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Sports economists have consistently found that winning positively impacts team revenue fans prefer to allocate their entertainment dollars to winning teams. Previous research has also found that fans do not have a preference for how their team wins. However, this research ignores the significant variability in revenue that can exist between teams with similar attendance figures. The authors contribute to the literature by testing whether profit maximizing teams should pay different amounts for different types of production by estimating the marginal revenue product of a win due to offense, defense and pitching.

Using data from the 2010–2017 Major League Baseball seasons and an Ordinary Least Squares-Fixed Effects approach, the authors test whether a unit of offensive, defensive and pitching production generates differing amounts of team revenue both before and after revenue sharing. The authors then test if team Wins Above Replacement is a good approximation of actual wins while accounting for the previously observed nonlinear relationship between wins and revenue.

The authors found that marginal revenue product estimates in the postrevenue sharing model for mowar, pwar and dwar are nearly identical to each other. Further, after predicting prerevenue sharing, the authors find that fans have no preference for mowar, pwar or dwar play styles.

The findings illustrate that team decision-makers appear to be acting irrationally by paying more for offense than they do for defense. Thus, the findings suggest that team decision-makers should value defensive wins and pitching wins at the same rate as offensive wins on the free agent market.

This paper aims to explain the US Supreme Court’s ruling in Kokesh v. SEC, which limited the U.S. Securities and Exchange Commission’s (SEC) ability to seek the remedy of disgorgement and to examine how lower courts have applied the ruling to other types of equitable relief that that the SEC commonly pursues.

This study explains why the Supreme Court in Kokesh ruled that disgorgement is a “penalty” and that the five-year limitations period therefore was applicable to actions seeking disgorgement; discusses a footnote in Kokesh that left open the question of whether the SEC has the power to pursue disgorgement at all; and reviews four recent cases that grapple with the application of Kokesh to injunctions and lifetime bars.

Lower courts and the SEC have not settled on how Kokesh might impact equitable remedies commonly pursued by the SEC, but recent cases indicate that the effect of Kokesh may be broader than its narrow holding suggests.

Practical guidance from experienced white collar and regulatory defense lawyers that consolidates several recent developments in one piece.

Purpose of the study is to further expand insights into how weather impacts attendance at sporting events. With the NFL having only eight home games a year per team, it is more of an event than other North American sports. We explore this in terms of how sensitive fans are to weather, by not only looking at traditional factors, but also other weather variables available through Accuweather. In addition, the authors explore team success, outcome uncertainty and other factors as determinants of demand.

The method includes Tobit model of attendance in terms of percent of capacity in the National Football League. Model includes factors such as outcome uncertainty, team success, etc. but mainly focuses on weather. Weather factors studied include traditional variables such as temperature and precipitation, and also includes cloud cover, barometric pressure, wind speed and humidity. Different model specifications are included to explore results. Key findings allow for differences between games played outdoors versus indoors.

In terms of control variables, team success, new stadiums and stadium age play a significant role in attendance in terms of percentage of capacity. Outcome uncertainty does not appear to be important, and fans desire the opposite when the home team is an underdog. The main results concern the weather. When only traditional weather variables are included, precipitation plays a key role. With further expansion of the weather variables, it appears that cloud cover offers some additional information beyond precipitation. In addition, barometric pressure plays a minor, but statistically significant role as it relates to attendance in terms of capacity.

Including deeper and richer weather data helps to further explain attendance at sporting events. With the NFL, this may be limited by it being such as event due to the scarcity of games in a season. In addition, the weather variables are not truly independent, although they are not as correlated as may be anticipated on the surface. Use of different types of weather variables in models of attendance may help to deepen our understanding of factors influencing consumer decisions. These factors may play larger roles in sports with wider variance in attendance during the season.

The practical implications are that other weather-related variables besides temperature and precipitation may offer insight into consumer decisions related to attendance at sporting events. Cloud cover gives insights into anticipated poor weather in addition to it directly leading to less of a sunny day to be outdoors at an event. Barometric pressure has been shown to influence headaches and joint pain and may also influence consumer decisions to venture out to sporting events.

As data becomes more widely available in general, it's possible to add additional insights into factors influencing various forms of decision-making. In this study, we show that more information on weather can shed insights into consumer decisions as it relates to attending events such as sports. These decisions likely differ based upon whether the event is held outdoors or indoors. With more entertainment choices as substitutes, it is important to identify key factors which influence consumer decisions to help better structure events in the future.

Weather variables beyond temperature and precipitation are included in a Tobit model for NFL attendance using percentage of capacity as the dependent variable. These weather variables are cloud cover, wind speed, humidity, and barometric pressure. Cloud cover and barometric pressure were found to have some significant effects on percentage of capacity. When included, precipitation itself is no longer found to be significant, but precipitation interacted with games played in domes retains statistical significance as there are key differences between games held outdoors versus indoors.

The purpose of this paper is to analyze how the coronavirus disease 2019 (COVID-19) countermeasures will affect the financing of the North American leagues. In particular, we focus on the missed revenue from gate receipts for the Big Four leagues.

The authors forecast the 2020 revenue for each of the four major leagues under two scenarios: (1) expected revenue under the normal conditions of fans in attendance and (2) expected revenues in the absence of fans due to the countermeasures in place. Then, the authors calculate the loss in gate receipts as a difference in the revenue under fans and no-fans scenarios.

Based on the current estimates, the combined financial loss of the clubs from NFL, MLB, NBA and NHL is expected to be above 6.8bn dollars in gate receipts alone.

