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- W3201670943 abstract "Teams that operate in professional sports leagues often display a cyclical pattern in team winning percentages that are driven by the payroll choices of owners that are inconsistent with a single, stable equilibrium. Two explanations emerge: a stable equilibrium that is shifting over time due to shifts of the revenue or payroll function; or moving between two stable equilibriums. We employ the Bounds test for cointegration between relative team revenues and payrolls to detect multiple equilibria in a sample of Major League Baseball teams over the 1990-2018 seasons. The results suggest the possibility of multiple equilibria for five teams even after accounting for moves to new stadiums that shift the team revenue function." @default.
- W3201670943 created "2021-10-11" @default.
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- W3201670943 date "2021-09-15" @default.
- W3201670943 modified "2023-09-26" @default.
- W3201670943 title "Multiple Equilibria and Unsustainable Runs in Major League Baseball: More Evidence" @default.
- W3201670943 hasPublicationYear "2021" @default.
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