The Dilemma of Choosing Talent: Michael Jordans are Hard to Find
This paper explores the dilemma of choosing talent using NBA data from 1987-2003. We find that there is much uncertainty in selecting talent. If superstars are found they are usually identified early, however, more false positive exist than correct decisions with high draft picks. Our results suggest that the dilemma of choosing talent is not so much a winner’s curse but more like a purchase of a lottery ticket. Most times you lose but if you are going to win you must buy one.
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- T. S. Breusch & A. R. Pagan, 1980.
"The Lagrange Multiplier Test and its Applications to Model Specification in Econometrics,"
Review of Economic Studies,
Oxford University Press, vol. 47(1), pages 239-253.
- Breusch, T.S. & Pagan, A.R., "undated". "The Lagrange multiplier test and its applications to model specification in econometrics," CORE Discussion Papers RP 412, Université catholique de Louvain, Center for Operations Research and Econometrics (CORE).
- Pepall, Lynne M & Richards, Daniel J, 2001. "Reach for the Stars: A Strategic Bidding Game," Economica, London School of Economics and Political Science, vol. 68(272), pages 489-504, November.
- Rosen, Sherwin, 1981. "The Economics of Superstars," American Economic Review, American Economic Association, vol. 71(5), pages 845-858, December. Full references (including those not matched with items on IDEAS)