An engaging look at the ways economic thinking can help us understand how sports work both on and off the field
“Mr. Oyer writes clearly and ranges across all sorts of sports as well as across the globe, introducing fascinating observations.”—Henry D. Fetter, Wall Street Journal
Are ticket scalpers good for teams? Should parents push their kids to excel at sports? Why do Koreans dominate women’s golf, while Kenyans and Ethiopians dominate marathon racing? Why would Michael Jordan, the greatest player in basketball, pass to Steve Kerr for the game-winning shot?
Paul Oyer shows the many ways economics permeates the world of sports. His topics range from the business of sport to how great athletes use economic thinking to outsmart their opponents to why the world’s greatest sports powerhouse (at least per capita) is not America or China but the principality of Liechtenstein. Economics explains why some sports cannot stop the use of performance-enhancing drugs while others can, why hundred-million-dollar player contracts are guaranteed in baseball but not in football, how one man was able to set the world of sports betting on its ear—and why it will probably never happen again. This book is an entertaining guide to how a bit of economics can make you a better athlete and a more informed fan.
When evaluating a book, picture a spectrum from “Pedestrian” (uninteresting) at one end to “Creative” (fascinating) at the other. If that’s the range, then Paul Oyer’s An Economist Goes to the Game falls somewhere between the two poles. Perhaps “Workmanlike” is a fair assessment.
Oyer’s work does check a lot of the right boxes. His explanations are clear; the structure is well organized, and the work is fully researched. Overall, the book is informative on a wide range of sports topics analyzed from an economist’s viewpoint. What’s more the chapter headings are intriguing, for instance: “Should You Help Your Kid Become a Pro Athlete?” “What Do Silicon Valley and Czech Women’s Tennis Have in Common?” “Why Should You Be Upset If Your Hometown Hosts the Olympics?”
Despite checking the literary boxes and presenting some clever topics, An Economist Goes to the Game falls short. The book lacks creative sparks or aha! moments to make the ideas memorable. It’s clearly written but somehow low energy; it more than plods along, but it never soars.
About 20 years ago, Freakonomics set the standard for books like this; it was a breakthrough work that informed and delighted. It was irreverent and cheeky, educational and entertaining. Though some of Freakonomics’s ideas are now out of date, it’s still a memorable work for blending economic research and enjoyable reading. Years from now, I’m guessing An Economist Goes to the Game won’t be remembered at all because it lacks flair or a sense of joy.
There have been many books published about the business of sport – just about all sports – in various formats, but this one was very different and very informative. Written in several short chapter on various sports topics, this book by Paul Oyer is not only one in which a reader will learn about a different line of thinking for economics and sports, but will also be entertained as well.
While I thought the entire book was good, the best part came at the beginning when Oyer explained how some of the action on the field of play comes from theories of economics. His example of why Michael Jordan passed up the shot that would win the 1997 NBA championship for his Chicago Bulls and instead passed the ball to Steve Kerr who hit that shot is brilliant in how it ties economic thinking and the risk versus reward logic worked for that instant. Similar scenarios and different theories are sprinkled throughout the book.
However, the bulk of the stories are written about the topics that one would expect in a book on economics and sports – ticket sales and brokers, publicly financed stadiums, and why cities are not as excited to host the Olympic Games or the FIFA World Cup like they used to be. Oyer writes about these topics in a manner that anyone who has an interest in either topic will enjoy but also in plain language without a lot of advanced vocabulary in either sports or economics. This combination, plus the variety of topics addressed, made this a book that will be enjoyed by a wide variety of readers.
I wish to thank Yale University Press for providing a copy of the book via NetGalley in exchange for an honest review.
If this is a topic you're well-versed in, you may find points in this book to debate against. You may even find things that are missed or glossed over (i.e. I don't know if enough explanation of small sample size was given in Chapter 2), but in any case, the overall points the author makes are valid.
What seals the 5-star rating for me is how good a job the author does of making the subject matter accessible to a novice without having to dumb down the content for everybody else. Yes, this makes the book slightly longer than necessary for sports fans who have a high level of economic competence, but overall, this a book you could give to somebody of any level of understanding - as long as they have interest in the subject matter and they will come away understanding it
I would like to see the author's take on advertising, specifically how much of it is creeping into more and more of the sports fan's experience - surprisingly that wasn't a significant part of the book.
From the quirky mind of Paul Oyer, this book was him at his curious best! Reminds me of why I was one of the few to enjoy his econ lectures in business school as much as I did (being featured on radiolab for his book about the economics of online dating forever left a mark of appreciation from me). I appreciated this book for what I appreciate about economists: the use of data and natural experiments to test assumptions and draw conclusions about correlation vs. causation with sports that are often contrary to "story" or "conventional wisdom" that humans attribute ignorantly for explanatory purposes so that the world can fit within the construct of our own biases.
