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EXTERNALITIES, PROPERTY RIGHTS AND THE ALLOCATION OF RESOURCES IN MAJOR LEAGUE BASEBALL

1981; Wiley; Volume: 19; Issue: 1 Linguagem: Inglês

10.1111/j.1465-7295.1981.tb00604.x

1465-7295

George Daly, William J. Moore,

Law, Economics, and Judicial Systems

Economic InquiryVolume 19, Issue 1 p. 77-95 EXTERNALITIES, PROPERTY RIGHTS AND THE ALLOCATION OF RESOURCES IN MAJOR LEAGUE BASEBALL GEORGE DALY, GEORGE DALYSearch for more papers by this authorWILLIAM J. MOORE, WILLIAM J. MOORE *University of Houston. The paper has benefited from the criticisms of an anonymous referee.Search for more papers by this author GEORGE DALY, GEORGE DALYSearch for more papers by this authorWILLIAM J. MOORE, WILLIAM J. MOORE *University of Houston. The paper has benefited from the criticisms of an anonymous referee.Search for more papers by this author First published: January 1981 https://doi.org/10.1111/j.1465-7295.1981.tb00604.xCitations: 62 AboutPDF ToolsRequest permissionExport citationAdd to favoritesTrack citation ShareShare Give accessShare full text accessShare full-text accessPlease review our Terms and Conditions of Use and check box below to share full-text version of article.I have read and accept the Wiley Online Library Terms and Conditions of UseShareable LinkUse the link below to share a full-text version of this article with your friends and colleagues. Learn more.Copy URL Share a linkShare onEmailFacebookTwitterLinkedInRedditWechat Abstract Most economists who have analyzed professional baseball have concluded that two distinctive features of its labor market—the reserve clause and player draft—influence the distribution of wealth between players and owners but do not affect the allocation of playing talent among teams. Such conclusions, which are strongly at variance with laymen's views of such matters, are derived from theoretical considerations rather than empirical examinations. Our paper examines data from the two decades of major league history and concludes that, on the basis of that data, the empirical generalizations of previous economists do not appear to be justified. References Buchanan, J. M., "Ethical Rules, Expected Values and Large Numbers," Ethics, October 1965. Buchanan, J. M., and Tullock, G., The Calculus of Consent ( Ann Arbor , 1962). Canes, M. E., " The Social Benefits of Restrictions on Team Quality," in R. G. Noll (ed.), Government and the Sports Business (Brookings, 1974). Cheung, S. N. S., "The Fable of the Bees: An Economic Investigation," Journal of Law and Economics, April 1973. Coase, R. H., "The Problem of Social Cost," Journal of Law and Economics, 1960, 3. Demmert, H. G., The Economics of Professional Team Sports (Lexington-Health 1973). Demsetz, H., "Toward a Theory of Property Rights," American Economic Review, 1967, 57. Demsetz, H., "When Does the Rule of Liability Matter," Journal of Legal Studies, 1972, 13. El Hodiri, M., and Quirk, J., "An Economic Model of a Professional Sports League," Journal of Political Economy, 1971, 79. El Hodiri, M., and Quirk, J., " The Economic Theory of a Professional Sports League," in R. G. Noll (ed.), Government and the Sports Business (Brookings 1974). Holohan, W. H., "The Long Run Effects of Abolishing the Baseball Player Reserve System," Journal of Legal Studies, 1978, 19. Hunt, J. W., and Lewis, K. A., "Dominance, Recontracting and the Reserve Clause in Major League Baseball," American Economic Review, 1976, 66. Jones, J. C. H., "The Economics of the National Hockey League," Canadian Journal of Economics, 1969, 2. Kurz, M., "Altruism as an Outcome of Social Interaction," American Economic Review, 1978, 68. Noll, R. G., " The Team Sports Industry: An Introduction," in R. G. Noll (ed.), Government and the Sports Business (Brookings 1974). Noll, R. G., " Alternatives in Sports Policy," in R. G. Noll (ed.), Government and the Sports Business (Brookings 1974). Okner, B. A., " Taxation and Sports Enterprises," in R. G. Noll (ed.), Government and the Sports Business (Brookings 1974). Olson, M., The Logic of Collective Action ( Harvard 1965). Rottenberg, S., "The Baseball Players Labor Market," Journal of Political Economy, 1965, 64. Schelling, T. C., The Strategy of Conflict ( Harvard 1958). Schulz, J., " Finley Sell a Race to Red Sox, Yankees," Washington Star, June 16, 1976, E–l. Scully, G. W., "Pay and Performance in Major League Baseball," American Economic Review, 1974, 64. Seymour, G., Baseball, The Golden Age ( Oxford 1971). Tullock, G., "The Charity of the Uncharitable," Western Economic Journal, 1971, 9. Citing Literature Volume19, Issue1January 1981Pages 77-95 ReferencesRelatedInformation