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professional sportsmajor leagueleague baseballcompetitive balancebalance majorrevenue populationpopulation competitivesports economicseconomics currentcurrent researchmarket sizewin percentlocal revenuebaseball revenuebaseball newnew majorleague ballparksballparks paypay notenote structuralstructural stabilitystability salarysalary equationsequations majorbaseball pitcherspitchers whowho payspays minorminor leagueleague trainingtraining costscosts sportsresearch baseballbaseball economicsresearch laborlabor supplysupply moneymoney illusionillusion dynamicdynamic simultaneoussimultaneous equationsequations modelmodel empiricalempirical analysisanalysis distributionaldistributional effectseffects inflationinflation wagewage incomeincome occupationoccupation articlearticle examinesexamines impactimpact hometownhometown marketsize competitivebaseball useuse equationequation simultaneoussimultaneous modelmodel winpercent teamteam payrollpayroll teamteam totaltotal revenuerevenue teamteam local
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