zyrtec 10 mg tablet sale generic levitra 20mg viagra mastercard whats the cheapest food to live off accutane australia safe dutas buy cheap fedex buy astelin generic advair diskus uk pharmacy is it safe to take 40mg of levitra buy fertomid online reviews keftab 10 mg cost easiest way to get a viagra prescription viagra plus prescription non generic buy aciphex online buy propranolol for daily use i pill pletal website furosemide low dose birth control wellbutrin sr women buy bactrim user reviews purchase lithium grease blue clomid pills arthritis treatment for horses raloxifene uk can you buy zovirax cream over the counter prescription online pharmacy zoloft sinequan free shipping methotrexate shortage july 2012 reminyl without insurance acheter viagra chez pfizer original kamagra from india noroxin antibiotic dosage medicine like abilify antipsychotic malegra dxt rx negative side effects of singulair in children buy minocycline online reviews keppra shipping overseas active ingredient in ranitidine capsules coupons for aciphex medication order metformin xl mercaptopurine dosage adalat la dose pills for erectile dysfunction otc norco sight 3 2012 review canadian discount drugs online buy calcium carbonate nz what does zofran do for morning sickness mentat ds syrup suppositories buy buy zithromax overseas ordering lioresal here in canada long time side effects orlistat buy generic keflex online order pariet no rx canadian pharmacy comprar sustiva portugal eldepryl tablets uses buy alli weight loss pills uk cleocin side effects uk zithromax no prescription tadapox shopping are crocodiles or alligators more dangerous use of ciplox-tz tablets viagra usa suppliers lidocaine infusion side effects buy tretinoin 0,025 boots pharmacy i pill rocaltrol website buy procardia mexican pharmacies cialis dose rxlist fucidin h usage cipro prescription wiki comprar cialis soft pela internet 1.25 mg finasteride viagras head office in toronto canada hoax can buy albendazole online buspar medication information doxazosin 8 mg tablets soviclor para que sirve recommended online pharmacies no prescription lov cost flonase flomax no prescription buy buy venlor mg how to take 150 mg clomid canada drug laws what is evecare for order paxil without prescription trial erection packs 1 where to buy in canada roxithromycin used to treat american family physician digoxin diltiazem cream online levitra professional overnight delivery amoxicillin capsules 500mg what is it for how to get l-tryptophan in australia donepezil hydrochloride dosage meclizine australia pharmacy levlen ed skipping white pills buy dapoxetine australia dilantin purchase online cheapest place to buy claritin what does tamoxifen do acheter pas cher celexa stilnox cr vs stilnox where to purchase zyban propranolol hydrochloride tablets 40 mg withdrawal symptoms from trazodone meds rumalaya forte side effects long term use lexapro india price rx sildenafil citrate tablets como comprar xbox live gold sin tarjeta de credito buy qnexa online from canada drugs тАУ online canadian pharmacy approved generic viagra claritin tablets 24 hour allergy what is lanoxin made of resources for dutas clomid birth control online india levitra birth control online mexico cialis jelly shopping elocon ointment coupons anacin express canada buy diflucan online with out prescription cheap olanzapine usa finax 20mg tab amsa orlistat 120mg can ceftin tablets be crushed abana fast usa order generic lithium is generic triamterene effective buy biaxin for daily use zyrtec uk price valtrex dose herpes simplex keratitis cheap nitrofurantoin 50 mg acquisto suhagra sicuro online atarax order on web buy aldactone us keflex billig kaufen serevent children dose danmark tilskud cialis cognitive enhancement drugs in the workplace where do i finpecia in india simvastatin and diltiazem 2011 buy generic colchicine with bonus non prescription leukeran best online pharmacy xanax buy mircette online amazon order vpxl online no prescription with a visa what is propranolol hydrochloride inderal generic names for lasix buy endep pills un rey en la habana online free where can i buy nizagara in canada cheap diclofenac online without canadian nolvadex from canada low cost zoloft viagra jelly shelf life tadalis sx shortage 2012 actoplus met limited india doxycycline dosage instructions buy minocycline 20 cialis soft online pharmacy uk metronidazole and alcohol flagyl what is the relative formula mass of calcium carbonate cialis sublingual generic name reminyl canadian pharmacy overseas pharmacy no prescription tadalis sx caverta where can i buy it withdrawal symptoms from strattera ordering buy amantadine retin-a 0,025 where can i buy it nitrofurantoin discount benicar billig kaufen what does roxithromycin treat discount pharmacy gowrie canberra medicine cephalexin-oral generic maxalt for sale on line generic valtrex paypal generic protonix overnite shipping substitute for viagra mentat ds syrup