Make baseball fun again
Gregory Howard of MIT is on the job market this year, and I was intrigued by one of his papers in process (not yet available):
Make Baseball Fun Again (with Vivek Bhattacharya)
Abstract: Using Pitch F/X data covering over 6 million pitches, we document that pitchers are averse to throwing fastballs. Controlling for the state space of a baseball game, including balls, strikes, outs, inning, run differential, and pitcher/batter fixed effects, we find the pitching team is more likely to win the game when throwing a fastball. This is inconsistent with a mixed-strategy equilibrium where the pitcher’s utility is winning the game. We document that fastballs are riskier, leading to more outs, but also to more extra-base hits. We outline a possible incentive problem between the team and the pitcher, who has preferences over remaining in the game, similar to career concerns (Holmstrom 1998), leading the pitcher to be risk-averse. As suggestive evidence, we show that these effects are more prevalent later in the game, and that rookie pitchers, who have less leverage over pitch choice, do not exhibit this tendency.
If you are wondering, Greg’s job market paper (also at the above link) is on how local labor migration creates an “accelerator” for labor demand by boosting the demand for housing — a locally-produced good — in that area.