In class we began watching a documentary centered around the NBA and how it can be used to describe different labor markets. One of the episodes we watched, “Analytically Correct”, talked about how sports analytics have become a norm for most teams in the NBA and shape how these coaches play their teams and which players end up in which teams. So how exactly are sports analytics applied, and how does it relate to economics?
A famous example of one of the first uses of sports analytics in the MLB was a man named Billy Beane who managed the Oakland A’s. Beane used economic theories to try and find undervalued players that didn’t appeal to what scouts were looking for but still had strengths that could be used. He saw that these scouts were looking for players who had the "most important" skills such as hitting a ball hard enough, but weren’t paying attention to things such as how often he gets on base, things that end up affecting the outcome of a game more. Beane formulated a list of players based off the analytics he had done and with this team he broke the record of most straight wins in MLB history.
Sports analytics use basic economic theories in order to calculate how to better improve the game. One that is used a lot is game theory, the use of mathematical models to find the best strategy possible. It takes data from a two player game and judges what moves statistically give the most payoff. Game theory can take data from thousands of football plays and see whether players should pass the ball more or attempt to run it. Being able to use this analysis gives teams an insight into what they should be doing better, and can have a big impact on how they approach the game.
This is a another great example of applying analytics in the real world. In the NBA documentary, we saw how the players did not think analytics could accurately describe a player, and therefore would not work. However, this example in the MLB shows that analytics do work quite well. It also shows us the importance of considering the economics of everything. By looking at the MLB in an economic way, Beane was able to create an incredible team. It brings us to wonder what other fields have not yet been capitalized upon.
ReplyDeleteThis is such an interesting choice to blog about! Billy Beane really did innovate and change forever the way lineups in the MLB and all sports are constructed. If someone could map out even more statistics about the sport itself, one could eventually break down the sport in such a way to produce the most effective teams ever in history. In the NBA documentary, we saw how teams have shifted from the midrange shot because it just isn't as effective as layups or three point shots, and how the stretch four has become the most valuable position in the sport. Analytics now and probably forever will dictate the NBA.
ReplyDeleteSource: https://qz.com/1104922/data-analytics-have-revolutionized-the-nba/