Hakes, Jahn K.; Sauer, Raymond D. - In: Journal of Economic Perspectives 20 (2006) 3, pp. 173-186
Michael Lewis's book, <i>Moneyball</i>, describes how an innovative manager working for the Oakland Athletics successfully exploited an inefficiency in baseball's labor market over a prolonged period of time. We evaluate Lewis's claims by applying standard econometric procedures to data on player...