Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 1 of 217

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 2 of 217

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 3 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 4 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 5 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 6 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 7 of 217

Journal of Political Economy

American Economic Review

Journal of Labor Economics

International Journal of the Economics of Business
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 8 of 217

Cung Le, et al., v. Zuffa, LLC d/b/a Ultimate Fighting Championship and
UFC
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 9 of 217

Cung Le, et al., v. Zuffa, LLC d/b/a Ultimate Fighting

Championship and UFC
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 10 of 217

i.e.

available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 11 of 217

i.e.

i.e.
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 12 of 217

supra
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 13 of 217

e.g.

i.e.

separate

supra
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 14 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 15 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 16 of 217

as a share of event revenue declined

arguendo
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 17 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 18 of 217

e.g.
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 19 of 217

share
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 20 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 21 of 217

ZF Meritor, LLC v. Eaton Corp.

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 22 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 23 of 217
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 24 of 217

i.e.

MMAFighting
available at

Slate available at

Boston Herald available at

 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 25 of 217

MMAFighting
available at

Slate available at

Strategic Management Cases: Competitiveness and

Globalization

Boston Herald available at

The Guardian
available at
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 26 of 217

Strategic Management Cases: Competitiveness and

Globalization
The Guardian
available at

available at

New York Times available at

The
Guardian available at

Strategic Management Cases: Competitiveness and

Globalization
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 27 of 217

The Ultimate Fighter

Boston Herald available at

Boston Herald available at

Mulitchannel News available at

The Guardian
available at
The Ultimate Fighter

Fast Company
available at

Mulitchannel News
available at
Forbes
available a
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 28 of 217

Fast Company available at

available at
The Guardian
available at

Fast
Company available at

Mashable available
at
Mashable available
at

Men’s Fitness available at

 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 29 of 217

The
Best Damn Sports Show Period

Men’s Fitness available at

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 30 of 217

Bleacher Report available at

Las Vegas Review Journal

available at

Bloody Elbow available at

Bloody Elbow
available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 31 of 217

Bleacher Report available at

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 32 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 33 of 217

e.g.

i.e.

available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 34 of 217

” available at
available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 35 of 217

available at
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 36 of 217

MMA Convert
available at

MMAFighting
available at

Bloody Elbow available at

Payout
available at
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 37 of 217

MMA Junkie
available at
available at

SBNation
available at
available at
The Top 25 MMA Prospects for 2017, Part 2 available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 38 of 217

available at
available at
available at
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 39 of 217

Bloody
Elbow available at

Huffington Post
available at

” available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 40 of 217
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 41 of 217

Cung Le, et al., v. Zuffa, LLC d/b/a Ultimate Fighting

Championship and UFC
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 42 of 217

Modern Industrial Organization

The Journal of Law and Economics
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 43 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 44 of 217

available at
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 45 of 217

Cung Le, et al., v. Zuffa, LLC d/b/a Ultimate Fighting Championship and
UFC
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 46 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 47 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 48 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 49 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 50 of 217

MMAFighting available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 51 of 217

MMA News
available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 52 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 53 of 217

available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 54 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 55 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 56 of 217

MMAFighting
available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 57 of 217

i.e.
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 58 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 59 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 60 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 61 of 217

as a share of event revenue

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 62 of 217

i.e.
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 63 of 217

Labor Economics
Modern Labor Economics: Theory and Public Policy

monetary
Microeconomics

Microeconomic Analysis
Microeconomic Theory
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 64 of 217

a share of revenue

level share
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 65 of 217

share

i.e
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 66 of 217

level
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 67 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 68 of 217

i.e.

i.e.

no

mechanical

Proving Antitrust Damages

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 69 of 217

The Journal of Economic Perspectives,

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 70 of 217

positive
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 71 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 72 of 217
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 73 of 217

i.e.

