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Essays on Pricing Mechanisms in Spor...

Losak, Jeremy Mitchell.

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Essays on Pricing Mechanisms in Sport Economic Markets.

紀錄類型:	書目-電子資源 : Monograph/item
正題名/作者:	Essays on Pricing Mechanisms in Sport Economic Markets./
作者:	Losak, Jeremy Mitchell.
出版者:	Ann Arbor : ProQuest Dissertations & Theses, : 2019,
面頁冊數:	180 p.
附註:	Source: Dissertations Abstracts International, Volume: 81-04, Section: A.
Contained By:	Dissertations Abstracts International81-04A.
標題:	Economics. -
電子資源:	http://pqdd.sinica.edu.tw/twdaoapp/servlet/advanced?query=22589730
ISBN:	9781088364666

Essays on Pricing Mechanisms in Sport Economic Markets.
Losak, Jeremy Mitchell.

Essays on Pricing Mechanisms in Sport Economic Markets. - Ann Arbor : ProQuest Dissertations & Theses, 2019 - 180 p.

Source: Dissertations Abstracts International, Volume: 81-04, Section: A.

Thesis (Ph.D.)--Clemson University, 2019.

This item must not be sold to any third party vendors.

In the first chapter, I provide an empirical approach to answering a legal question in daily fantasy sports. A major legal question the past few years is whether daily fantasy sports is a game of chance or skill, and therefore whether it constitutes gambling. Results show that there are mispricings in DraftKings pricing mechanism, providing skilled players an opportunity to take advantage of this mispricing and improve their chances of winning. This provides evidence that certain elements of daily fantasy sports involve skill, and a long-run strategy exists for participants to win money. Results also show evidence of heterogeneity in skill level, and that skilled players target contests with particular settings.In the second and third chapters, I switch focus to baseball arbitration. Over the past two decades, Major League Baseball teams have adjusted how they value certain player attributes based on how those functions aid in winning games. Salaries doled out in the free agent market have adjusted to better compensate for these attributes. For example, today power is valued less relative to the ability to reach base than it was in the pre-Moneyball era. However, the arbitration market, which uses previous arbitration cases to determine player salaries, has not seen this adjustment. Using the non-parametric free disposal hull estimator, the second chapter estimates the upper and lower bounds of contract zones for arbitration-eligible position players, and then uses a second-stage regression to determine which attributes improve players' relative contract position on their contract zone. This chapter finds that power hitters are overcompensated and on-base hitters are undercompensated in arbitration.In chapter three, I analyze the consequences of the arbitration mispricing in the context of a theoretical model. I expand current theoretical work in arbitration modeling by addressing steps of the arbitration process not previously explored. I then analyze how risk aversion, negotiation breakdown, arbitration panel valuation uncertainty, and release fee percentage impacts outcomes. Results support conclusions from previous research into baseball arbitration, while providing a model framework for future research.

ISBN: 9781088364666Subjects--Topical Terms:

517137
Economics.
Subjects--Index Terms:

Baseball arbitration

Essays on Pricing Mechanisms in Sport Economic Markets.
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520 $a In the first chapter, I provide an empirical approach to answering a legal question in daily fantasy sports. A major legal question the past few years is whether daily fantasy sports is a game of chance or skill, and therefore whether it constitutes gambling. Results show that there are mispricings in DraftKings pricing mechanism, providing skilled players an opportunity to take advantage of this mispricing and improve their chances of winning. This provides evidence that certain elements of daily fantasy sports involve skill, and a long-run strategy exists for participants to win money. Results also show evidence of heterogeneity in skill level, and that skilled players target contests with particular settings.In the second and third chapters, I switch focus to baseball arbitration. Over the past two decades, Major League Baseball teams have adjusted how they value certain player attributes based on how those functions aid in winning games. Salaries doled out in the free agent market have adjusted to better compensate for these attributes. For example, today power is valued less relative to the ability to reach base than it was in the pre-Moneyball era. However, the arbitration market, which uses previous arbitration cases to determine player salaries, has not seen this adjustment. Using the non-parametric free disposal hull estimator, the second chapter estimates the upper and lower bounds of contract zones for arbitration-eligible position players, and then uses a second-stage regression to determine which attributes improve players' relative contract position on their contract zone. This chapter finds that power hitters are overcompensated and on-base hitters are undercompensated in arbitration.In chapter three, I analyze the consequences of the arbitration mispricing in the context of a theoretical model. I expand current theoretical work in arbitration modeling by addressing steps of the arbitration process not previously explored. I then analyze how risk aversion, negotiation breakdown, arbitration panel valuation uncertainty, and release fee percentage impacts outcomes. Results support conclusions from previous research into baseball arbitration, while providing a model framework for future research.
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