This book presents Stephen Shmanske's innovative research combining two of his passions, golf and economics. He develops two themes ? the use of economics to explore institutional aspects of the business side of golf and the use of golf statistics to shed light on several vexing issues in economics. These two themes are addressed in two settings ? the economics of golf course management and the economics of professional golf. Examples from golf course management are covered in separate chapters on golf cart usage, golf course maintenance, and the problem of slow play. Examples from professional golf include the causal relationships from practice to skill to earnings, the tournament compensation model, and the measurement of gender discrimination.
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Appendix to Chapter 1
Golf Course Economics
Bad Mood Bias
Replace Your Divots and Please Dont Eat the Daisies
Location Location Location
The Economics of Slow Play
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Annika Sorenstam Bognanno bottleneck calculated capture cart price cart rental chapter Club coefficient competition consumer surplus course's demand curve dependent variable DRIVACC DRIVDIST driving distance earnings economics economists effect equation estimate example extra fairway golf cart golf course condition golf course managers Golf Course Superintendent golf tournaments green fees Greg Norman higher hilliness hole home course hour income increase input intervals interview listed LPGA maintenance marginal cost marginal product marginal revenue municipal golf courses Park Golf Course players population measure practice price discrimination prize fund problem professional golfers profit PUTTPER putts quantity r-squared radius rankings regression analysis relationship resident discount round of golf sample SANDSAVE scores slow play standard error station statistically significant t-statistics Table takes theory Tiger Woods total revenue U.S. Open USGA waiting weight women yards zero