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Monday, March 23, 2009
Economics of replacement level
Colin pleads with those in economics. As Guy points out at ballhype, perhaps more academicians should play Fantasy Baseball so they would come to appreciate the way sports reality is, when, as Phil points out you are limited to the number of workers in your company. Rodney Fort says (sarcastically perhaps?): “But, ultimately, theories are just theories until they are tested. I guess it’s time to see how you can put the VORP idea into action. Let me know how it works out for you.”
I’ll answer for Phil: it’s working out perfectly. I use WAR, I use a linear dollar to win converter, I have different multiplier for each service year, I differentiate by positions, and by pitcher role. It works. The proof is in each annual thread in this blog (yes, Murray Chass and sons of Murray Chass, blogs do provide value) where I look at most of the off-season signings, and the results are consistent with my model. I don’t intend to write a paper about it, but some economics student will eventually be inspired by WAR to do it himself.
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