shop net zopiclone uk no prescription high-dose furosemide in the treatment of refractory congestive heart failure indian pharmacy revia lexapro cost without health insurance dilantin brand vs generic buy betnovate visa mebendazole albendazole over counter buy atrovent uk buy kamagra soft mg online para que se usa el aciclovir zyban online buy lexapro with paypal without transcript buy astelin online generic allegra d ingredients what is amoxil made of cheapest paxil online best price for erythromycin cleocin capsules dosage austin biomedical alliance tramadol overnight no prescription mastercard perricone md cold plasma ingredients orlistat xenical calan online pay paypal fincar 5mg side effects taking cipro in india order propranolol lowest price zantac medication class oder mg tablets of advair diskus where to buy viagra in pattaya hyzaar comprar side effects of mobic 15 mg aleve tablets australia walmart actos prices accutane comedones what is micardis 80 mg used for what is the correct dosage of rosuvastatin eltroxin availability in uk where to get cefadroxil pct buy generic accutane isotretinoin indinavir where to get abilify coupons from manufacturer generics drugstore philippines insulin passport npsa coumadin online in usa discount dilantin what is doryx prescribed for purchase propecia on line in uk where to buy cheap generic levlen augmentin cause weight gain ciprofloxacin blopress plus 16 buy geriforte syrup online reviews tadalis sx ajanta pharma is there a drug comparative to lisinopril prescription drug depakote diclofenac sodium over the counter usa cheap sominex sale uk low dose accutane long term orderbenicar without rx carafate paypal arimidex 1 mg tablets side effects how to use gasex canadian medicines prescriptions clomid refills oder mg tablets of plavix buy generic speman with bonus buy zantac online pharmacy what is benadryl dosage for children xanax high side effects fertomid medicine tofranil 20mg tab serpina online usa what does lopid vermox cost comparison can u get high on mobic 7.5 clozaril recommended dosage liv 52 medicine online order venlor pill levitra how to buy cheapest shallaki prednisone lowest cost prescription buy zofran online pharmacy order cipro online no script canadian erythromycin prescription price cheap probalan pills liv visa most trusted online pharmacies usa Purchase propecia 5mg online viagra and blood pressure tablets phone in order for tetracycline where to buy infant benadryl can you buy arjuna prescription discount where to buy kamagra soft drugs online online generic trazodone dutas no prescription compare prices canadian pharmacy proventil lowest price coumadin hyzaar components buy live ants toronto ordering avalide online cheap malegra fxt 40 mg order probalan canada craigslist usa cars michigan generic robaxin medication buy nitroglycerin online no prescription canada que precio tienen las pastillas anticonceptivas yasmin en mexico online pharmacy uk retino-a cream 0,025 isoptin tablets from buy comprar cialis professional original en madrid micardis max dose overseas pharmacy no prescription ayurslim buy genuine florinef uk buying levitra in canada the online drugstore cipro post cycle therapy revia what is xenical buy toprol xl perth australia safe lotensin buy get purinethol las vegas reviews on orlistat nitrofurantoin for sale online 1 mg or 5 mg of finasteride minocycline tablets capsules how to purchase neurontin how much is lynoral tablets buy ephedraxin online cheap generic plavix safety can i get doxycycline buy lithium polymer battery most reliable place to buy eurax online buy seroquel without a script amitriptyline where to buy cheap cytotec buy online nitrofurantoin in croatia metformin tablets 850mg for horses seroquel dose for anxiety seroflo generico italiano reminyl pills dapoxetine priligy uk cheapest prograf info on bystolic medication is .5mg of propecia effective plavix online legally can you buy cialis professional in ireland 20mg taking metformin without food what is betapace used for pharmacy forum lotrisone online pharmacy shipped to canada pharma viagra can i buy levothyroxine over the counter overnight pharmacy bupropion mail order bentyl low betnovate how to apply erythromycin ophthalmic ointment usp comprar zerit portugal lipitor discount ecard pfizer india pharmacies online that sell synthroid comprar revista level up online brand viagra for men sale in uk precio de redustat 60 mg order celadrin online buy zyvox greece what does an allergic reaction to cephalexin look like how to purchase flonase online best place buy confido pct buy lipothin fast shipping reglan overnight where do i plavix in uk order vasotec 120 mg genuine buy generic bentyl generic medicine for premarin what is elocon ointment 0.1 used for discount bactrim mg floxin otic generic drug pomegranate juice benefits for skin viagra bestellen paypal bezahlen ralista reviews for men cardura online shipping differin to buy in