By Stephan Nüesch
ISBN-10: 3835008498
ISBN-13: 9783835008496
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Additional resources for The Economics of Superstars and Celebrities
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29 Three different expert appraisals are used in the study: Average match evaluation published by the Kicker soccer magazine (GRADE), votes for the “Player of the Year”-election among sports journalists (PLAYOTY), and membership of the national team (NAT). In German soccer every match performance of a player who plays more than half an hour is individually evaluated by sports experts. 0 (very bad). 5 to 5. The Kicker soccer magazine also organizes an annual voting for the “Player of the Year”. At the end of the 2004/05 season approximately 3400 sports journalists were asked to vote for any player in the German league or any German player in any other league.
Gerald Scully (1974) stated that players can influence club revenues in Major League Baseball in a twofold way: “Ability contributions to team performance and victories raise gate receipts. (…) Additionally, it is possible that some players may attract fans over and above their individual contribution through the team” (p. 916). Unfortunately Scully (1974) did not include the latter effect in his econometric framework. Using a two-equation model, he only related player specific performance statistics to team success and, in a second step, team revenue to the team’s win-loss record and other market characteristics.
However, while in Rosen’s sense superstars necessarily have superior talent, Adler (1985) delivers an explanation which allows for the superstar phenomenon to arise even among equally talented people. Rosen (1981) treats talent as observable without cost by all economic agents, while Adler (1985) makes clear that superstars only exist if the consumption of their services requires knowledge. According to Adler (1985), a player’s talent is a hidden characteristic that has to be discovered through personal and interpersonal learning processes.
The Economics of Superstars and Celebrities by Stephan Nüesch
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