Econometric Analysis

Proving Antitrust Damages

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 74 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 75 of 217

i.e.
not

Proving Antitrust Damages

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 76 of 217

Reference Manual on Scientific Evidence

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 77 of 217

i.e.,
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 78 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 79 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 80 of 217

increased
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 81 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 82 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 83 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 84 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 85 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 86 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 87 of 217
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 88 of 217

Spike available at

MMAFighting available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 89 of 217

NBCSports
available at

MMA Junkie
available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 90 of 217

available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 91 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 92 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 93 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 94 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 95 of 217

i.e.
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 96 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 97 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 98 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 99 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 100 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 101 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 102 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 103 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 104 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 105 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 106 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 107 of 217

available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 108 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 109 of 217

MMA Newsline
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 110 of 217

available at

Bleacher Report

supra
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 111 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 112 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 113 of 217

i.e.
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 114 of 217

Zuffa Yearly Financial Statements_CKD.xlsx

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 115 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 116 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 117 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 118 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 119 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 120 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 121 of 217

other
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 122 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 123 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 124 of 217

i.e.,

e.g.

e.g. e.g.
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 125 of 217

i.e.,
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 126 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 127 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 128 of 217

i.e.,

i.e.,
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 129 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 130 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 131 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 132 of 217

MMAJunkie
available
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 133 of 217

New York Times

available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 134 of 217

available at
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 135 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 136 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 137 of 217
 Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 138 of 217

Inside MMA

sic

Bloody Elbow available at

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 139 of 217

i.e.
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 140 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 141 of 217

a i.e.
k a

Z
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 142 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 143 of 217

Isidore Brown and Gladys J. Brown Distinguished Service Professor of Economics

Director
Co-Director,
Research Associate

Professor of Economics
Kirby Distinguished Visiting Professor of Economics
Professor of Economics

Associate Professor of Economics

Associate Professor of Economics

Assistant Professor of Economics

Research Associate
Senior Fellow
Faculty Member

Member

Fellow
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 144 of 217

Member
Visiting Scholar
Research Associate
Consulting Economist
Research Associate
Faculty Research Fellow
Research Economist
Consultant
Partner
Principal & Managing Director,
Board of Directors
Director
Senior Consultant,

Journal of Political Economy

American Economic Review
Journal of Labor Economics
International Journal of the Economics of Business

Kenneth J. Arrow Award

Kirby Distinguished Visiting Professor
Research America Eugene Garfield Prize for Medical and Health Research
Elected Fellow
Elected Member
Elected Founding Member
William Ladany Research Scholar
William Fishman Research Scholar
Smith Richardson Dissertation Fellowship in Political Economy
Foundation for Research in Economics and Education Fellowships
Chancellor’s Intern Fellow
University Fellow
General Electric Dissertation Fellowship
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 145 of 217

Thompson Lecture
Nominating Committee,
Program Committee,
Organizer,

Program Chair

Inaugural Keynote Lecture

Pihl Lecturer,
Keynote Address

Kirby Lecturer,
Huggins Lecturer

Keynote Address

Keynote Address

Keynote Address
Energy Policy and the Economy
Keynote Address,
Keynote Address,
Keynote Address,
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 146 of 217

Books

The Welfare State in Transition

Labor Market Data and Measurement

Välfärdsstat i omvandling: Amerikanskt Perspectiv pä den Svenska Modelten

Measuring the Gains from Medical Research: An Economic Approach

Reforming the Welfare State: Recovery and Beyond in Sweden

Att Reformera Välfärdsstaten,

Distributional Aspects of Energy and Climate Policy

Articles and Monographs

Economica

American Economic
Review

Journal of Law and Economics

American Economic Review

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 147 of 217

Journal of Labor
Economics

Journal of Political Economy

Journal of Business and Economic Statistics

Studies
in Search

Research in Labor Economics

Rand Journal of
Economics

Unemployment Insurance: The Second Half Century

Employment, Unemployment,
and Labor Utilization

Journal of Political
Economy

Unemployment and the Structure of Labor

Markets

Research in Labor Economics

Research in Labor Economics 35th Anniversary Retrospective, 2012, 401-435.

The NBER Macroeconomics Annual

Immigration, Trade, and the Labor

Market
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 148 of 217

Advances in the Theory and Measurement of Unemployment

Immigration, Trade, and the Labor Market

Quarterly Journal of
Economics

Quarterly Journal of Economics

Journal of
Political Economy Outstanding Contributions
in Labor Economics,

Carnegie-Rochester Series on Public Policy

Immigration and the Work Force: Economic Consequences

for the United States and Source Areas

GSB Chicago

Brookings Papers on Economic Activity

American Economic Review,

Proceedings of National Academy of Social

Insurance

Differences and Changes in Wage Structures

Labour
Market and Economic Performance: Europe, Japan, and the USA

European
Economic Review
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 149 of 217