australia artane medication where can i get coreg pills cheapest ventolin tablets uk safe viagra no precription best online foreign pharmacy reviews propranolol canada prescription 500 mg flagyl no prescription generic protonix price purchase no prescription cheap lasix generic medrol no prescription aciclovir dosis pediatrica oral augmentin prescription canada buy cialis drugs without prescription costco pharmacy amaryl price cialis online no prescription us lasix without insurance how well does accutane really work best rhinocort prices januvia drugstore.com tetracycline 500 mg capsules bula de serophene generic protonix uk skelaxin delivery bystolic discount voucher trimox generic canada tabletki isoptin 40 where to get wellbutrin pct revatio dosage forms bupropion hcl xl cost without insurance periactin over counter uk generic name nizoral cream is it illegal to order generic finax 14-day acai berry cleanse tablets reviews cyklokapron from canada donde puedo comprar codigos de xbox live gold where viagra was discovered buy medrol 80 mg online non generic vasotec buy ampicillin quick what are the common side effects of abilify safe tadalis sx buy levofloxacin dose bnf can gp prescribe clomid australia buy bystolic uk where to buy ciprofloxacin paypal best generic vpxl sites medrol where can i buy it buy purim online cheap where to buy acai berry juice in canada endep online meds buy cheap skelaxin using pay pal diabecon uses medication blopress medication online canadian online pharmacy for diltiazem acivir pills where to purchase buy zofran capsules best site to buy blopress cystone daily use reviews why has topamax been discontinued buy clozaril online no prescription uk soft viagra under the tongue Purchase revatio 20 mg accutane and alcohol webmd buy trileptal online in usa suprax from mexico buy methotrexate usa prednisone without prescription prednisone 5 mg tablets yasmin pil online bestellen is buying generic propecia online safe can you only get relafen on prescription comprar nootropil online brand viagra sale approved sildenafil cozaar peak sales blood pressure aciphex indications and usage prednsione online shipping world wide acticin purchase in canada no prescription buy wellbutrin from india where to get generic lipitor canadian healthcare pharmacy mobic available in canada olanzapine online shipping us online pharmacy no prescription brahmi how to purchase lopressor online silagra barato where can i get some anafranil buy naprosyn for daily use viagra doctors prescription ortho tri cyclen usa pharmacy lukol order cheap cialis nz topamax coupons 2010 liv 52 delivery uk buy flonase tablets online motilium online shipping revia on line in the usa acheter pas cher endep buy endep online us no prescription is finasteride and propecia the same thing how to use trazodone as a sleep aid current price motilium euro rx pharmacy reviews side effects of bupropion sr 150 side effects of endep 10mg purchase bentyl in usa cheapest hyzaar tablets uk diltiazem pills thundercats episode 14 new alliances piracetam uk prescription is generic decadron effective albendazole buy on line discount zocor mg donde comprar proscar espa├▒a is mail order finax safe elocon side effects men purchase abilify 1mg online side effects of robaxin medication compazine 20 mg buy online premarin generic buy ephedraxin tablets online astellas prograf sales actonel mist canada best pharmacy to order zestril birth control pills sarafem buy prednisone for dogs uk misoprostol for induction uk unisom dosage recommended to buy decadron online pharmacy coupon long term side effects of zyloprim purchase medrol emsam canada overnight delivery azithromycin 250 mg tablet price online sale of elavil starlix reviews synthetic drugs online buy order florinef 1 mg yasmin from usa tamoxifen echeck how well does viagra work for young men naprosyn dose range express scripts prior authorization form ambien haldol side effects elderly dementia canada order maxalt cytotec looking for amantadine for sale online etodolac uk online orlistat pills 120 mg best place buy diarex pct buy adalat 6 pharmacy nolvadex online uk brand amoxil online forum where to purchase actonel www dell co uk myorderstatus can you buy altace out prescription discount prescription alliance llc doxazosin without prescription canada tamoxifen women buy achat cialis et viagra german remedies ltd mumbai can you buy chlamydia pills over the counter pharmacy mexico cephalexin online forum generic buy aristocort orlistat on line in the canada florinef without prescription accredited online pharmacy degrees best viagra prices lowest levitra abilify uk boots how often to take sinemet ordering cialis sublingual cheap prescription cyproheptadine hydrochloride syrup ip ciprofloxacino cinfa cistitis tetracycline prices comprar fincar original hydrochlorothiazide tablets 25mg hyaluronic acid medication taking prescription medication into mexico zyprexa canada class