The authors examine labor supply using 1,426 responses of individual runners to prizes in open invitational foot races. The data are used to decompose the overall market response of higher prizes into two components based on the basic tournament model. First, an entry effect exists in which...

We investigate whether intercollegiate athletic participation affects scholarly success. The overall means of course grades suggest that athletes do not do as well in the classroom as regular students. Background factors explain this underperformance for most sports; athletes come to school with...

New Zealand recently initiated sweeping reforms to its social welfare program by cutting benefits and tightening eligibility criteria. One of the objectives of these reforms was to provide incentives for people to enter or re-enter the labor force. Econometric analysis is used in this paper to...

There is ample evidence that incentive-pay structures, such as tournaments, result in increased performance. Is this due to selection or increased individual effort, and is any increased individual effort caused by pecuniary incentives or merely thirst for the thrill of victory (TOV)? Prior...

In our 2006 paper, we examined the implications of Michael Lewis’ book for the labor market in Major League Baseball. Our tests provided econometric support for Lewis’ claim of mis-pricing in the baseball labor market’s valuation of batting skills. We also found suggestive evidence that...

The rate of return to investment in thoroughbred racehorses is widely believed to be negative on average. In a world of fully informed market participants, this implies that ownership of a racehorse is motivated in part by nonfinancial attributes, perhaps a taste for sport. This article presents...

This paper presents results of estimating an exchange rate equation in light of theoretical considerations regarding changes in sterilization and intervention policy and tax policy which imply that the coefficients in the equation will not behave as fixed parameters in a given sample period,as...