4. A recent paper hypothesized that risk-averse MLB players were settling arbitr

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4. A recent paper hypothesized that risk-averse MLB players were settling arbitr

4. A recent paper hypothesized that risk-averse MLB players were settling arbitration cases for less than their perceived value. Explain why an unpredictable arbitrator would cause players who have more risk aversion than teams to settle for less money.
5. In a competitive market, workers are paid the value of their marginal product of labor. Give two examples of events in sports that could affect VMPL and explain how they would affect salaries.
6. In a labor dispute between the NFLPA and the NFL owners both sides are monopolies and therefore there is not really an equilibrium. Use the bilateral monopoly graph to show the range of possible outcomes.
7. At the end of the 2023 season Shohei Ohtani will become a free agent. Explain why Ohtani’s unique skill set (pitching and hitting) combined with the constraints faced by teams assembling rosters could lead to him getting the highest value contract in MLB. The Angels did not opt to trade Ohtani prior to the trade deadline. What are the pros and cons of trading a player like Ohtani right before their free agency? (This was written on August 7. A contract or trade could be done by the time you do this assignment. )
8. From an economic point of view, should professional tennis tournaments pay the men’s and women’s bracket an equal amount of prize money? Why or why not? How might one determine the economically “fair” amount to pay each bracket? Why might the “fair” value be difficult to determine? Support your argument with some stats (ie TV ratings, etc.).

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