action lawsuit purchasing citalopram online uk how long do side effects of xeloda last cilas laser particle size analyzer buy generic aricept clomid 100mg ovulation symptoms best full coverage drugstore foundation oily skin where can i buy voltaren gel in canada where amaryl patients blood most reliable place to buy crestor online parlodel dosage too high discount medications broker retin-a ge delivery cheapest nexium canada yasmin canada head office cheap ivermectin stromectol generic pharmacy that sells ampicillin oral erythromycin acne pregnant cheapest vpxl generic emsam cost zanaflex canada how to buy metoclopramide vantin in the uk bactroban drug schedule discount code for anacin is it ok to take cipro and flagyl together my hydrea coupons ceftin tablets us online diltiazem usa is montelukast safe during pregnancy online pharmacy no prescription needed decadron levothyroxine vs synthroid difference flomax drug medication prednisone 5 mg pack directions flovent legal us antivert drug store online long lasting erection pills is it legal to get prescriptions drugs from canada buy nymphomax cheap buy cheap cefixime using pay pal duetact buy no prescription lisinopril complications side effects vendita on line cialis methotrexate and medrol dose pack piroxicam dosage forms top 10 online tadapox sites levothroid prices at costco cheapest orlistat philippines diamox usa sale what does the bathtub in the cialis commercial mean paroxetine 20 mg tablet exelon shop net como comprar glucotrol xl methotrexate tablets from buy sony xperia s tablet review 24 canadian pharmacy cheap allegra d hour viagra in singapore altace western australia effects drinking alcohol prednisone premarin uk online where to buy levitra online no prescription viagra sinequan wanted online review abilify medication autism approves order voltaren cream what bacteria does chloramphenicol kill buy flovent online no prescription us goes you buy avapro canadian cheapest cialis 20mg uk tadalafil tadacip forum is there a generic equivalent for benicar buy lipothin online no prescription us viagra buy on line blood pressure medication lisinopril dosage buy retino-a cream 0,025 online from usa buy celadrin visa finpecia composition how to take chloramphenicol ordering silagra how long does levitra last bentyl with american express doxycycline from sigma how to use premarin cream applicator can we trust ginette-35 online what is allopurinol medication used for zyloprim research grade mobic to buy eulexin in uk best prices on viagra and cialis pill shop buy nitrofurantoin visa what is the generic name for avodart valtrex in italian zanaflex sublingual dosage acquisto dostinex sicuro online para se usa ketoconazole cream cheap etodolac pills cozaar mail order motilium discount actos generic us antivert india generic bupropion safe eldepryl in the uk effects of flagyl and pregnancy global pharmacy canada legitimate yasmin birth control price australia what is nexium 40 mg esomeprazole for order wellbutrin online in usa atenolol beta blocker selective cheap avapro buy online how long to get citalopram out of your system online generic aceon can you buy cytotec at walmart best generic indocin review what are the side effects of mobic m and s money prescription propecia how get taking clomid for late ovulation topamax canada pharmacy dostinex doctors online cialis shoppers drug mart buy evecare from canada plavix 300 mg price dose of atrovent in children order trandate from non persciption motilium no prescription allopurinol buy torsemide 10 mg drugs similar to bactrim how to buy brand viagra online can i get high off abilify buy mestinon 60 mg low dose olanzapine weight gain order lamisil 250mg purchase cytotec on line in australia friv 10009 juegos what are the common side effects of zithromax online pharmacies no prescription over the counter diclofenac dosage buy micardis fast shipping rhinocort perth australia buy cephalexin 250 mg online hydrochlorothiazide uk companies only best place buy naprosyn pct clonidine purchase in canada no prescription buy allegra mg online kamagra 100mg jelly uk provera to buy from europe nitrofurantoin 100mg reviews where to buy cheap generic glyset biaxin to buy from europe can order vpxl canada buy sinequan 15mg online can medrol dose pack cause weight gain there generic version ciprodex flonase online purchase is generic anastrozole as good as arimidex canadian online pharmacy for venlor best online pharmacy wellbutrin cozaar price uk troy hill online pharmacy order tramadol malegra fxt roche precio argentina canadian pharmacy cialis ltd northwest pharmacy canada reviews no prescription zebeta acheter ranitidine doxycycline hyclate 100mg used for acne generic drug for meclizine buy flomax online no prescription usa florinef roche precio argentina generic atorvastatin vs lipitor side effects does xeloda cause weight gain aricept refills moduretic from usa singulair price without insurance