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Race, Ethnicity, and Baseball Card Prices: A Replication, Correction, and Extension of Hewitt, Muñoz, Oliver, and Regoli

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  • David W. Findlay
  • John M. Santos
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    Abstract

    Using a sample of all-time great baseball players, we investigate the effects of career performance, card quality and availability, and player race and ethnicity on baseball card prices. We estimate various specifications of the card price equations used by Hewitt, Muñoz, Oliver, and Regoli (2005). We discover numerous discrepancies between the data reported in their article and their cited data sources. We replicate their results using their reported data and verify that their finding of no effect of race on card prices holds after corrections of data errors. Using their parsimonious metric of player performance, our extensions show that neither race nor Hispanic ethnicity has a significant effect on card prices and that our results are robust to alternative price and card availability measures. We also improve the ability of the Hewitt et al model to explain card prices when we use price and availability data that are more precisely matched to categories of card quality. This paper is accompanied by a supplement that provides a thorough guide to our statistical analyses.

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    Bibliographic Info

    Article provided by Econ Journal Watch in its journal Econ Journal Watch.

    Volume (Year): 9 (2012)
    Issue (Month): 2 (May)
    Pages: 122-140

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    Handle: RePEc:ejw:journl:v:9:y:2012:i:2:p:122-140

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    Related research

    Keywords: Race and ethnicity; baseball card prices; measurement error; model specification;

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    References

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    1. Kahn, Lawrence M, 1991. "Customer Discrimination and Affirmative Action," Economic Inquiry, Western Economic Association International, vol. 29(3), pages 555-71, July.
    2. Ling He & Joseph McGarrity, 2004. "Data errors in small data sets can determine empirical findings," Atlantic Economic Journal, International Atlantic Economic Society, vol. 32(2), pages 89-99, June.
    3. Halvorsen, Robert & Palmquist, Raymond, 1980. "The Interpretation of Dummy Variables in Semilogarithmic Equations," American Economic Review, American Economic Association, vol. 70(3), pages 474-75, June.
    4. Gabriel, Paul E & Johnson, Curtis & Stanton, Timothy J, 1995. "An Examination of Customer Racial Discrimination in the Market for Baseball Memorabilia," The Journal of Business, University of Chicago Press, vol. 68(2), pages 215-30, April.
    5. Deirdre N. McCloskey & Stephen T. Ziliak, 1996. "The Standard Error of Regressions," Journal of Economic Literature, American Economic Association, vol. 34(1), pages 97-114, March.
    6. Lawrence M. Kahn, 1991. "Discrimination in professional sports: A survey of the literature," Industrial and Labor Relations Review, ILR Review, Cornell University, ILR School, vol. 44(3), pages 395-418, April.
    7. Andersen, Torben & La Croix, Sumner J, 1991. "Customer Racial Discrimination in Major League Baseball," Economic Inquiry, Western Economic Association International, vol. 29(4), pages 665-77, October.
    8. Jason A. Winfree, 2010. "Issues With Replicating Results in Sports Economics," Journal of Sports Economics, , vol. 11(1), pages 48-59, February.
    9. Ziliak, Stephen T. & McCloskey, Deirdre N., 2004. "Size matters: the standard error of regressions in the American Economic Review," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 33(5), pages 527-546, November.
    10. Becker, Gary S., 1971. "The Economics of Discrimination," University of Chicago Press Economics Books, University of Chicago Press, edition 1, number 9780226041162, March.
    11. Nardinelli, Clark & Simon, Curtis, 1990. "Customer Racial Discrimination in the Market for Memorabilia: The Case of Baseball," The Quarterly Journal of Economics, MIT Press, vol. 105(3), pages 575-95, August.
    12. Lawrence M. Kahn, 2000. "The Sports Business as a Labor Market Laboratory," Journal of Economic Perspectives, American Economic Association, vol. 14(3), pages 75-94, Summer.
    13. Rodney Fort & Andrew Gill, 2000. "Race and Ethnicity Assessment in Baseball Card Markets," Journal of Sports Economics, , vol. 1(1), pages 21-38, February.
    14. Stephen T. Ziliak & Deirdre N. McCloskey, 2004. "Size Matters: The Standard Error of Regressions in the American Economic Review," Econ Journal Watch, Econ Journal Watch, vol. 1(2), pages 331-358, August.
    15. Edward M. Scahill, 2005. "A Reinvestigation of Racial Discrimination and Baseball Cards," Eastern Economic Journal, Eastern Economic Association, vol. 31(4), pages 537-550, Fall.
    16. Paul Gabriel & Curtis Johnson & Timothy Stanton, 1999. "Customer racial discrimination for baseball memorabilia," Applied Economics, Taylor & Francis Journals, vol. 31(11), pages 1331-1335.
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    Cited by:
    1. Robert Muñoz, Jr., 2012. "Beyond Race Cards in America’s Pastime: An Appreciative Reply to Findlay and Santos," Econ Journal Watch, Econ Journal Watch, vol. 9(2), pages 141-148, May.

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