2009：足球中的获胜与获利最大化.pdfVIP

Rev Ind Organ DOI 10.1007/s11151-009-9203-6 Goal! ProÞt Maximization Versus Win Maximization in Soccer Pedro Garcia-del-Barrio · Stefan Szymanski © Springer Science+Business Media, LLC. 2009 Abstract In this paper we estimate the best responses of soccer clubs to the choices of other clubs in Spanish and English leagues over the period 1994–2004. We nd that choices are more closely approximated by win maximization than by prot maximi- zation in both leagues. We examine club characteristics that might explain variations in choices between Spanish clubs. Keywords Club owners’ objectives· Profits · Sport performance JEL ClassiÞcation L21 · L82 · J24 · J31 1 Introduction After many decades of debate within the economics profession and outside, the prot maximization hypothesis remains controversial. Few today would argue that prot maximization is a literal description of whatall managers in rms pursue. In a world where some managers may maximize profits and other may not, debate is largely focused on arguments associated with natural selection. Going back asAlchianfar as (1950), some economists have argued that rms in which decisions most closely resemble prot maximizing decisions will be more likely to survive in a competitive P. Garcia-del-Barrio Faculty of Economics and Social Sciences, ESI-rg (Economics, Sport and Intangibles Research Group), Universitat International de Catalunya, c/ Immaculada 22, 08017 Barcelona, Spain e-mail: pgarcia@cir.uic.es S. Szymanski ( ) B Cass Business School, City University, 106 Bunhill Row, London EC1Y 8TZ, UK e-mail: szy@city.ac.uk 123 P. Garcia-del-Barrio, S. Szymanski environment, and hence we can safely assume that industry outcomes are consistent with prot maximization, regardless of the actual motives of individual manager