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Abstract
In this article, the author reconsiders the so-called win maximization model, taking into account a number of criticisms that have been raised in the literature. One of the main issues is the application of the more relevant Cournot-Nash equilibrium, rather than the Walrasian fixed-supply model, to the European football industry with its flexible talent supply in an open international player market. At the same time, the hypothesis of a simple market clearing salary level has been replaced with the theory of efficiency wages to determine the salary level. Some important consequences of the application of the efficiency wage theory have been investigated.
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