The Economics of Sports THE PUBLIC FINANCE OF SPORTS: WHO PAYS AND WHY?
Introduction: The Face of Evil
Learning Objectives
7. 1 How Cities Came to Fund Stadiums
Teams on the Move
The Dodgers Were Different
Opportunity Costs
The Three Eras of Stadium Construction
Era #1: 1890 – 1930
Era #1: 1890 – 1930 (cont. )
Era #2: 1953 – 1980
Era #3: 1980 – Present
How Teams Exploit Monopoly Power
Leagues, Cities, and Market Power
Westward Ho
Baseball’s Expansion after 1961
Football’s Expansion
Missteps by Cities and Leagues
The All-or-Nothing Demand Curve
All-or-Nothing Demand
Firms Can Extract Surplus
How Far Can The Firm Go?
Present Value
The Arithmetic of Discounting
Contingent Valuation (CV)
The Winner’s Curse
7. 3 Stadium Location and Costs
How Exchange Rates Affect Costs
Explanation
Exchange Rates and Sports Franchises
A Circular Model
The Cost of Space: The Rent Gradient
7. 4 Stadium Costs and Financing
Bidding Wars
Explicit Costs
Table 7. 1
Table 7. 1 Cont.
Additional Costs
Public Participation
7. 5 Paying for Stadiums
Three Criteria for Taxation
Figures 7. 5 and 7. 6
Who Pays a Sales Tax?
Sin Taxes
Tax Incremental Financing (TIF)
Taxes That Spread the Burden
The Benefits of Debt
Figure 7. 7
Who Benefits from Borrowing?
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