IDEAS home Printed from https://ideas.repec.org/a/ddj/fseeai/y2017i1p127-133.html
   My bibliography  Save this article

What’s a Cricketer’s Worth? Predicting Bid Prices for Indian Premier League Auctions

Author

Listed:
  • Siddhartha K. RASTOGI

    (Indian Institute of Management Indore, India)

Abstract

Indian Premier League is a twenty-over format cricket tournament of teams representing different Indian cities. Beginning 2008, it is established now as a grand annual affair. The team franchises are auctioned on long term basis, whereas cricketers are auctioned every season under certain conditions. Despite such wealth of information, studies on IPL auctions are rare barring four cited models. The present paper studies the results of year 2011 English-style auction of cricketers and recalibrates the old yet most accurate model by Rastogi and Deodhar (2009). Both models use ordinary least square method of regression albeit with different variable. The old models lack predictive power, whereas the recalibrated model presented displays better predictive capability as compared to earlier models. It also succeeds in reducing overall predictability gap and stands significantly parsimonious vis-Ã -vis previous models. Further, the final model presented is applied on 2013 and 2014 auction data to show superior results.

Suggested Citation

  • Siddhartha K. RASTOGI, 2017. "What’s a Cricketer’s Worth? Predicting Bid Prices for Indian Premier League Auctions," Economics and Applied Informatics, "Dunarea de Jos" University of Galati, Faculty of Economics and Business Administration, issue 1, pages 127-133.
    • Handle: RePEc:ddj:fseeai:y:2017:i:1:p:127-133
    as

