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Estimating the Value of Major League Baseball Players

This paper examines whether Major League Baseball players are paid their marginal revenue product. A two-step estimation technique is used with data from 1990 to 1999. First, I estimate a regression relating team revenues to the team’s winning percentage and other explanatory variables. The second regression estimates the relationship between winning percentage and team statistics. Given the estimates from these two models I can calculate player marginal revenue product by first predicting how his statistics will affect the team’s winning percentage and then relating the impact on winning percentage on team revenue. The results indicate that professional baseball players are underpaid in marginal earnings per dollar of marginal revenue product. Players were paid more of their marginal product after the 1994-95 strike and older players appear to receive a salary closer to their marginal products than younger players. * The author would like to thank Dr. Ed Schumacher for his help and guidance in all phases of this paper