Memorable excerpts: Ch1 all about Kevin Durant. When does it make sense to train your kid to be a professional basketball player? 1) When he is already 6'8" at age 15 - 0.01% of men born in any year will reach 6'8" which is the average height in the NBA, equivalent to 45 out of 320,000. Of those 6'8" or taller born in 1988 (like Durant), 8 had large NBA contracts, 21 had guaranteed contracts in the NBA, and many others spent time in the NBA or playing overseas. Height is hard to teach…. Durant had a statistically 18% chance to make a large NBA contract and 64% chance to make any contract in the NBA. Compound that with # 2) Given the institutional racism against black men… this was a good bet to take as compared to the probability-weighted returns of an alternative career. Interesting to learn that such a high percentage of black athletes in the NBA came from middle-class or above families (e.g. Jordan, Steph Curry, Kobe) rather than the rags to riches Lebron or AI story that we often associate.
2) Natural geography of Liechtenstein gives a territorial advantage to skiers. Given the very small size of the country, Liechtenstein's Olympic success is that of a country 7,718x its size. Similar to Kenya and Ethiopia who dominate marathons. There are 17 American men who have ever run under 2:10 in the marathon. There were 32 Kalenjin (East African tribe) men who did it in October 2011. High altitude, low barriers to entry for running led to a culture of running. Just like Czech Tennis players following the example of Martina Navratilova and Hewlett Packard at Stanford. Further examples of X-country skiing in Norway and golf among Korean women (note that Oyer refers to Taiwan as a country in this chapter) given their legacy of hard work and misogyny. "Korea thus offers an interesting set of extremes: significant wealth and high savings alongside unhappy children and staggering gender inequality. This combination of attributes, it turns out, may be ideal for breeding world-class female golfers." [p38]
Ch. 3 about cheating - prisoner's dilemma with PED… once one person does it everybody has to in order to keep up. Interesting to learn that cycling had a long history of cheating long before EPO… regarding the Tour de France: "From the earliest days of the race, entrants drank to deaden the monotony, huffed ether to tamp down the pain, took amphetamines for stamina, or opiates to ease aches and cramps." The 1923 winner told a reporter, 'Cocaine to go in our eyes, chloroform for our gums, and do you want to see the pills?' [p42]
Ch 4. about long-term contracts. Typically a star will take a 10% discount off his true value in exchange for more guaranteed years.
Ch 5. On penalty kicks and Nash Equilibria - 65% chance of scoring is consistent whether kicking left or right considering the chance of a keeper guessing the right direction / probability of scoring based on the footedness of the kicker, and chance of saving it. Interestingly Oyer did not talk in this chapter about the benefit of kicking it straight down the middle but nobody does it for fear of looking bad in case it doesn't work. Like Russell Wilson throwing the interception at the 1yard line against the Patriots instead of handing off to Marshawn Lynch on 1st down… Pete Carroll's play call may have been right but the result failed. Do you make decisions to win or to not look bad?
Ch 6. About the social value of scalpers and sports betting. Singapore's policy about charging residents to enter Marina Bay Sands but foreigners are free… makes sense at first until you realize that residents are able to use online gambling sites for free which "makes one wonder if Singapore is fine with letting poor people gamble but doesn't want them doing it in sight of tourists" [p144]
A good basic intro to some fundamental economic concepts as applied to sports, and especially useful if you haven't explored the literature that fully. There's the semi-randomized PK bit, already covered in Soccernomics, along with connections to, say, pitch selection, which provides a very rudimentary grounding in this area--but given the amount of data out there about how much entire pitch sequences, within games and within whole seasons, are recorded and analyzed, and then replayed with new nuances later in the season, surely there could have been a lot more complexity in the discussion of just how often these games are iterated and how knowledge of the other player's knowledge complicates your choice. Same for the economics of getting the Olympics or World Cup (bad), though a bit more detail here and discussion of how the only public agreement to full blank checks recently has been in and around Dallas. My favorite part, having played a minuscule part in the scalping economy when I sold my football tickets to the scalpers hanging around outside the student union in Ann Arbor as a sophomore (you could get $50 for MSU or Notre Dame or Ohio State tickets, which paid for your entire package), was the history and theory of organized secondary-market ticket brokerages, their getting crowded out by StubHub and other institutionally-connected agencies, and the comparison to airplane tickets, which the leagues are apparently in the process of trying to make game tickets into. So a solid starting point if you're interested in these questions and haven't dug into this material at great length or breadth.
Though a bit slow to get going, and in places quite impenetrably American ("Quick, name a recent African -American pitcher besides Cy Young Award winners C C Sabathia and David Price"), this was in the end an enjoyable romp through basic economic concepts (including comparative advantage, mixed-strategy Nash equilibrium, insurance contracts, and absorption effects).
