Sports Really are Different: The Contest Success Function and the Supply of Talent |
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Authors: | Rodney Fort Jason Winfree |
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Institution: | (1) Program in Sport Management, Division of Kinesiology, University of Michigan, 1402 Washington Heights, Rm. 3150, Ann Arbor, MI 48109-2013, USA |
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Abstract: | The contest success function has not received the attention it deserves in sports economics modeling, and the role of talent
supply elasticity has not been fully recognized. We show that both the marginal product of talent in the production of winning
and its marginal revenue product depend critically on the elasticity of talent supply and the form of the contest success
function. For concave revenues from winning, the marginal revenue product of talent may slope upward so that the stability
of equilibrium is lost. Only empirical analysis of the marginal product of talent ultimately will prove decisive on these
issues.
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Keywords: | Marginal product of talent Sports league modeling Winning percent |
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