American Economic Review,

American
Economic Review,

Välfärdsstat i
omvandling: Amerikanskt Perspectiv pä den Svenska Modelten

Välfärdsstat i
omvandling: Amerikanskt Perspectiv pä den Svenska Modelten

Journal of Political Economy

Economic Inquiry,

Handbook of Population and Family Economics

The Welfare State in Transition

The Welfare State in Transition

American Economic
Review

Journal of Economic Perspectives

Labor Market Data and Measurement

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 150 of 217

Handbook of Labor Economics

Milken Institute Review: A

Journal of Economic Policy

Journal of Political Economy

Measuring the
Gains from Medical Research: An Economic Approach

Brookings Papers on Economic Activity

Journal of Business and Economic Statistics

JBES

Macroeconomic Implications of Post-Crisis Structural Change,

Perspectives in Biology and Medicine

NBER

Perspectives in Biology and Medicine,

NBER
Working Paper #11405, Journal of Political Economy,
Eugene Garfield Economic Impact of Medical Research
Award, Kenneth J. Arrow Award,
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 151 of 217

Handbook of the
Economics of Education,

Keynote Address, Federal Reserve Bank of Cleveland

Conference on Education and Economic Development, November 2004, Education and
Economic Development

Att Reformera Välfärdsstaten,

Att
Reformera Välfärdsstaten,

Guns and Butter: The Economic Causes and Consequences of

Conflict,

American
Economic Review,

The New Palgrave of Economics

Global Competition Policy

Recovery and Beyond: Reforming the Welfare

State in Sweden

Recovery and Beyond: Reforming the Welfare State in

Sweden

BE
Journal of Economic Analysis and Policy

Research in Labor Economics 35th Anniversary

Retrospective,
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 152 of 217

American
Economic Review,

Journal of Labor Economics,

Employment Hazards Journal of Economic Literature

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 153 of 217

Handbook of Labor Economics Journal of

Economic Literature

Journal of Money, Credit and Banking

Brookings Papers on Economic Activity

Brookings Papers on Economic Activity

NBER
Macroeconomics Annual

Brookings Papers on Economic Activity

Brookings Papers on
Economic Activity
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 154 of 217

Recent Cases, Reports and Testimony

Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 155 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 156 of 217
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 157 of 217

Howard P. Marvel, “Exclusive Dealing,” The Journal of Law and Economics

Sherwin Rosen, “Distinguished Fellow: Mincering Labor Economics,” The Journal of

Economic Perspectives

Proving Antitrust Damages

Microeconomic Theory

Modern Industrial Organization

Labor Economics
Econometric Analysis
Microeconomics
Strategic Management Cases:
Competitiveness and Globalization
Microeconomics
Modern Labor Economics: Theory and Public
Policy
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 158 of 217

Cung Le, et al., v. Zuffa, LLC

d/b/a Ultimate Fighting Championship and UFC

Cung Le, et al., v. Zuffa, LLC d/b/a Ultimate Fighting

Championship and UFC
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 159 of 217

Cung Le, et al., v. Zuffa, LLC d/b/a Ultimate

Fighting Championship and UFC

Cung Le, et al., v. Zuffa, LLC d/b/a Ultimate

Fighting Championship and UFC

“About ONE” available at

“Miller Lite Named the Official Title Sponsor for Bellator MMA,” Spike

“Spike TV Continues UFC Counter Attack Tactics with ‘Unleashed: Diego Sanchez,”

Adam Hill, “'A Timeline of UFC Rules: From No Barred to Highly Regulated,”

Allan Snel “Export product: UFC dispatching fight shows to global venues,” Las Vegas
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 160 of 217

Andy Bull, “The Fight Game Reloaded: How MMA and UFC Conquered the World,”

Bellator MMA, “About Us” available at http://bellator.spike.com/about

Ben Fowlkes, “The Truth About Fighters and Sponsors,” (September 13, 2011), available

Brian Stelter, “As DVRs Shift TV Habits, Ratings Calculations Follow,” New York

Bryan Armen Graham, “New York ends ban and becomes 50th state to legalize mixed
martial arts,” The Guardian (March 22, 2016) available at

Dave Meltzer, “Bellator tops UFC in weekend ratings by 96,000 viewers,” MMAFighting

Dave Meltzer, “The pitfalls that faced UFC before its television success,” MMAFighting

