Evaluation of Talent in a Changing World: The Case of Major League Baseball
AbstractComparing talent across time is difficult as productivity changes. To compare talent across time we utilize Major League baseball data from 1871-2010 and time series techniques to determine if the mean and standard deviation of five performance measures are stationary and if structural breaks exist. We identify two structural breaks in the mean slugging percentage: in 1921, the free swinging era of Babe Ruth, and in 1992, the steroid era. Given that productivity changes over time, we develop a simple benchmark technique to compare talent over time and identify superstars. Applications of this measure outside of baseball are also suggested. Key Words: Benchmarking, Major League Baseball, Technology Changes, Structural Breaks
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Bibliographic InfoPaper provided by Department of Economics, Appalachian State University in its series Working Papers with number 13-15.
Date of creation: 2013
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Web page: http://www.business.appstate.edu/departments/economics/
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Find related papers by JEL classification:
- J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
- C22 - Mathematical and Quantitative Methods - - Single Equation Models; Single Variables - - - Time-Series Models; Dynamic Quantile Regressions; Dynamic Treatment Effect Models &bull Diffusion Processes
This paper has been announced in the following NEP Reports:
- NEP-ALL-2013-08-16 (All new papers)
- NEP-EFF-2013-08-16 (Efficiency & Productivity)
- NEP-HRM-2013-08-16 (Human Capital & Human Resource Management)
- NEP-SPO-2013-08-16 (Sports & Economics)
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- Junsoo Lee & Mark C. Strazicich, 2003. "Minimum Lagrange Multiplier Unit Root Test with Two Structural Breaks," The Review of Economics and Statistics, MIT Press, vol. 85(4), pages 1082-1089, November.
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