We check the robustness of Feldstein’s finding that Social Security reduces private saving to two specifications not considered before in the literature: (1) constraining the coefficients on Social Security and household net worth to be equal; and (2) allowing the effect of wealth on...

type="main" xml:lang="en" <p>We develop a consumer choice model of live attendance at a sporting event with reference-dependent preferences. The predictions of the model motivate the “uncertainty of outcome hypothesis” (UOH) as well as fans' desire to see upsets and to simply see the home team...</p>

An empirical examination of the determinants of real per capita income in cities with professional sports teams from 1969 to 1997 shows that postseason appearances are not associated with any change in the level of real per capita income in these cities. However, in the city that is home to the...

We investigate the effect of new facilities on attendance in professional baseball, basketball, and football from 1969 to 2001. We find a strong, persistent effect in baseball and basketball, and little effect in football. Size and duration estimates imply that baseball teams sell 2,500,794...

This paper reviews the empirical literature assessing the effects of subsidies for professional sports franchises and facilities. The evidence reveals a great deal of consistency among economists doing research in this area. That evidence is that sports subsidies cannot be justified on the...

This paper explores the impact of professional sports teams and stadiums on the wages of individuals employed in several narrowly defined occupational groups in cities in the United States. The occupational groups examined are among those that proponents of public funding of professional sports...

A growing literature examines the relationship between the on-field success of sports teams and prices of securities traded on stock exchanges. While much of the literature focuses on the effect of national teams on aggregate stock price measures, for example the relationship between the...

Local political and community leaders and the owners of professional sports teams frequently claim that professional sports facilities and franchises are important engines of economic development in urban areas. These structures and teams allegedly contribute millions of dollars of net new...