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Showing posts with the label Economics

Sunday School- Economics lesson

On Saturday, the Phillies signed Cole Hamels to a 3 year contract worth $20.5 million, thus avoiding arbitration with the star lefty. Greg Dobbs also signed a new 2-year deal, also avoiding arbitration. Many phans know a little about arbitration. It's one of those things we all hear about for a month or two of the year, we know there are hearings and some bargaining involved, but not everyone has a tight grasp on all the details. Players are eligible for arbitration when they (1) have as many as 3, but less than 6, years of major league service; (2) a player has filed for free agency, and their team makes an offer of arbitration and the player accepts; (3) the player is a "Super 2", meaning- the player is among the top 17% of players and has more than 2, but less than 3 years of service. There are minimal criteria (86 days of service in the previous year) and cutoffs (2 years, 140 days) to be a "Super 2". The requirements for teams in this process- (1) the team...