Sports economics is a well-established and dynamic area of study; a key component in the fields of sport management, sport science and sport studies, as well as in other areas of economics, finance and management. Covering amateur to professional sports, individual events and organised tournaments, this Handbook provides an authoritative contribution to the understanding of sport in the economy. The editors of The SAGE Handbook of Sports Economics have brought together a global team of respected scholars to create this benchmark collection of insights into sports economics. Each chapter includes a study of a specific context in which issues arise in sports economics, a critical presentation of its main theoretical contributions, an overview of current research findings, and an outline of enquiry for future research. PART I: The Nature and Value of the Sports System and Economy; PART II: Amateur Sports Participation, Supply and Impact; PART III: Professional Team Sports; PART IV: Professional Sports Leagues; PART V: Sports Events and their Impacts; PART VI: Individual Sports; and PART VII: Future Research.

‘The Baseball Players’ Labor Market': An Update

‘The Baseball Players’ Labor Market': An Update

‘The baseball players' labor market': an update
Anthony C. Krautmann

It is well known that the professional sports industry provides an excellent opportunity to examine the salary determination process as the industry generates easily observable data on both the marginal revenues (MR) of teams as well as the marginal products (MP) of players. Scully (1974) wrote the seminal paper on this topic by estimating the Marginal Revenue Product (MRP) of baseball players in the pre-Free Agency era of the 1960s by separate models of the team's revenue and production functions. By looking at how team performance determines wins, and then calculating the revenue impact of one additional win, Scully imputed the marginal value of different ...

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