Last night, the NFL Draft took place in Nashville, Tennessee. Football fans across the country tuned in to see if their respective teams would capitalize on this next wave of young football talent. With the coveted #1 overall pick, the Arizona Cardinals selected reigning Heisman Trophy winner Kyler Murray. Murray, who has been compared to the Seattle Seahawks quarterback Russell Wilson, appears to be a promising dual threat offensive weapon for years to come. However, in the year 2005, a paper titled “The Loser’s Curse: Overconfidence vs. Market Efficiency in the National Football League Draft” was published by economist Richard Thaler. Continue reading NFL Draft Strategy
As Spring Training for the upcoming MLB season continues, some marquee free agents were recently signed to teams looking for future success. Manny Machado signed a 10 year contract for $300 million with the San Diego Padres. At the time of the signing, it was the largest contract ever signed by a free agent in any U.S. sport. However, he did not hold this record for long. Eight days later, another free agent player made history with the new largest free agent contract in U.S. history. Bryce Harper, now with the Philadelphia Phillies, signed for 13 years for $330 million. Major Continue reading Every Luxury Must Be Paid For
This is what I blurted out in class, baffled by the high price casually associated with a seat at a basketball game. This got me thinking – what influences the wildly different prices of professional sports tickets? How are the tickets priced? The first price determinant, as we would expect, is the sport itself. For instance, the average NFL ticket is more expensive than an average MBL ticket, which is more expensive than an average NHL ticket. This isn’t too surprising, but what’s interesting is the huge disparity within a given sport. This disparity tends to come from pricing methods, Continue reading That’s how much sports cost?
It has now been five days since the Super Bowl. The New England Patriots, led by Bill Belichick and Tom Brady, went on to beat the Los Angeles Rams to win their sixth league championship. The game, held in Atlanta, Georgia, was the lowest scoring NFL championship in league history with both teams combining for a total of 16 points. The score was not the only low point at Mercedes Benz Stadium, however. This past season, the ownership of the Atlanta Falcons decided to slash concession prices during home football games. Fans could purchase a beer for $5 and a Continue reading Super Low at the Super Bowl
If you have ever been to a cross country race, or a track meet, you know endurance running is boring. Runners can be going very slow and it’s hard to know how impressive it is, especially the races that take 20+ minutes. Recently championship races are getting harder and harder to watch, races that had audiences that spanned outside the running community. Specifically, I’m talking about races such as the olympics, D1 nationals or the IAAF championship. The short answer: the races have been getting slower. The confusing part is that the runners are not getting slower, just these races. The Continue reading Why Running is Becoming (more) Boring; Breakdown Game Theory Style
Sports teams move all the time. From football to basketball to hockey to baseball, if team owners aren’t getting the public funding they want, they will threaten to leave or actually relocate to get what they want. Last week, Columbus Crew owner Anthony Precourt announced that the team will relocate to Austin if it fails to get a new stadium. This is a demonstration that Major League Soccer is no different from the big four. This topic is actually in the same vein as my post last week about Amazon. Much like the way that big corporations can threaten to Continue reading There’s No $ In Team: Columbus Crew Heads to Austin
Today, steroid use among professional athletes gets a lot of spotlight in the media. Those stories about “how the mighty have fallen” resonate the same message time and time again: kids, don’t ever use drugs. This public exposure has massive consequences; it tarnishes a professional’s athletic reputation (I’m sure Lance Armstrong can attest), handicaps their prospects for future endorsements, and leads fans to question their favorite star’s ethics. We can understand the allure of abusing performance enhancing drugs (PEDs), but while it is highly scrutinized in professional sports, this problem is less known among lower levels of sports competition. This Continue reading Thesis Corner: Those High School Hooligans…
College is a promise land offering a wealth of academic, extra-cirricular, and professional opportunities. It’s the time of your life when you can create new experiences, juggle your interests, and form your identity. But for student athletes, this idea of “you can do it all” is often an unattainable reality due to the time crunch required by sports. I’m sure Division I student athletes everywhere have reflected on their hard work and commitment to their sports and have wondered, “man, I should get paid for this”. While playing sports is a passion, it’s morphed from an extra-cirricular activity to a full Continue reading Thesis Corner: Pay Those Players!
Last week, the National Labor Relations Board determined the Northwestern University Football team to be employees of the University, and approved their petition to form a union. This seems strange doesn’t it? The players do not get paid a salary, and they are considered by the University to be students first and foremost. In the past few years, there has been a running debate about whether Student-Athletes, who can bring in significant revenue for their school, should be paid for their efforts. This discussion about paying players has not progressed beyond an interesting topic for ESPN to discuss when the Continue reading College Football Unionization
If you have been paying attention to the NBA recently, you may notice a few teams that are aspiring to lose as many games as they can. The Philadelphia 76ers have just lost a franchise record 26th game in a row, and it is quite possible that they will lose the rest of their games this season. This would appear to be a disappointment for the franchise, but it is all part if a greater plan. This losing streak, and entire season, was orchestrated by the organization. Before the February 20th trade deadline, the team traded their two best and Continue reading The NBA Losing Problem