valtrex reduce transmission herpes accutane sublingual dosage mobic 15 mg half life alli 60mg hard capsules orlistat minocycline dosage acne can i get a decadron shot while pregnant can you buy viagra without prescriptions arava 101b for sale zanaflex on line buy benzac with no rx lansoprazole 15 mg solutab buy strattera in ireland can buy hyzaar online rumalaya tablets from buy norvasc mexico vytorin class action lawsuit cialis professional generic release date ampicillin visa viagra original site pain meds cheap online can you order zantac where can you get alligator meat bentyl dosage information where to buy nizagara online without rx buy no prescription accutane online nike air max 95 og neon list of tesco stores selling ampicillin prednisone no prescription fedex ups voltaren gel price uk mail order amaryllis non persciption moduretic metoclopramide prices at costco cost of betapace viagra professional mg mexico can i get azithromycin over the counter cipro antibiotic side effects pure acai elite discount coupon promo code what are the different types of inhalers for asthma propecia before and after pictures eve mentat market scanner motrin usa generic zithromax azithromycin doxazosin suppositories buy can you order decadron avoid advise buy tretinoin gel 0.025 danazol online shipping mail order generic speman buy abilify 11 mg is it safe to buy viagra online approved stilnox 10 prospecto generic saw palmetto buy canada which uk site to buy lexapro cialis trial pack generic prescription medrol dose pack vs prednisone fluoxetine generic drug clonidine without prescription diamox not generic blopress online coupon code free flovent coupon cheapest drug isoniazid hydrochlorothiazide pas cher italie kamagra italiano buy micardis online overnight delivery buy colchicine astrailia who are the manufacturers of ranitidine capsules where can i get acyclovir cream propecia (finasteride) 1 mg 84 tablets compare prices buspar what is feldene gel for buy live chickens scotland low dose accutane long term effects order elocon cream how much does a bottle of acai optimum cost malegra fxt discount voucher is there a generic form of avapro can you buy sustiva requip for depression reviews hytrin usa sale sliding scale insulin surgery hyzaar 50 12.5 containing hydrochlorothiazide and losartan no rx hyzaar online do you need a prescription for viagra in ireland ventolin without a prescription from canada healthy male weight for 5;11 where do i depakote in usa buy flovent from canada amitriptyline tablets spc best online pharmacy generic rumalaya liniment cost generic astelin diclofenaco normon wikipedia viagra professional online pay paypal dipyridamole for sale philippines buy flagyl cheap safe altace no precription cialis 20 mg 30 lu tablet cheap prescription drugs no insurance altace daily use reviews most effective non prescription birth control heartworm prevention medication no prescription purchase trental 100mg buy chloroquine in usa side effects of cardura tablets can buy doxazosin online us online pharmacy no prescription mevacor alli refill tablets uk minocycline on line for sale no script imitrex 100mg generic canada rx dearborn order lotrel no prescription how long does it take for benadryl to work on hives cheap viagra 20 mg uk pharmacy school open house buy with paypal pick up in store generic for artane singulair generic walmart anafranil shelf life drugs comparable to cymbalta unisom on line purchase phenergan coupon code birth control pills zofran what is cleocin t where to buy acai berry in stores in canada buy viagra soft without prescription nizoral pill shop discount code cheap lamictal uk allegra d online buy simvastatin interactions heart medicine digoxin ordering altace canada lincocin medicine children plavix coupons 2011 prednisolone buy online australia where can i buy viramune bactrim ds dosage sinus infection nexium generic name esomeprazole mifepristone and misoprostol online order how much does paxil cost in canada protonix medicine used for cvs alli coupon cheap zetia tablets diclofenaco pensa 50mg buy online cordarone generic common side effects of zyrtec diflucan thrush dosage paxil lawsuit canada viagra ohne rezept rechnung viagra sin receta medica andorra cheap motrin what is bactrim ds prescribed for buyers of synthroid canada korean red ginseng capsules gold what does tamoxifen citrate do seroquel exelon side effects can i get cipro in mexico half price l-tryptophan discount aciphex mg list of prescription nausea medicines where to buy diclofenac gel ointment non generic buy atorlip online without top search engines tadacip prix en pharmacie en france where to buy desyrel with echeck vente de feldene au quebec where to buy nexium cheap order tretinoin 0,05 canada buy finpecia online canada generic advair diskus 100 55 order furosimide online buy lamictal xr generic femcare without prescription propranolol without a prescription from us cheap viagra online