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Does the Baseball Labor Market Contradict the Human Capital Model of Investment?

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  • Blass, Asher A

Abstract

This paper examines whether experienced players in Major League Baseball are paid more than their contribution to team revenue. The author shows that wages increase with experience independently of productivity gains. The results, therefore, contradict the human capital model of investment. The evidence is in fact consistent with implicit contract models because most older players are relatively overpaid. Copyright 1992 by MIT Press.

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Bibliographic Info

Article provided by MIT Press in its journal Review of Economics & Statistics.

Volume (Year): 74 (1992)
Issue (Month): 2 (May)
Pages: 261-68

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Handle: RePEc:tpr:restat:v:74:y:1992:i:2:p:261-68

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Web page: http://mitpress.mit.edu/journals/

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Web: http://mitpress.mit.edu/journal-home.tcl?issn=00346535

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Cited by:
  1. repec:hal:journl:halshs-00112423 is not listed on IDEAS
  2. Martin Schmidt & David Berri, 2002. "Competitive Balance and Market Size in Major League Baseball: A Response to Baseball's Blue Ribbon Panel," Review of Industrial Organization, Springer, vol. 21(1), pages 41-54, August.
  3. Olivier Gergaud & Vincenzo Verardi, 2006. "Untalented but successful," Cahiers de la Maison des Sciences Economiques bla06017, Université Panthéon-Sorbonne (Paris 1).
  4. Egon Franck & Stephan Nüesch, 2007. "Talent and/or Popularity - What Does it Take to Be a Superstar," Working Papers 0018, University of Zurich, Center for Research in Sports Administration (CRSA).
  5. Carolyn Pitchik, 2008. "Self-Promoting Investments," Working Papers tecipa-312, University of Toronto, Department of Economics.
  6. David Berri & R. Jewell, 2004. "Wage inequality and firm performance: Professional basketball's natural experiment," Atlantic Economic Journal, International Atlantic Economic Society, vol. 32(2), pages 130-139, June.
  7. Papps, Kerry L., 2010. "Productivity under Large Pay Increases: Evidence from Professional Baseball," IZA Discussion Papers 5133, Institute for the Study of Labor (IZA).
  8. Aya S. Chacar & William Hesterly, 2008. "Institutional settings and rent appropriation by knowledge-based employees: the case of Major League Baseball," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 29(2-3), pages 117-136.
  9. D Berri & R Simmons, 2007. "Race and the evaluation of signal callers in the national football league," Working Papers 591147, Lancaster University Management School, Economics Department.
  10. Matthew Clayton & David Yermack, 1999. "Major League Baseball Player Contracts: An Investigation of the Empirical Properties of Real Options," New York University, Leonard N. Stern School Finance Department Working Paper Seires 99-051, New York University, Leonard N. Stern School of Business-.
  11. David J. Berri, 1999. "Who is 'most valuable'? Measuring the player's production of wins in the National Basketball Association," Managerial and Decision Economics, John Wiley & Sons, Ltd., vol. 20(8), pages 411-427.
  12. Berri, David J. & Schmidt, Martin B., 2002. "Instrumental versus bounded rationality: a comparison of Major League Baseball and the National Basketball Association," Journal of Behavioral and Experimental Economics (formerly The Journal of Socio-Economics), Elsevier, vol. 31(3), pages 191-214.

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