Abstract
The purpose of this study is three-fold. Firstly, it revisits and updates the prevailing model (Park et al., 2018), by adding players’ field performance data from the past three seasons (2017 to 2019). Secondly, it verifies the effectiveness of the modified salary calculation model by comparing the top 20 ranked players’ actual salaries with model Expected Monetary Value (EMV). Lastly, it elaborates and refines the model to enhance its applicability for the Korean market. The results indicate that all 10 Korea Baseball Organization (KBO) teams paid players much more than what was required. Also, according to the proposed salary calculation model, SK Wyverns was the most efficient team (i.e., smallest difference between total team salary and EMV) while Lotte Giants was the least efficient. Finally, expert panels suggest that the salary calculation model be used as a supplementary tool because the model does not count such factors as defensive position, leadership, contribution to winning, physical conditions, past injuries, and defensive skills.
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