online canadian pharmacy cheap viagra online buy generic lioresal online zofran cheap can januvia cause weight gain ventolin inhaler order cheapest prazosin viagra soft buy no prescription coversyl plus ld side effects order canada generic zyvox reviews on allianz travel insurance buy periactin paypal best place to buy amitriptyline how to use wellbutrin sr sinemet usa sale lowest priced vpxl what does coreg 6.25 look like kytril uk brand name tenormin from australia canadian pharmacy clomid buy paxil online no prescription cheap propecia generic available overnight pharmacy proscar mail-order aricept phenergan usage abilify aripiprazole schizophrenia how to use corega denture cleanser tablets buy styplon online reviews s purchase allegra discount baclofen dosage for back pain arthritis in fingers and wrist primatene mist for sale bupropion results forum buy keflex antibiotic warfarin without a prescription how often to take motrin lotensin without prescription canada lanoxin delivered to your home buy grifulvin v paypal buy cafergot in singapore penegra online cheap kamagra tablets dosage non prescription ed drugs 2008 levitra plus medicine cheap is prevacid over the counter the same as the prescription indian aciphex rabeprazole sodium prescription otsuka abilify depot cefixime uk brand name get brand advair diskus las vegas what class of medication is clozaril wellbutrin sr india buy levaquin mg order compazine lowest price what does alli cost safe blopress buy boots amsterdam pharmacy costco pharmacy online buy minoxidil uk boots atlas rx cialis tetracycline generic mexico will generic arimidex available hydrochlorothiazide pharmacy coupons actonel uses medication diltiazem canada prescription price of diflucan without insurance without a script 15mg buy generic actos rogaine before and after photos zyprexa medicine side effects order live ants proscar online buy uk benicar prescription coupon lipitor medication dosage paroxetine drug store online deltacortril ent how to buy risperdal in london prinivil hctz side effects free coupon for propranolol buy antivert next day how fast does wellbutrin xl work buy prednisolone with no script avapro online levitra india availability side effects of tenormin atenolol what does the word augmenting mean diabetic medicine actos oral buy erection packs 1 online thru paypals synthroid weight gain fatigue diflucan 100 mg viagra cheap uk peut on acheter du hoodia en pharmacie where to buy viagra over the counter today effects of taking flagyl and drinking alcohol online synthroid purchase is it illegal to order generic avapro avodart without a perscription buying lasix online no prescription buy alligator clips singapore know buy clomid no prescription cheap can you get nootropil over the counter the pill levlen weight gain buy relafen without rx list of tesco stores selling colospa viagra vs cialis men;s health lov cost zantac buy viagra plus tablets online cleocin pas cher buy minocin online no prescription imuran medication assistance buy micardis 80 mg is there an over the counter medicine like nexium what is bactroban nasal ointment for kamagra oral jelly discount voucher himcolin doctors online can you get pregnant while on provera omifin 50 mg dosis pharmacy express freetown belize albenza dosing compazine on the internet best retin-a 0,025 prices coumadin for sale philippines ivermectin pour on for dogs generic coumadin information singulair on line no script metronidazole pills canada bactrim dosage for uti tetracycline over counter uk non prescription isoniazid pharmacy buy tablets generic viagra kamagra online cheap tadalafil 20mg dosing online generic suhagra cheapest buy actos online uses valacyclovir hcl 1 buy levitra professional with paypal albuterol fat loss review donepezil bnf what is lopressor 25mg where to buy cheap generic beconase aq viagra professional fast usa buy aspirin in australia can you buy benicar online what does the drug reminyl used to treat is generic lexapro available buy cialis soft tabs online cheap prices aciclovir crema dermica liquid bactroban review biaxin ordering online pharmacy where to buy accutane no prescription discreet order periactin clonidine dosage recommended how to use imitrex nasal buy yasmin from mexico online buy yagara with paypal order lithium canada zantac uk next day delivery speman generic reviews safe place order flomax what does zocor do for the body can you get high off zyrtec d buy tamoxifen citrate tablets nolvadex anafranil tablets 25mg can you buy order cheapest ventolin price increase sominex septilin cheap price buy unisom tablets uk coumadin tablets side effects cialis cheap us pharmacy bentyl drug oversea best cialis prices pill 20mg where to kamagra soft coumadin prescriptions fluoxetine 20mg capsules depakote prices at costco ordering prevacid mexico what do trazodone pills do to you canada pharmacy online coupon phenergan nausea medication side effects retino a 0.025 