David Plotz, “Fight Clubbed,” Slate (November 17, 1999) available at

Federal Trade Commission, “Market Division or Customer Allocation”,

Fernando Quiles Jr., “Gilbert Melendez Explains How Free Agency Improved His UFC
Contract,” MMA News (Augu

FightMatrix, “FAQ,” available at http://www.fightmatrix.com/faq/

Greg Fernstein, “How Dana White Built a UFC Empire With Social Media,” Mas

Gregory Fernstein, “UFC and Its Gang of 4.6 Million Facebook Friends Body Slam
Sports Broadcasting,” Fast Company (February 4, 2011) available at
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Invicta Fighting Championship, “About,” available at http://www.invictafc.com/about

James Iannotti, “HDNet reaches television agreements with DREAM and K 1,”

Jason Cruz, “Updated: WSOF 34 draws 951,000 viewers, prelims draw 71,000 on
NBCSN,” Payout (January 4, 2017) available at ht

Jeff Beer, “How UFC is Taking the World’s Oldest Sport Into the Future of Media,” Fast

Jerry Bonkowski, “NBCSN to televise new MMA league bout after Daytona Xfinity
race,” NBCSports (Jun. 1, 2017), available at

Jesse Holland, “UFC International expansion plans include Macau in 2012, Singapore in
2013,” Bloody Elbow (November 4, 2011) available at

John Eligon, “A Boxing Regulator Changes Corners,” New York Times (November 24,

Kristi Dosh, “The Evolution of UFC Event Marketing: From the Beginning to UFC 200,”

Levi Nile, “UFC and Their Plans for Global Expansion,” Bleacher Report (January 1
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 162 of 217

Luke Thomas, “Bellator MMA programming to continu

Paramount Network,” MMAFighting (Feb. 9, 2017), available at

Marc Raimondi, “How will the UFC's Reebok deal change

weigh in,” (December 9, 2014), available at

Marc Raimondi, “Spike TV president: Bellator MMA 'on an even footing' with the UFC,”

Mark Bergmann, “Former PRIDE CEO Sakakibara plans to return to US market with
new RIZIN promotion,” Bloody Elbow (May 25, 2016) available at

Mike Bohn, “UFC champ Ronda Rousey: I don’t want people to know how much money
I make,” MMAJunkie (Oct. 13, 2014), available at http://mmajunkie.com/2014/10/ufc

Mike Chiappetta, “'The Grass Is Greener': UFC Bellator Signees Speak Out,” Bleacher

“Ratings: Bellator 149 peaked at 2.7 million viewers, UFC fails to

average 1 million,” Bloody Elbow (February 23, 2016) available at

One Championship, “ONE Championship Television Ratings Show Incredible Growt

Last Three Years” (April 26, 2017) available at https://onefc.com/articles/one
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Ron Borges, “It was the Ultimate save; Business plan by Fertittas and White took UFC
from the brink to the heights” Boston Herald (Au

Sean Hyson, “Dana White, the man, the sport, and the money,” Men’s Fitness available

“Bellator CEO Bjorn Rebney Responds to Criticism from Dana White:

‘It’s Very, Very Hypocritical’”, www.maafighting.com, September 24, 2012

Sherdog.com, “Michael Chandler” available at http://www.sherdog.com/fighter/Michael

Sherdog.com, “Michael Page” available at http://www.sherdog.com/fighter/Micha

Sherdog.com, “Muhammed Lawal” available at

Sherdog.com, “Recent Events, Absolute Championship Berkut” available at

e Barry, “Bellator Fighting Championships Announce Agreement with ESPN

Deportes,” MMA Convert, (November 19, 2008) available at

Steve Feiner, “ONE

events,” Huffington Post (May 11, 2017) available at

“Bellator 180 pay definition,”

Stuart Miller, “Defending the Belt; UFC hits 100 and Keeps Swinging,” Mulitchannel

Stuart Miller, “Defending the Belt; UFC hits 100 and Keeps Swinging,” Mulitchannel

Teddy Montemayor and John Bieschke, “How the UFC and Reebok Changed the
Sponsorship Landscape in MMA,” MMA Newsline (January 9, 20
Case 2:15-cv-01045-RFB-BNW Document 696-8 Filed 07/12/19 Page 164 of 217

