Foreword | 6 |
Preface | 8 |
Contents | 10 |
Tables | 14 |
Figures | 14 |
1 Introduction | 15 |
1.1 The Economics of Superstars | 17 |
1.2 The Economics of Celebrities | 23 |
1.3 Overview of the Thesis | 27 |
2 Talent, Past Consumption and/or Popularity – Are Outstanding German Soccer Players Rosen or Adler Stars? | 31 |
2.1 Introduction | 31 |
2.2 Theories of Superstar Formation | 32 |
2.3 Related Literature | 35 |
2.4 Hypothesis | 37 |
2.5 Data and Stylized Facts on German Soccer | 38 |
2.6 Empirical Framework | 40 |
2.6.1 Dependent Variables | 40 |
2.6.2 Independent Variables | 41 |
2.6.3 Results | 47 |
2.7 Conclusion | 52 |
3 Local Heroes and Superstars – An Empirical Analysis of Star Attraction in German Soccer | 55 |
3.1 Introduction | 55 |
3.2 Related Literature | 56 |
3.3 Stylized Facts on German Soccer | 58 |
3.4 Star Attraction | 61 |
3.4.1 Star Performance | 61 |
3.4.2 Star Popularity | 62 |
3.5 Econometric Framework | 63 |
3.5.1 Data and Dependent Variable | 63 |
3.5.2 Controls | 64 |
3.5.3 Estimation Approach | 66 |
3.5.4 Results | 68 |
3.6 Robustness Analysis | 71 |
3.6.1 Increasing the Number of Superstars and Local Heroes | 71 |
3.6.2 Alternative Measures for Star Performance | 75 |
3.7 Conclusion | 77 |
4 Superstar Earnings in Soccer – Are Voluntary Salary Cap Agreements Self-Enforcing? | 79 |
4.1 Introduction | 79 |
4.2 Related Literature on Salary Cap Agreements | 82 |
4.3 The Model | 84 |
4.4 Discussion | 89 |
4.5 Conclusion | 91 |
4.6 Appendix 1: Nash Equilibrium in a One-Shot Interaction | 92 |
4.7 Appendix 2: Asymmetric Clubs | 93 |
5 Superstars versus Celebrities – Big Man or Big Name? | 97 |
5.1 Introduction | 97 |
5.2 Superstar Emergence | 98 |
5.2.1 Economic Superstar Theories | 98 |
5.2.2 A Simple Model of Superstars | 102 |
5.3 Celebrity Emergence | 104 |
5.3.1 “Gossip Consumption” | 105 |
5.3.2 The Role of Media in Celebrity Emergence | 106 |
5.3.3 A Simple Model of Celebrities | 108 |
5.4 Conclusion | 109 |
6 Different Star Strategies in the Media – Why “ Manufactured” Celebrities are More Lucrative than “ Self- Made” Superstars | 111 |
6.1 Introduction | 111 |
6.2 Pop Idol – An Example of “Manufacturing” Celebrities | 114 |
6.3 A Strategy Framework of Star Attraction in the Media | 121 |
6.3.1 The Rosen Explanation for the Viewer Drawing Capability of Superstars | 122 |
6.3.2 The Adler Explanation for the Viewer Drawing Capability of Superstars | 124 |
6.3.3 Bargaining Power of Superstars | 125 |
6.4 „Manufactured“ Celebrities | 126 |
6.4.1 Viewer Drawing Capability of “Manufactured” Celebrities | 128 |
6.4.2 Bargaining Power of “Manufactured” Celebrities | 129 |
6.4.3 Market Segmentation | 130 |
6.5 Conclusion | 130 |
7 Summary and Outlook | 133 |
8 References | 139 |
9 Index | 153 |