for pimples what is reminyl drugs le prix du cialis en pharmacie plendil online forum cymbalta canadian online overnight pharmacy furosemide 20 mg tablets side effects ciplox over counter online pharmacy mestinon korean ginseng 100 mg benefits digoxin medication dogs no prescription buy brand advair diskus fluticasone donde comprar viagra en lima side effects of luvox fluvoxamine is pravachol available over the counter generic avapro in blood pressure drug acquisto cialis originale online apo-minocycline 100mg capsule paroxetine dose for anxiety ophthacare brands india flagyl er weight gain colchicine for sale online viagra purchase paypal buying diovan in manchester liv ordering no prescription culturismo y fitness femenino haldol results forum where to buy femcare lotrisone buy online ireland vasodilan online bestellen drugs from india price lortab side effects anger exelon pills quiero comprar neurontin buy zantac syrup uk rumalaya forte for sale usa generic claritin cost can you buy lasix in ireland dove comprare acai berry thin acquisto zetia sicuro online where to buy ashwagandha in chennai low betnovate reduce the redness good reviews on bactrim coreg buy online ireland erythromycin antibiotic class ventolin nebules 5mg aricept dose pack is flomax available on line in canada generic version of premarin how to take sarafem for pms what is esomeprazole tablets cialis super active mexico pharmacy clomiphene citrate in men steroids zyrtec side effects long term use price of nexium in canada domperidone pregnancy nausea lasix from canada no perscription purchase phenamax serophene 100 mg como tomar finpecia generic ventolin echeck without script order astelin liquid wellbutrin review para que se usa flonase endep cost without insurance wellbutrin sr canada no prescription flonase patient reviews over the counter lisinopril generic form of zetia overnight delivery without cheap amaryl differin online bestellen best place to buy suhagra without a prescription cheap meds serophene tablets for purchase norvasc side effects anxiety buy online haldol generic dipyridamole dose children tricor 100mg cheap generic cialis uk online avodart legal in england cipro 5mg tablets avapro available generic form maxifort zimax 50mg directions online generic wellbutrin purchase voltaren lowest price what are the side effects of lithium orotate buy zyprexa mexican pharmacies reverse google image search dosage of triamterene 5 mg citalopram dosage can you order diakoff canadian buy generic lukol online where to get yasmin cheap permethrin cream buy online how does propecia work for hair loss donde venden alli en mexico acai without a script buy skelaxin discount generic bactroban overnite shipping canadian pharmacy anacin probalan online legally where ranitidine viagra super active with no rx methotrexate cost per month worldwide pharmacy prazosin generic risperdal approved etodolac 400 wiki dewalt 18v lithium ion reviews levitra brand order para que sirve la prednisona de 50 mg cheap prograf 40 mg azulfidine prices triamterene next day shipping valtrex reviews cold sores fast doxycycline deleviery tegretol with american express champix price in india low price septilin uk pharmacy that sells nitroglycerin where to buy voltaren emulgel worldwide pharmacy amoxil minomycin cheap viagra samples online aciclovir crema pentru copii mifepristone and misoprostol tablets dosage over the counter anti-anxiety medication canada buy endep online cheap trazodone 150 mg price buy sumycin uk free shipping buy cheap acyclovir abilify direct pharmacy donde comprar benzac where to buy amaryllis belladonna pharmacy online lanoxin loading dose female viagra buy uk so hard erection pills claritin d pharmacy counter where is the house in crickley hall filmed aciclovir 400 1a pharma tabletten can order nizagara online alesse online sales orlistat 120mg side effects side effects of lamisil amoxicillin buy uk no prescription rumalaya liniment order acheter cordarone pas cher celebrex sales 2008 clindamycin dose for dental infection chloroquine by mail prescription drug abuse liver generic skelaxin us what does prometrium do for pregnancy purchase tetracycline uk aarp prescription solutions forms us online pharmacy no prescription noroxin buy cyproheptadine hydrochloride when can i buy generic propecia unreliable canadian online pharmacy no prescription order allegra 30 mg buy alligator meat michigan generic prednisone picture order provera medication by mail buy depakote in uk viagra cena apoteka us pharmacy online fluoxetine furosemide drug oversea where to buy benzac ointment can i get pregnant while on tamoxifen septilin pill shortage viagra soft generico italiano eurax australia price amitriptyline 10 mg sleeping pill how much is tetracycline tablets canadian alliance of british pensioners (cabp) micronase next day shipping antibiotics no prescription uk can i make indinavir flomax prices at costco buy phenamax cheap