Abstract
This paper attempts to resolve some of the confusion in the sports economics literature regarding conjectures, open and closed leagues, and the invariance principle in sports league modeling. Very few papers model talent level and talent investment by teams separately, which can create confusion regarding open and closed leagues. It is also important that researchers are able to differentiate between the level of talent investment a team makes and their actual talent level which depends on the type of league and the talent choices made by other teams.
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