A Study on Statistical Simulation for Modeling and Forecasting Sports Economics

In light of the increasing popularity of collegiate and professional athletics, the study of sports economics has expanded rapidly in recent years. This research utilizes recent theoretical advances in Economics and shows how economic theories can be implemented to solve complex tasks of forecasting and valuing sports businesses. In this paper, statistical and simulation models are used for valuation of sports business and also for predicting and evaluating markets and forecasting and measuring the impact of regulatory measures. To describe the business Economics, the Matlab program is employed to ascertain an overview of sophisticated sports businesses; by importing data directly from databases, the efficacy of financial applications are reviewed. This process of studying the sports business data enables us to analyze the data management, perform predictions, and carry out more relevant additional diagnostic tests.