    Download full text from publisher

    File URL: http://www.eia.feaa.ugal.ro/images/eia/2017_1/Rastogi.pdf
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Kennedy, Peter E, 2002. "Sinning in the Basement: What Are the Rules? The Ten Commandments of Applied Econometrics," Journal of Economic Surveys, Wiley Blackwell, vol. 16(4), pages 569-589, September.
    2. Ajit Karnik, 2010. "Valuing Cricketers Using Hedonic Price Models," Journal of Sports Economics, , vol. 11(4), pages 456-469, August.
    3. Siddhartha K Rastogi & Deodhar, Satish Y., 2009. "Player Pricing and Valuation of Cricketing Attributes: Exploring the IPL Twenty-Twenty Vision," IIMA Working Papers WP2009-01-02, Indian Institute of Management Ahmedabad, Research and Publication Department.
    4. C. Petersen & D.B. Pyne & M.J. Portus & B. Dawson, 2008. "Analysis of Twenty/20 Cricket performance during the 2008 Indian Premier League," International Journal of Performance Analysis in Sport, Taylor & Francis Journals, vol. 8(3), pages 63-69, November.
    5. Peter E. Kennedy, 2002. "Sinning in the Basement: What are the Rules? The Ten Commandments of Applied Econometrics," Journal of Economic Surveys, Wiley Blackwell, vol. 16(4), pages 569-589, September.
    6. Liam J.A. Lenten & Wayne Geerling & László Kónya, 2012. "A hedonic model of player wage determination from the Indian Premier League auction: Further evidence," Sport Management Review, Taylor & Francis Journals, vol. 15(1), pages 60-71, January.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Deepak Srivastav & Puram Praveen & Rudra Sensarma & Anand Gurumurthy, 2021. "Does salary dispersion affect team performance in cricket? Evidence from the Indian Premier League," Working papers 441, Indian Institute of Management Kozhikode.
    2. Hendry, David F. & Clements, Michael P., 2003. "Economic forecasting: some lessons from recent research," Economic Modelling, Elsevier, vol. 20(2), pages 301-329, March.
    3. Christopher L. Gilbert & Duo Qin, 2005. "The First Fifty Years of Modern Econometrics," Working Papers 544, Queen Mary University of London, School of Economics and Finance.
    4. Thomas Mayer, 2006. "The Empirical Significance of Econometric Models," Working Papers 620, University of California, Davis, Department of Economics.
    5. David Greasley & Les Oxley, 2010. "Cliometrics And Time Series Econometrics: Some Theory And Applications," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 970-1042, December.
    6. Michael O'Connor Keefe & James Tate & Henk Berkman, 2013. "Is the relationship between investment and conditional cash flow volatility ambiguous, asymmetric or both?," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 53(4), pages 913-947, December.
    7. Teresa Briz & Andreas C. Drichoutis & Rodolfo M. Nayga, Jr, 2014. "Detecting false positives in experimental auctions: A case study of projection bias in food consumption," Working Papers 2014-4, Agricultural University of Athens, Department Of Agricultural Economics.
    8. Maurizio Canavari & Andreas C. Drichoutis & Jayson L. Lusk & Rodolfo M. Nayga, Jr., 2018. "How to run an experimental auction: A review of recent advances," Working Papers 2018-5, Agricultural University of Athens, Department Of Agricultural Economics.
    9. Christopher L. Gilbert & Duo Qin, 2005. "The First Fifty Years of Modern Econometrics," Working Papers 544, Queen Mary University of London, School of Economics and Finance.
    10. Duo Qin, 2019. "Let’s take the bias out of econometrics," Journal of Economic Methodology, Taylor & Francis Journals, vol. 26(2), pages 81-98, April.
    11. Marek Gruszczyñski, 2018. "Good Practices in Empirical Corporate Finance and Accounting Research," Journal of Banking and Financial Economics, University of Warsaw, Faculty of Management, vol. 2(10), pages 45-51, December.
    12. Judith A. Clarke & Nilanjana Roy & Marsha J. Courchane, 2006. "On the Robustness of Racial Disrcimination Findings in Motgage Lending Studies," Econometrics Working Papers 0604, Department of Economics, University of Victoria.
    13. Eduardo Loría & Raúl Tirado, 2022. "Sacrifice rate and labour precariousness in Mexico, 2005Q1-2019Q4," Revista Cuadernos de Economia, Universidad Nacional de Colombia, FCE, CID, vol. 41(87), pages 427-456, December.
    14. Richard V. Adkisson & Comfort F. Ricketts, 2016. "Exploring the Redistribution of Manufacturing Employment Among the American States in the Face of Overall Declines in Employment," Economic Development Quarterly, , vol. 30(3), pages 215-231, August.
    15. Josephson, Anna & Michler, Jeffrey D., 2018. "Viewpoint: Beasts of the field? Ethics in agricultural and applied economics," Food Policy, Elsevier, vol. 79(C), pages 1-11.
    16. Armstrong, J. Scott, 2011. "Illusions in Regression Analysis," MPRA Paper 81663, University Library of Munich, Germany.
    17. Christer Thrane, 2014. "Modelling Micro-Level Tourism Expenditure: Recommendations on the Choice of Independent Variables, Functional Form and Estimation Technique," Tourism Economics, , vol. 20(1), pages 51-60, February.
    18. William Bosshardt & Peter E. Kennedy, 2011. "Data Resources and Econometric Techniques," Chapters, in: Gail M. Hoyt & KimMarie McGoldrick (ed.), International Handbook on Teaching and Learning Economics, chapter 35, Edward Elgar Publishing.
    19. Arvydas Jadevicius & Brian Sloan & Andrew Brown, 2013. "Property Market Modelling and Forecasting: A Case for Simplicity," ERES eres2013_10, European Real Estate Society (ERES).
    20. Kathryn Graddy & Peter E. Kennedy, 2006. "When are Supply and Demand Determined Recursively Rather than Simultaneously? Another look at the Fulton Fish Market Data," Economics Series Working Papers 297, University of Oxford, Department of Economics.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ddj:fseeai:y:2017:i:1:p:127-133. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Gianina Mihai (email available below). General contact details of provider: https://edirc.repec.org/data/fegalro.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.