The findings are useful to the league management to prepare for the suboptimal financial situation.

To the best of our knowledge, this is the first study that explores the effect of the COVID-19 pandemic across the major league sports leagues in North America.

I. Introduction For over forty years, a model for Third World development has gained widespread acceptance. Three key premises underpin the traditional development model: (1) the identification of “development” with the maximization of the rate of national economic growth; (2) the quest to achieve Western living standards and levels of industrialization which require the transfer of labor from the agricultural to the industrial sector as well as increased consumerism; and (3) the integration into the interdependence of Third World nations in the global economy and the global marketplace. Increasing the demand for a Third World nation's exports (in other words, export‐led growth) is viewed as leading to the maximization of a nation's Gross National Product (GNP).

Managing the diversity of the enlarged European Union (EU) is a central task for European policies. It is argued that this diversity leads to the development of a core-periphery pattern, separating cores of economic strength from peripheral regions being on the margins and lagging behind with mainly rural areas playing the peripheral part. This chapter describes the approach taken by the FP7 EU research project RUFUS – Rural Future Networks. It concentrated on rural regions and tried to work out the implications of the diversity of European rural areas by creating an interdisciplinary typology. The RUFUS typology is based on nine economic, social and ecological indicators and included regions (NUT3 level) from 10 European countries. A factor and cluster analysis was performed leading to a set of types of rural areas displaying their strengths and weaknesses related to their economic, social and ecological characteristics. The analysis was performed with different combinations of countries. The data set based on countries within the EU15 led to a first typology of four types showing a specific distribution of strong(er) and weak(er) types of regions already functioning for a longer time in the context of EU integration. Including more Central and Eastern European (CEE) countries led to a set of five types combined with the change of type distribution within and between the countries. The approach is an easy to understand classification and visualisation tool to show the relative development status of European regions as well as the relationship of the status with their location (core or border region).

This article traces the regimes of worth that defined energy for centuries as a productive force of human and animal labor, an understanding that transformed in the 18th century to an “industrial-energy” regime of worth supporting an economy of mass production, consumption, and profit and more recently one centered on market forces and price. Industrial and market energy and the conventions and institutions that support them are currently in a period of discursive and material ferment; they are being challenged by different higher order principles of worth. We discuss eight emergent energy justifications that argue what kind of energy is – and is not – in the best interests of society.

The focus of this chapter is upon workplace coaching, one of the deepest forms of communication where true understanding is formed between two people in rich dialogue.

Two domains of personal learning are presented: the inner theatre, which includes multi-source feedback, and the outer theatre, which includes action-learning projects (Callan & Latemore, 2008).

Two transformative learning strategies are considered in detail: the therapeutic metaphor (Atkinson, 1995) and the intensive journal (Progoff, 1992). Four case studies are then examined where clients engage in transformative change.

The chapter concludes with cautions for the professional coach and insists that coaching needs to be deeply respectful. Authentic coaches facilitate change with their clients, not to do things to them.

The purpose of this paper is to recognise and provide an approach to estimate the value of an institution that produces a public good to the wealth of a nation. Specifically, the authors value utilitarian justice.

The paper employs the classical economic theories of crime and shadow pricing to estimate the total economic value and shadow prices or social productivity of police and higher court deterrence. These measures are estimated using the definitions provided by Dasgupta and by re-engineering key deterrence elasticity estimates gleaned from Australian econometric studies.

The empirical findings suggest a relatively high social value for police and higher court deterrence. Notwithstanding, addressing socio-economic disadvantage is likely to prevent more subsequent offences than directing more resources to the operation of the criminal justice system.

The key limitations involve the sensitivity of the estimates to error. Further work is required on all the estimates in the model and in particular the social costs of the serious offences. The next step is to estimate the opportunity cost of supplying police and court deterrence. The cost estimate can then be combined with the estimates of social benefits to estimate a benefit-cost ratio. The model in broad terms demonstrates a way forward to estimating the economic value of and the social productivity of the criminal justice system. The provision of retributive justice is also ignored in this contribution. This requires a separate analysis.

The social implications are that there appears a way to both justify and evaluate the criminal justice system and this methodology may be applied to the operation of other public services.

The originality of this paper lies in suggesting a method to solve the valuation problem for the jointly produced public goods of the higher courts and police.

The purpose of this study is to discuss recent research on arabinoxylans from rice bran and wheat byproducts and their immunomodulatory potentials. Also, a potential receptor for arabinoxylans is proposed in relation to arabinoxylans structure.

This review summarises recent publications on arabinoxylans from rice bran and wheat, classification of arabinoxylans, a brief background on their method of extraction and their immunomodulatory potentials as they induce pro-inflammatory response in vitro, in vivo and in humans. The mechanism of action in which arabinoxylans modulate the immune activity is yet to be discovered, However, the authors have proposed a potential receptor for arabinoxylans in relation to arabinoxylans structure and molecular weight.

The effects of arabinoxylans from rice bran and wheat on the immune response was found to cause a pro-inflammatory response in vitro, in vivo and in humans. Also, the immune response depends on arabinoxylans structure, the degree of branching and origin.

This review paper focuses on the effects of arabinoxylans from rice bran and wheat on immunomodulatory potentials in vitro, in vivo and in humans. A new mechanism of action has been proposed based on the literature and via linking between arabinoxylans and lipopolysaccharide structure, molecular weight and suggested proposed receptor, which might be activated via both of them.