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Timothy R. Hylan, Maureen J. Lage, Michael Treglia, The Coase Theorem, Free Agency, and Major League Baseball: A Panel Study of Pitcher Mobility from 1961 to 1992, Southern Economic Journal, Vol. 62, No. 4 (Apr., 1996), pp. 1029-1042
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Hylan et al. (1996) studied this question.
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