USADA, “About USADA’s Doping Program,” available at

Viacom, “Spike,” available at http://www.viacom.com/brands/pages/spike.aspx

Zane Simon, “UFC’s Brazilian TV deals are a booming business,” Bloody Elbow
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mechanical
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Count with Better Ranking than Zuffa's Worst-

724 4,413
Ranked Athlete in the Same Division and Year
Percent with Better Ranking than Zuffa's Worst-
92% 77%
Ranked Athlete in the Same Division and Year
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List of Errata for Expert Report of Professor Robert H. Topel

As direct evidence of Zuffa’s market power, Dr. As direct evidence of Zuffa’s market power, Dr.

suppressed its athletes’ compensation, Zuffa has suppressed its athletes’ compensation, Zuffa has

MMA athletes’ services, MMA athletes’ services, Zuffa

Specifically, Dr. Singer measures Zuffa’s Specifically, Dr. Singer measures Zuffa’s
“foreclosure share” as the share of MMA athletes “foreclosure share” as the share of MMA athletes
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Dr. Singer’s Dr. Singer’s

metrics for measuring Zuffa’s foreclosure share, metrics for measuring Zuffa’s foreclosure share,

on Zuffa’s share. on Zuffa’s share.

affect Zuffa’s competition in the affect Zuffa’s competition in the

“
”

(“[Fertitta] approached a few key athletic (“[Fertitta] approached a few key athletic
commissions – Nevada, Texas, Florida – and, commissions – Nevada, Texas, Florida – and,
“

” '”
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on the athletes’ on the athletes’

Jeff Beer, “How UFC is Taking the World’s Oldest Jeff Beer, “How UFC is Taking the World’s Oldest
Sport Into the Future of Media,” Fast Company Sport Into the Future of Media,” Fast Company

media (“The company media (“The company

bravado under the overall banner of the brand.”) bravado under the overall banner of the brand.”)

Fernstein, “UFC and Its Gang of 4.6 Million nstein, “UFC and Its Gang of 4.6 Million
Facebook Friends BodySlam Sports Broadcasting,” Facebook Friends BodySlam Sports Broadcasting,”

“The Pitfalls That Faced UFC Before Its Television Meltzer, “The pitfalls that faced UFC before its
Success” (The UFC’s former owner explained: television success,” MMAFighting (November 16,
“The other piece of the puzzle we didn’t have was
Dana.”)

(The UFC’s former owner

explained: “The other piece of the puzzle we didn’t
have was Dana.”)
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“Export product: UFC dispatching fight “Export product: UFC dispatching fight
shows to global venues,” Las Vegas shows to global venues,” Las Vegas

Zane Simon, “UFC’s Brazilian TV deals are a Zane Simon, “UFC’s Brazilian TV deals are a
booming business,” Bloody Elbow (October 31, booming business,” Bloody Elbow (October 31,

mma-news; Jesse Holland, “UFC International mma-news; Jesse Holland, “UFC International

in 2013,” in 2013,”

(acknowledging that “one of the benefits of having (acknowledging that “one of the benefits of having

up”); them up”);

Steve Barry, “Bellator Fighting Championships Steve Barry, “Bellator Fighting Championships
Agreement with ESPN Deportes,” MMA Agreement with ESPN Deportes,”
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Jason Cruz, “Updated: WSOF 34 draws 951,000 Jason Cruz, “Updated: WSOF 34 draws 951,000
viewers, prelims draw 71,000 on NBCSN,” Payout viewers, prelims draw 71,000 on NBCSN,”

James Iannotti, “HDNet reaches television James Iannotti, “HDNet reaches television
agreements with DREAM and K-1,” SBNation agreements with DREAM and K-1,” SBNation

The Top 25 MMA Prospects for

2017, Part 2 Bleacher Report

for its events (beating the UFC’s for its events (beating the UFC’s

One way to assess whether Zuffa’s contract One way to assess whether Zuffa’s contract
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basis.” basis.”

side effect of the business. ‘You have a limited a side effect of the business. ‘You have a limited
number of spots,’ Rebney explained. ‘So you’re number of spots,’ Rebney explained. ‘So you’re

position where you’re just building someone up for position where you’re just building someone up for
’ That’s what the clause is designed someone else. That’s what the clause is designed
for. It’s not designed to put the fighter in a worse for. It’s not designed to put the fighter in a worse
position. It’s not created to give the promoter who position. It’s not created to give the promoter who

pay him less. All you’re saying is, ‘ pay him less. All you’re saying is,

14 days, I’ve got to release you.’ 14 days, I’ve got to release you.’

