Billy Beane provides a lot of excellent quotes in Moneyball, but perhaps none better than the following exchange with a scout: “Over and over the old scouts will say, “The guy has a great body,” or, “This guy may be …
This post is another on the topic of behavioral economic theory, after writing about understanding bias in decision making by the manager and General Manager and further by looking at how Prospect Theory can explain why teams are hesitant to …
Prospect Theory: Mental Accounting… Delayed Production Read more »
In my last blog post, I referenced behavioral economics and tried to explain why field managers and front offices make certain decisions. There was one behavioral economics theory – the most commonly known one – that I left out, Prospect …
My background is in economics – it is my undergraduate degree and I am currently a master’s student in the subject – and one of the biggest components in the field is understanding decision making. How does a firm maximize …
Understanding Bias in Decision Making: Managerial and Front Office Read more »
Major League Baseball has mandated a 60 game season, which will cause changes in the playoffs. Baseball is the proverbial marathon where one game doesn’t mean as much given the amount of games played. Over a 162 game season, the …
On Monday, Mike Persak of the Pittsburgh Post-Gazette wrote on a piece called “Pirates on pause: Is it time to be more aggressive on the bases?” Mike had a conclusion of “Basically, the Pirates weren’t very aggressive with stealing bases, …