Specialization in sports: A theoretical approach.

Nations have been competing in sporting competitions for centuries. Therefore, explaining the success of different countries has a long history in sports science. At first, researchers tried to explain success patterns with the help of divergent geographical factors. Later, literature included other determinants on the macro-level which provide evidence that especially the GDP as a proxy for the prosperity of a country has a significant impact on success in sports. Within this broader field of research, also specialization patterns in sports developed into an important topic of research. In line with the literature on factors which lead to (national) success, so far, the discussion mostly concentrates on determinants on a macro-level. We identify the problem that different specialization patterns can be observed in countries that have similar factors on the macro-level, as well. There seems to be a research gap concerning the influencing factors on a meso-level. As a result, the aim of this paper is to show which determinants on the meso-level can affect sports specialization patterns. We provide a model based on the findings of lobbying theory that explains not only different specialization patterns between, e.g., Europe and Africa, but also different specialization patterns within a continent and dissimilar patterns of countries with a similar macro-level can be understood. Overall, our paper contributes to the discussion on specialization in elite sports from an economic perspective, so that future research can build on our work, in particular concerning empirical tests of our approach.

EU's Ordering of COVID-19 Vaccine Doses: Political Decision-Making under Uncertainty.

Worldwide, politicians, scientists, and entrepreneurs are operating under high uncertainty and incomplete information regarding the adequacy of measures to deal with the COVID-19 pandemic. It seems indisputable that only widespread and global immunity can bring normalization to social life. In this respect, the development of a vaccine was a milestone in pandemic control. However, within the EU, especially in Germany, the vaccination plan is increasingly faltering, and criticism is growing louder. This paper considers the EU's political decision in general and the decisions of the German government to procure vaccine doses against the background of modern economics as a decision under uncertainty and critically analyzes the process.

Political Decision Making in the COVID-19 Pandemic: The Case of Germany from the Perspective of Risk Management.

The COVID-19 pandemic is permanently changing modern social and economic coexistence. Most governments have declared infection control to be their top priority while citizens face great restrictions on their civil rights. A pandemic is an exemplary scenario in which political actors must decide about future, and thus uncertain, events. This paper tries to present a tool well established in the field of entrepreneurial and management decision making which could also be a first benchmark for political decisions. Our approach builds on the standard epidemiological SEIR model in combination with simulation techniques used in risk management. By our case study we want to demonstrate the opportunities that risk management techniques, especially risk analyses using Monte Carlo simulation, can provide to policy makers in general, and in a public health crisis in particular. Hence, our case study can be used as a framework for political decision making under incomplete information and uncertainty. Overall, we want to point out that a health policy that aims to provide comprehensive protection against infection should also be based on economic criteria. This is without prejudice to the integration of ethical considerations in the final political decision.

The sky is the limit?! Evaluating the existence of a speculative bubble in European football.

In light of increasing salaries and transfer fees, the present study investigates the existence of a speculative bubble in European football. By applying the Kindleberger-Minsky model to football, we show that developments in recent years do not meet the criteria of a classic bubble. Although transfer fee spending in recent years does meet the typical pattern seen in historical bubbles, the case of football rather resembles an atypical bubble. This is because the rise in transfer fees for most clubs is largely backed by cash inflows, prompting an elevator effect for transfer fees. Typical bubbles, on the other hand, contain heavy debt-financing in the absence of respective and sustainable cash inflows. Nevertheless, despite the absence of a speculative bubble on the aggregated league level, some individual clubs seem to "live in a bubble". Furthermore, the French and especially Italian leagues should be cautious about overspending. We further discuss the main risk factors that can lead to a turning point in European football's constant revenue growth, including potential implications of a financial downturn.