Does the Baseball Labor Market Contradict the Human Capital Model of Investment?
检验美国职棒大联盟中经验丰富的球员是否获得高于其对球队收入贡献的薪酬，发现工资随经验增长独立于生产率提升，与人力资本模型矛盾，支持隐性合同模型。
This paper examines whether experienced players in Major League Baseball are paid more than their contribution to team revenue. The author shows that wages increase with experience independently of productivity gains. The results, therefore, contradict the human capital model of investment. The evidence is in fact consistent with implicit contract models because most older players are relatively overpaid. Copyright 1992 by MIT Press.