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An Inquiry into the Pay Structure of the New York Yankees: 1919–1941

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  • Kenneth H Brown

    (University of Northern Iowa, Cedar Falls, IA 50614-0129, USA)

  • Paul E Gabriel

    (Loyola University Chicago, Chicago, IL 60611, USA)

  • David G Surdam

    (University of Northern Iowa, Cedar Falls, IA 50614-0129, USA)

Abstract

This paper explores salaries for New York Yankees players during the early 20th century. Thanks to the recent availability of a unique data set, we are able to construct detailed earnings profiles using individual player salaries. Human capital wage estimates suggest that the Yankees’ owners rewarded players on the basis of their contributions to team productivity. Although apparently exploiting their monopsony power, the Yankees’ management set salaries on a systematic, productivity-related, basis. Because of the panel nature of the data, we use fixed-effects regression instead of Ordinary Least Squares regression estimation.

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Bibliographic Info

Article provided by Palgrave Macmillan in its journal Eastern Economic Journal.

Volume (Year): 38 (2012)
Issue (Month): 4 ()
Pages: 449-459

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Handle: RePEc:pal:easeco:v:38:y:2012:i:4:p:449-459

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