Like many professional sports leagues worldwide, the National Basketball Association is organized as a cooperative of team owners. We argue that league ownership structures must balance two types of transaction costs: the costs to league owners of collective decision-making and the costs of contracting with stakeholders of the league, importantly players, owners, and potential investors. We compare the transaction costs of the current team owned league with the alternatives of investor and player owned leagues, finding that each ownership structure reduces some transaction costs while raising others.

中文翻译：

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谁应该拥有联盟？交易成本和 NBA 所有权结构

与世界各地的许多职业体育联盟一样，美国国家篮球协会是由球队老板组成的合作组织。我们认为，联盟所有权结构必须平衡两种类型的交易成本：联盟所有者集体决策的成本以及与联盟利益相关者（重要的是球员、所有者和潜在投资者）签订合同的成本。我们将当前球队拥有的联赛的交易成本与投资者和球员拥有的联赛的交易成本进行比较，发现每种所有权结构都降低了一些交易成本，同时提高了其他交易成本。