Handbook of Behavioral Industrial Organization
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Handbook of Behavioral Industrial Organization

Edited by Victor J. Tremblay, Elizabeth Schroeder and Carol Horton Tremblay

The Handbook of Behavioral Industrial Organization integrates behavioral economics into industrial organization. Chapters cover concepts such as relative thinking, salience, shrouded attributes, cognitive dissonance, motivated reasoning, confirmation bias, overconfidence, status quo bias, social cooperation and identity. Additional chapters consider industry issues, such as sports and gambling industries, neuroeconomic studies of brands and advertising, and behavioral antitrust law. The Handbook features a wide array of methods (literature surveys, experimental and econometric research, and theoretical modelling), facilitating accessibility to a wide audience.
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Chapter 12: Behavioral and sports economics

Dennis Coates and Brad R. Humphreys

Abstract

This chapter reviews existing theoretical and empirical literature on the intercollegiate and professional sports industries, including professional and intercollegiate sports leagues and the fitness center/health club industry, from a behavioral economic perspective. Since firm and industry outputs, firm input choices and consumer decisions in sports are readily observable and standard economic models of rational choice generate clear predictions about what firms and consumers should do, the sports industry is a natural industrial setting for behavioral economic research. The chapter covers behavioral biases in decisions made by teams and team managers, behavioral biases resulting from industry-wide policies in the sports industry like entry drafts, behavioral biases in decisions made by referees and biases in interpreting industry outcomes. It also examines behavioral biases in decisions made by customers in the industry, sports fans, and finally turns to the impact of behavioral biases on contracts and consumer choices in the fitness center/health club industry.

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