The relevance of sunk costs in decision making is one of the major sources of disagreement between neoclassical economists and behavioral economists. We test the importance of sunk costs by examining the role of a player's draft position on his playing time in the National Basketball...

The Kentucky Derby is the premier American horse race. The first race was held in 1875 and 13 of the 15 jockeys were African Americans. African American jockeys continued to play an important role until the turn of the 19th century when they were forced from the Kentucky Derby and the other big...

The relevance of sunk costs in decision making is one of the major sources of disagreement between neoclassical economists and behavioral economists. We test the importance of sunk costs by examining the role of a player's draft position on his playing time in the National Basketball...

The Kentucky Derby is the premier American horse race. The first race was held in 1875 and 13 of the 15 jockeys were African Americans. African American jockeys continued to play an important role until the turn of the 19th century when they were forced from the Kentucky Derby and the other big...

Between the Civil War and the turn of the nineteenth century there were many prominent African American jockeys. They rode winners in all of the Triple-Crown races. But at the turn of the century they were forced out. This paper uses a new data set on the Triple-Crown races, which includes odds...

Using data from the 1995-2006 LPGA Tour, we analyse players’ response to the presence of Annika Sorenstam, a dominant champion on the LPGA Tour at the time. We find that the measures of players’ responses are highly sensitive to specification. Employing course fixed effects (FEs) greatly...

Between the Civil War and the turn of the nineteenth century there were many prominent African American jockeys. They rode winners in all of the Triple-Crown races. But at the turn of the century they were forced out. This paper uses a new data set on the Triple-Crown races, which includes odds...

Most studies of mega-events such as Olympic Games find a relatively small impact on the cities that host them. One reason given for this finding is that the event displaces tourists who otherwise would have come to the city. This paper documents such displacement by showing that expenditure at...