Free Agency, Long-Term Contracts and Compensation in Major League Baseball: Estimates from Panel Data
利用美国职业棒球大联盟球员的纵向数据，估计自由球员资格和仲裁资格对薪酬及合同期限的影响，发现两者均提高年薪，但只有自由球员资格延长合同期限。
Using longitudinal data for major league baseball players, this paper estimates the effects of eligibility for free agency or arbitration on compensation and contract duration. Becaus e eligibility is based on experience and better players are kept longe r, a fixed effects approach is used. Arbitration and free agency eligibility both raised annual compensation; however, only free agen cy raised contract duration. The free agency findings are consistent wi th Nash bargaining; however, additionally considering the arbitration results suggests the winner's curse: duration rises only when a team might lose a player. The auction market is thus avoided. Copyright 1993 by MIT Press.