Baker, Matthew; Miceli, Thomas J.; Ryczek, William J. - In: Journal of Sports Economics 5 (2004) 3, pp. 277-291
The first professional base ball clubs came in two varieties: stock clubs, which paid their players fixed wages, and player cooperatives, in which players shared the proceeds after expenses. The authors argue that stock clubs were formed with players of known ability, whereas co-ops were formed...