Dr. Singer states that “[a]ll PARs contain a right to Dr. Singer states that “[a]ll PARs contain a right to
match clause, which ‘grants Zuffa the right to match clause, which ‘grants Zuffa the right to
match competing promoters’ offer[s] for [a] limited match competing promoters’ offer[s] for [a] limited

a fighter’s agreement.’” agreement.’”

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Strikeforce’s Scott Coker testified as to the Strikeforce’s Scott Coker testified as to the
purpose of these kinds of extensions: “Q: So purpose of these kinds of extensions: “Q: So
one of the reasons…that Strikeforce at least had one of the reasons…that Strikeforce at least had
the champion’s clause was because Strikeforce the champion’s clause was because Strikeforce

champion? A: That’s correct.” champion? A: That’s correct.”

My analysis is based on Dr. Singer’s identification My analysis is based on Dr. Singer’s identification

Singer’s contract data is incomplete, some Singer’s contract data is incomplete, some

being “early re-signs.” However, I have reduced the being “early re-signs.” However, I have reduced the

of “ ” athletes to those who re-signed of “ ” athletes to those who re-signed

salaries, which is to say that Chicago’s faculty are salaries, which is to say that Chicago’s faculty are
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at Chapter 3 and pp. 550-551 … Michael L. at Chapter 3 and pp. 550-551 … Michael L.

… Andreu … Andreu

“effectively serve as benchmarks for the “effectively serve as benchmarks for the

the but-for world.” the but-for world.”

If there were not and Zuffa’s conduct lowered If there were not and Zuffa’s conduct lowered
athletes’ compensation, then Zuffa athletes’ athletes’ compensation, then Zuffa athletes’

the results of estimating Dr. Singer’s regression

estimating Dr. Singer’s regression model after
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mechanical correlation by recalculating Dr. Singer’s mechanical correlation by recalculating Dr. Singer’s

assumption that Dr. Singer’s unweighted Zuffa assumption that Dr. Singer’s unweighted Zuffa

Singer’s revenue weight for Zuffa divided by the Singer’s revenue weight for Zuffa divided by the
Dr. Zuffa’s

Further, his measure of foreclosure—the share of Further, his measure of foreclosure—the share of
athletes under contract to Zuffa—merely athletes under contract to Zuffa—merely
Zuffa’s success in promoting MMA events. Zuffa’s success in promoting MMA events.

regression of athletes’ compensation on regression of athletes’ compensation on

exclusivity from Zuffa in the “ exclusivity from Zuffa in the “

” ”

exclusivity from Zuffa in the “ exclusivity from Zuffa in the “

” ”
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Dr. Singer defines the relevant input market “based Dr. Singer defines the relevant input market “based

exercise of monopsony power by Zuffa.” exercise of monopsony power by Zuffa.”

According to the declaration of FightMetric’s According to the declaration of FightMetric’s

Mr. Genauer notes in his declaration, “FightMetric’s Mr. Genauer notes in his declaration, “FightMetric’s

not based on FightMetric’s assessment of these not based on FightMetric’s assessment of these
athletes’ skills, but rather the promotion they athletes’ skills, but rather the promotion they

to track that promoter’s to track that promoter’s

bouts.” bouts.”
]: “There isn't a hard and fast ]: “There isn't a hard and fast definition.

promiment [sic] organizations in the world…. In

world…. In recent years, it's become whoever the
market is willing to pay for….Sorry I don't have a willing to pay for….Sorry I don't have a perfectly
perfectly consistent answer for you….” consistent answer for you….”
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women’s featherweight division in December 2016. women’s featherweight division in December 2016.
Zuffa has recently added a women’s flyweight Zuffa has recently added a women’s flyweight
weight class. Zuffa does not have a women’s weight class. Zuffa does not have a women’s
atomweight or men’s strawweight atomweight or men’s strawweight

Putting aside the many flaws in his “foreclosure” Putting aside the many flaws in his “foreclosure”

any “impact” of Headliner share tells us any “impact” of Headliner share tells us

women’s featherweight division in December 2016. women’s featherweight division in December 2016.
Zuffa has recently added a women’s flyweight Zuffa has recently added a women’s flyweight
weight class. Zuffa does not have a women’s weight class. Zuffa does not have a women’s
atomweight or men’s strawweight class. atomweight or men’s strawweight class.

