An Economic Analysis of Team Movements in Professional Sports

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Globalization at Risk: The Changing Preferences of States and Societies

After long, wide trends toward freer and more integratedmarkets, peoples and ideas, reluctance to subordinate the ideals of globalization to state interests shows signs of serious erosion. Recent examples include the breakdown of international institutions, the rise in state control over energy resources and their use as diplomatic leverage, and US abandonment of the principles of globalization. The sources of these changing preferences are both ideological and utilitarian. The result is that key elements of globalization are at risk, but with unpredictable consequences.political economy, globalization, international institutions, economic nationalism, resource nationalism, financial crisis

Cost Escalation in Nuclear Power

This report is concerned with the escalation of capital costs of nuclear central station power plants between the early 1960s and the present. The report presents an historical overview of the development of the nuclear power industry and cost escalation in the industry, using existing data on orders and capital costs. New data are presented on regulatory delays in the licensing process, derived from a concurrent study being carried on in the Social Science group at Caltech. The conclusions of the study are that nuclear capital costs have escalated more rapidly than the GNP deflator or the construction industry price index. Prior to 1970, cost increases are related to bottleneck problems in the nuclear construction and supplying industries and the regulatory process; intervenors play only a minor role in cost escalation. After 1970, generic changes introduced into the licensing process by intervenors (including environmental impact reviews, antitrust reviews, more stringent safety standards) dominate the cost escalation picture, with bottlenecks of secondary importance. Recent increases in the time from application for a construction permit to commercial operation are related not only to intervenor actions, but also to suspensions, cancellations or postponements of construction by utilities due to unfavorable demand or financing conditions

Consumer Surplus Under Uncertainty: An Application to Dam-Reservoir Projects

The use of cost-benefit analysis to evaluate the net welfare payoffs from water projects has now been an established practice for many years. One of the interesting aspects of such cost-benefit studies is that water projects involve an uncertain flow of costs and benefits, arising from the stochastic nature of streamflows. Hence a basic problem for the cost-benefit analyst is that of incorporating this uncertainty into his measures of costs and benefits. In the present paper we examine the problem of computing an appropriate consumer surplus measure to evaluate water project benefits under uncertainty. Detailed treatment is given to the case in which a complete set of contingent claim markets exists in the economy as well as to the case of a spot market economy. The consumer surplus measure applicable to the contingent claim economy is a simple generalization of the measure that applies to a world of certainty, but in the case of a spot market economy there is an unobserved component of consumer benefits that limits the applicability of the usual consumer surplus measure

A Class of Generalized Metzlerian Matrices

This paper returns to a problem concerning the relationship between dynamic stability and Hicksian stability raised in a paper by Lloyd Metzler over twenty-five years ago [10]. The present paper identifies-a class of matrices which has the property that dynamic stability implies Hicksian stability, as in the gross substitute or “Metzlerian” case. Further, as in the Metzlerian case, such matrices are specified in terms of their qualitative properties, i.e., their sign pattern configurations. Some links between this class of matrices and Samuelson’s correspondence principle are also indicated

Stadium Capacities and Attendance in Professional Sports

Over the past fifteen years, professional team sports has become an increasingly important part of our social and economic life. While in 1959there were just forty-two major league teams in five monopolistic leagues (AL, NL; NBA; NHL; NFL), by 1974 this had grown to 117 teams in eight major leagues (AL, NL; NBA, ABA; NHL, WHA; NFL, WFL). Accompanying this growth in professional team sports has been a wave of stadium construction, with new stadiums appearing in essentially every medium to large size city in the U.S. In contrast to stadiums in use in professional sports fifteen years ago, these new stadiums have two distinguishing features--with rare exceptions, they are publicly owned and they are multiple-use facilities, designed to accommodate several sports

Alien Registration- Quirk, Mrs. James (Sumner, Oxford County)

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