73-354 Sports Economics
9 units, Carnegie Mellon University
his is an Economics elective course that will allow students to apply economic concepts to the world of sports. This course assumes that sport contests provide a useful venue to study and analyze many economic theories and concepts. Given that (1) sports are played with well-defined rules known to all participants, (2) the objective is clear and accurately measured at all times and, (3) the payoffs and rewards are oftentimes large and meaningful, they serve as an ideal environment to study human behavior and decision making. The course begins with a detailed analysis of labor markets, and pricing and market power. Students will then study discrimination (in several forms and domains) and strategic decision-making. The course concludes by analyzing several topics through the lens of Behavioral Economics, such as studying whether players underperform in high-stakes situations, understanding momentum in contests and exploring whether market participants incorrectly reward luck in these contests.
Prerequisites: (73-102 or 73-104 or 73-100) and (70-208 or 36-202)
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