Bought and read partly to decide whether to recommend it to my students and some chapters will get my enthusiastic endorsement. It's therefore a shame, though, that it finishes with a blithe defence of sports betting, painting it as primarily a harmless pastime with adverse social effects only for a small and especially vulnerable group (in the inhumanly uncaring calculus typical of some Chicago-influenced writing...)
My copy has the lines printed at a visible slant across the page which is a shame for a publisher like Yale University Press... do better!
I enjoy books that take economic concepts and apply them to something relatable in everyday life. Paul Oyer's book certainly does that, as he looks at how economic concepts are, or can be, applied to sports. He includes a lot of interesting facts and anecdotes. I studied economics as an undergrad so this is a particular area of interest for me, but I think it is definitely written for the lay person and described clearly.
Really cool book that succinctly explains and exemplifies economic concepts in sports. Oyer does a great job discussing athletes contracts and sports gambling, in particular. Felt that I learned a lot from those chapters.
Despite the title, the book isn't about just dollars and cents; it's also about game theory, ethics, and social constructs. A lot of interesting stuff in a fairly short book.
I'd be interested in trying an audio version of this. Both the subject and format seemed to lend themselves more to a podcast than a book. Given that I've consumed a lot of podcasts and books similar to this, I was happy to find new topics and takes - if you like this kind of thing it's worth checking out this new entry.
It combines a few of my favorite topics: sports, business, prices, and economics.
The chapter on tickets and ticket resale will come in handy professionally and I'd just really recommend this book to anyone that likes sports, economics, or sports business.
I really wanted to like this book. It's a great premise--learn economics through talking about sports! I love sports! But while I admittedly read a pre-print copy, this book didn't feel ready for publication. From copyediting errors to repetitive paragraphs that seemed as if a good editor would have removed, this book felt like a draft. I was disappointed.
An interesting way to look at sports, I enjoyed the read. There is nothing earth shattering here, but the perspective is cool. It's more a skim for me, becuase the conclusion mattered and the numbers and lists weren't really important to me (or anything I would recall 30 seconds after reading them) but I learned some new things.
I wouldn’t recommend the whole book to everyone, but I really enjoyed it as the intersection of economics and sports. I found it to be extremely relevant and insightful. I would absolutely recommend the chapter on game theory’s application in sports to most people as it was a fascinating application of a really fascinating economic concept to the strategic decision-making in multiple sports.
Thanks Captain Obvious. I didn’t need an economist to inform me that athletes are financially incentivized to cheat… that consumer behaviour influences player salaries… that the Olympics are a bad financial deal for host cities. The author’s next thoughtful insight might as well be that the team who accumulates more points, wins the game.
If you like Freakanomics, you'll find this short collection of sports essays worth your while, if not quite as compellingly presented as would Dubner and team.
From a non-american point of view, it was challenging understanding some of the concepts explained through sports, more specifically baseball. Otherwise still a great book.
Spoiler alert: The $580 million throwaway refers to the NBA lockout.
This book sits squarely within the Freakonomics lineage. It contains material about the game theoretics of MLB pitch selection, which parallel the study "Do professionals maximize?" by the original Freakonomist Steven Levitt himself, as well as studies about geography and national sports dominance, in the vein of Soccernomics, itself a Freaknomics-type book. (I haven't read Soccernomics, but I familiar with its central thesis: World Cup winners are all within a definite distance from the equator.)
It also contains great insights on discrimination: For example, hockey positions in order of having the most French-Canadians are: 1. goalie 2. forwards 3. defensemen
The more objective the criteria for evaluating players, the more French-Canadians there are at that position. This is obvious in other areas of life too: for example, in DC, African-American incomes are the highest because the government uses less subjective criteria for hiring and advancement. It's also encouraging to see how a lot of discrimination being eliminated with large datasets that expose it.
The book also devotes a couple of paragraphs how stereotypes about Asians account for why Japanese players are all pitchers.
The book also has good chapters on ticket scalping and gambling.
My main beef with the book is about how he compared athletes to stocks: you buy athletes because you think their value will appreciate, he argues. Huh? No, you buy athletes mainly for their production; you think they will help you win. It's more equivalent to a stock's dividend. For most stocks, you buy them for appreciation, not their dividend.
Some of the Asian teams put a buyout clause in their players' contracts so that in case the MLB comes calling, they can sell him to a major league team. For example, 17 MLB teams were interested in bidding for Bo-jung Wang. The Nippon Ham Fighters locked him up in a three-year contract so in his value goes up and major league teams want him.
You do not have to be an economist or a sports fan to enjoy this book - I am living proof! It's written in a clear and engaging way. I still use examples from this book in conversations with my sporty and economically-minded friends and they always blossom into fruitful discussions that even I can follow. This is a great way to be introduced to economic ideas.
Big thank you to NetGalley for an ARC in exchange for my honest review!
Many people enjoy sports and this book is a great conversation opener as it brings interesting information about how economics affect sports decisions, from player salaries, sporting venues, ads and sponsors, betting. Easy and fast reading.