Contract Options for Buyers and Sellers of Talent in Professional Sports

Duane W Rockerbie, Stephen T. Easton

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English

Springer Nature Switzerland AG
13 September 2020

Labour economics; Econometrics; Sport & leisure industries

Series: Palgrave Pivots in Sports Economics

This Palgrave Pivot re-examines salary formation in Major League Baseball in light of real option theory to clarify the connection between salary and marginal revenue product for professional baseball players. Current literature has tended to treat single-year and multi-year contracts similarly, ignoring the potential option value for teams and for players. Recent work points to the observation that both high-productivity and low-productivity athletes have salaries that systematically differ from their marginal revenue product, and that free agents signing multi-year contracts are overpaid relative to free agents signing one-year contracts. This book argues that the value of signing an athlete to a contract should be determined similarly to the determination of the value of an investment project or a financial asset. This book demonstrates how to calculate the value of real options to the player and the team owner with a simple two-year contract, and offers extensions to the realoptions model for multiyear contracts or when a player is early or late in his career.

By: Duane W Rockerbie, Stephen T. Easton
Imprint: Springer Nature Switzerland AG
Country of Publication: Switzerland
Edition: 1st ed. 2020
Dimensions: Height: 210mm, Width: 148mm,
Weight: 454g
ISBN: 9783030495121
ISBN 10: 3030495124
Series: Palgrave Pivots in Sports Economics
Pages: 97
Publication Date: 13 September 2020
Audience: Professional and scholarly , Undergraduate
Format: Hardback
Publisher's Status: Active

Duane W. Rockerbie is Professor in the Department of Economics at the University of Lethbridge, Canada. He is a member of the editorial board of the Journal of Sports Economics and is a past Vice-President of the North American Association of Sports Economists (NAASE). Stephen T. Easton is Professor in the Department of Economics at Simon Fraser University, Canada,