10
New Economics Papers: this item is included in nep-his and nep-spo
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (1)

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http://web.holycross.edu/RePEc/spe/Szymanski_Coase.pdf Inaugural Lecture presented on May 11, 2005 (application/pdf)
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Related works:
Chapter: The Champions League and the Coase Theorem (2010)
Journal Article: THE CHAMPIONS LEAGUE AND THE COASE THEOREM (2007)
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