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

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  • 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
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    References listed on IDEAS

    as
    1. 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.
    2. 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.
    3. 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.
    4. repec:bla:jecsur:v:16:y:2002:i:4:p:569-89 is not listed on IDEAS
    5. Ajit Karnik, 2010. "Valuing Cricketers Using Hedonic Price Models," Journal of Sports Economics, , vol. 11(4), pages 456-469, August.
    6. 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.
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