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Michael Lewis’ Moneyball … describes how the Oakland Athletics exploited an imperfection in the way player productivity was being evaluated pre-2003. On-base percentage appeared to be more important in determining team success compared to more popular statistics. We test the hypothesis that in a competitive market, other teams will increase the weight given on-base percentage in the reward structure for their players. Our results show that in the post-Moneyball (MB) era, the return to on-base percentage has indeed increased for free agents, the group whose salaries we expect to be most affected by the MB philosophy.
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Brown et al. (2015) studied this question.
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