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Are football clubs profit maximisers or utility maximisers - Essay Example

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The ”economics of sports begun with Simon Rottenbergs’ seminal paper on the baseball players market in the Journal of Political Economy 1956” (Sloane, 2006, ¶ 1). Being such, it is safe to claim that the “academic interest on the economics of football dates as far back…
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Are football clubs profit maximisers or utility maximisers
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Download file to see previous pages team sports tend to generate, make this particularly fertile territory in which to explore the perennial questions about incentives, effort, risk and reward, which lie at the heart of all economic inquiry” (Dobson & Goddard, 2001, p. 1). Although, the stark similarities of concerns between economics and sports made the union possible, Peter Sloane (2006) noted that the apparent similarities should not be over emphasised, as there are intrinsic dissimilarities between sports and conventional industries.
As we try to understand the goal of each football clubs involve in the world of sports, perhaps, the more important matter that we have to take under consideration is the idea that these clubs are in themselves govern by economic and marketing principles that are basically govern by researches and studies that give credence to the claim made by each the theories. But are the theories really of minimal flaws?
To begin with, if one will go over the literature on profit maximization and utility maximasation theory, regardless of the strand of both theories, on thing that is noticeable in the study is the used of mathematical formulations in support of their claims. I am raising this point on the supposition that in the world of Economics and Finance, a theory is made more tenable and believable if there are strong mathematical formulations and explanations that support the theory (Cubitt & Sugden, 1994; Friedman & Sandow, 2003; Bouchard, 2002;Lee, 1979:Portes 1968). And again, this is regardless of the position that one may be taking.
In the entry of mathematics in the realm of the market, of finance and economics, one can get the sense that one is no longer dealing with an erratic and unpredictable realm. Rather, the presence of mathematical explanations for the credibility of the theory regarding the movements of the market underlie the fact that studies undertaken in order to understand the movements and dynamics of the market is , perhaps, as precise as some ...Download file to see next pagesRead More
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