Professional team sports leagues provide insight into the problems facing the management of functioning cartels. This paper provides an analysis of the incentives and outcomes inherent in the management of professional team sports cartels. Except for revenue sharing and salary caps, league...

The existence of backwardation in futures markets remains an intriguing and controv ersial issue. The authors show that a backwardation equilibrium can o ccur in a true futures market when participants are identical (degree of risk aversion, level of commodity commitments for long and short...

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