The Expected Utility of Performance: Dominant Batting Seasons in Baseball

Leonard C. MacLean, William T. Ziemba and Austin Krogan

Chapter 4 in Sports Analytics, 2022, pp 31-41 from World Scientific Publishing Co. Pte. Ltd.

Abstract: The random output or production from alternative systems is usually compared using principles of expected utility or stochastic dominance. The output from batting in a baseball season is a random variable, which for comparability is transformed to a benchmark season to adjust for seasonal factors. In this chapter, the performance of three great baseball hitters: Babe Ruth, Ted Williams and Barry Bonds, is standardized for season and then compared using measures of stochastic dominance.

Keywords: Sports Analytics; Statistical Analysis of Sports Decisions; NFL Football; Thoroughbred Racing; Basketball; Baseball; Hockey; Jai Alai; Optimal Betting Strategies; Mean Reversion Risk; Arbitrage; Decision Strategies by Coaches (search for similar items in EconPapers)
JEL-codes: C1 L83 Z2 (search for similar items in EconPapers)
Date: 2022
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