BerriBrookJSE2010

BerriBrookJSE2010 - Journal of Sports Economics...

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http://jse.sagepub.com/ Journal of Sports Economics http://jse.sagepub.com/content/11/2/157 The online version of this article can be found at: DOI: 10.1177/1527002510363097 2010 11: 157 Journal of Sports Economics David J. Berri and Stacey L. Brook On the Evaluation of the ''Most Important'' Position in Professional Sports Published by: http://www.sagepublications.com On behalf of: The North American Association of Sports Economists can be found at: Journal of Sports Economics Additional services and information for http://jse.sagepub.com/cgi/alerts Email Alerts: http://jse.sagepub.com/subscriptions Subscriptions: http://www.sagepub.com/journalsReprints.nav Reprints: http://www.sagepub.com/journalsPermissions.nav Permissions: http://jse.sagepub.com/content/11/2/157.refs.html Citations: at SOUTHERN UTAH UNIV LIB on September 5, 2010 jse.sagepub.com Downloaded from
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On the Evaluation of the ‘‘Most Important’’ Position in Professional Sports David J. Berri 1 and Stacey L. Brook 2 Abstract This article investigates whether general managers in the National Hockey League (NHL) evaluate the playing talent of goalies efficiently. The authors examine both the voting record for the Vezina Award (Best Goalie) and salary data from free agent goalies to ascertain how the goalie position is evaluated by general managers in the NHL. The authors find that general managers evaluate past performance of goalies efficiently. However, the authors also find observed differences in goalie performance are quite small. Furthermore, NHL goalies are quite inconsistent across time. These aspects of goalie performance are not taken into account by decision makers in the NHL, leading us to conclude that inefficiencies in this labor market exist. Keywords NHL, Goalies, rationality, decision making A fundamental assumption in economics is that decision makers are rational, or more precisely, ‘‘people choose efficiently the means that advance their goals.’’ 1 Such an assumption presumes that people are open to—and willing to adopt—new information. In addition, the process by which people adopt information—as described below by Douglass North—leads people to the ‘‘correct’’ model. 1 Department of Economics & Finance, Southern Utah University, Cedar City, USA 2 Department of Economics, Tippie School of Business, University of Iowa, USA Corresponding Author: David J. Berri, Department of Economics & Finance, Southern Utah University, 351 West University Boulevard, Cedar City, UT 84720, USA. Email: [email protected] Journal of Sports Economics 11(2) 157-171 ª The Author(s) 2010 Reprints and permission: sagepub.com/journalsPermissions.nav DOI: 10.1177/1527002510363097 http://jse.sagepub.com 157 at SOUTHERN UTAH UNIV LIB on September 5, 2010 jse.sagepub.com Downloaded from
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Players must not only have objectives but know the correct way to achieve them. But how do the players know the correct way to achieve their objectives? The instrumental rationality answer is that, even though the actors may initially have diverse and erro- neous models, the informational feedback process and arbitraging actors will correct
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This note was uploaded on 09/21/2011 for the course ECON 33974 taught by Professor Barbaraross during the Spring '09 term at Hawaii.

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BerriBrookJSE2010 - Journal of Sports Economics...

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