Singer’s revenueweighted foreclosure shares with Singer’s revenueweighted foreclosure shares with
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Dr. Singer states “I consider a Fighter to be in the Dr. Singer states “I consider a Fighter to be in the

in question.” (SINGER REPORT at ¶ 308) in question.” (SINGER REPORT at ¶ 308)

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see also Marc Raimondi, “How will the UFC's

Marc Raimondi, “How will the UFC's Reebok deal
weigh in,” (December 9, 2014), available at change the landscape? Managers weigh in,”

landscape-managers-weigh-in (“UFC president

landscape-managers-weigh-in (“UFC president

the uniform deal.”); Teddy Montemayor and John

Bieschke, “How the UFC and Reebok Changed the the uniform deal.”); Teddy Montemayor and John
Sponsorship Landscape in MMA,” MMA Newsline Bieschke, “How the UFC and Reebok Changed the
Sponsorship Landscape in MMA,” MMA Newsline

“How the UFC and Reebok Changed the “How the UFC and Reebok Changed the
Sponsorship Landscape in MMA,” supra note Sponsorship Landscape in MMA,” supra note

athlete services by “consistently maintaining athlete services by “consistently maintaining

could use.” could use.”

Dr. Singer states that “ Dr. Singer states that “
on Zuffa’s roster could on Zuffa’s roster could

inactivity (during which they did not get paid).” inactivity (during which they did not get paid).”

Dr. Singer describes UFC as “privately owned and Dr. Singer describes UFC as “privately owned and
.” .”
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When asked about the “Minimum Fighter When asked about the “Minimum Fighter
Document” that Dr. Singer cites, Mr. Epstein Document” that Dr. Singer cites, Mr. Epstein
described the document as “taking a look at the described the document as “taking a look at the

the minimum starting contract – for athletes’ – for athletes’

minimum – not starting, but the minimum contract minimum – not starting, but the minimum contract
for athletes. And we were just taking a look – a for athletes. And we were just taking a look – a
look in a holistic way.” look in a holistic way.”
EPSTEIN COMPENSATION TR. at 24-27 (“Every EPSTEIN COMPENSATION TR. at 24-27 (“Every

their – of their history and their development of their – of their history and their development of
their career, and it’s all depending upon that.”) their career, and it’s all depending upon that.”)

coefficient on others’ compensation in both the coefficient on others’ compensation in both the

“of a pricing structure “of a pricing structure

suppression.” suppression.”
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compensation on others’ current and lagged compensation on others’ current and lagged
compensation as evidence that “gains (or losses) compensation as evidence that “gains (or losses)

Class members both within and across years.” Class members both within and across years.”

lagged values of others’ compensation lagged values of others’ compensation

payments “that Zuffa offered to Fighters in payments “that Zuffa offered to Fighters in

.” .”

Singer’s regression data, total damages equal bouts in Dr. Singer’s regression data, total

pays more than other promoters: “UFC… has the pays more than other promoters: “UFC… has the

most in the market, by far.” most in the market, by far.”

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Brian Stelter, “As DVRs Shift TV Habits, Ratings Brian Stelter, “As DVRs Shift TV Habits, Ratings
Calculations Follow,” New York Times (Oct. 6, Calculations Follow,” New York Times (Oct. 6,

programming and that “[o]n-demand viewing programming and that “[o]n-demand viewing

year.”) year.”)

“the “a

… chose to be a broadcaster.” and … chose to be a broadcaster.”

Mark Bergmann, “Former PRIDE CEO Sakakibara Mark Bergmann, “Former PRIDE CEO Sakakibara

promotion,” Bloody Elbow (May 25, 2016) available promotion,” Bloody Elbow (May 25, 2016) available
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“' “
Holds-Barred to Highly Regulated,” Holds-Barred to Highly Regulated,”

Shaun Al-Shatti, “Bellator CEO Bjorn Rebney Shaun Al-Shatti, “Bellator CEO Bjorn Rebney

‘It’s Very, Very Hypocritical’”, ‘It’s Very, Very Hypocritical,’” MMAFighting

Stuart Miller, “Defending the Belt; UFC hits 100

and Keeps Swinging,” Mulitchannel
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John Eligon, “A Boxing Regulator Changes

Corners,” New York Times (November 24, 2006)