prednisone low dose birth control pharmacy mexico astelin cuvarlix capsule information on alli diet pills clomid 100mg ovulation nike air max leopard grey very cheap colchicine buy plendil with visa motrin discount medications why is alli weight loss pill out of stock avapro pharmacy coupons is there a generic drug for plavix does exelon patch help dementia standard imitrex dose lamisil prescription pills how to use betnovate c skin cream zetia for purchase generic name for coreg brand cardura buy when is viagra generic in us cialis super active no prescription fedex ups what is paxil flomax combination what do risperdal pills look like clonidine mail order cheap cefadroxil sale uk cheap fincar 100 mg snovitra super power generic 2013 drugs azithromycin tablets 500mg #2 what is it what types of ranitidine are there best viagra tablets in india for men can i buy carafate over the counter order online cheap cipro kamagra vermox order how to get mircette drug sildenafilo normon 100 mg precio inderal ordering no prescription zetia to buy claritin online uk micronase in italia tadacip online overnight shipping liposafe without insurance meclizine no prescription overnight delivery buy levitra online reviews order trental 400mg letrozole uk muscle erythromycin buy mexico vipps pharmacy canada trental reviews discount hyzaar jual viagra usa asli where can you buy panax ginseng how to use advair diskus video haldol drugs online purchases coreg online ordering india chloramphenicol price actoplus met discount voucher is mail order procardia safe plavix medication online aldactone without a prescription from uk will propecia ever be over the counter online generic dapoxetine why is there a shortage of amantadine menosan for sale philippines where to buy pravachol ointment feldene dosage too high donde puedo comprar cytotec en chile where purchase cystone buy desyrel capsules buy brahmi visa cafergot best price cymbalta withdrawal brain zaps pain killer pills for sale clomid lowest price acquisto risperdal sicuro online ralista generic reviews long time side effects levitra professional diflucan one price what types of cozaar are there rhinocort turbuhaler dosage motrin 800 mg max dose can order indocin online cefixime shoppers drug mart rumalaya forte lowest price order cymbalta from australia without prescription nitroglycerin pharmacies depakote overnight delivery cheap antivert us cheapest naprosyn to buy buy aciclovir online from india aspirin pills sweat nhs doxycycline 100mg capsules claritin maximum safe dosage cialis soft with paypal payment buy nizagara 15mg online alprazolam no prescription online where to purchase ponstel get rocaltrol las vegas buy haldol online buy seasonique online no prescription can you take levitra professional daily indocin lowest price oregon state beavers football schedule current price cefixime cheap abana free delivery where can i buy lasuna indian pharmacy cefadroxil where to buy alavert d relief purchase generic mevacor triderm cream side effects buspar uk next day delivery levitra uk brand name difference between viagra 25 mg 50 mg walmart pharmacy puerto rico buy lopid inhaler canada brand cialis tablets from buy gasex for sale how to use water pills to lose weight billig ginette-35 online kaufen cheapest place to buy promethazine where to buy bystolic in canada safely what is clomid uk zestril wiki generic strattera us mupirocin cream arthritis in feet pictures is it safe to order erexin-v buy cheap cefixime where to buy acticin ointment american wild ginseng uses does viagra 25 mg work prednisone australia companies only orlistat tablets side effects order cialas zurich lipothin with raspberry ketone ingredients atorvastatin cost herbal fertility drugs uk nitrofurantoin comprar buy elavil with visa erythromycin generic drug how to purchase seroquel online viagra sublingual for dogs buy genuine mestinon best price buy over the counter doxycycline online generic estrace buy canada buy domperidone new zealand can you buy ventolin inhalers over the counter list of mexican pharmacies where to buy chloramphenicol what is shatavari metoprolol dose range why do people take lithium pills natural viagra alternative herbs ben 1 000 games no script cialis sublingual mg buy alphagan online usa brimonidine can you buy nizagara in ireland pharmacy order online eulexin 40 mg dose lipothin buy canada synthroid online cheap januvia cheapest price bactrim lawsuit when the truth hurts i pop pain pills deltasone canada no prescription order propecia online europe roxithromycin 40 mg pharmacy cialis super active in the uk now fluoxetine 20mg capsules effects buy nizagara boots pharmacy artane for sale philippines viagra sublingual maximum dosage crestor without rx what is nizoral tablets free coupon for vpxl meloxicam high blood sugar silagra drug in canada pharmacy very cheap naprosyn order voveran pill where is dilantin metabolized order lipitor 10mg generic costco pharmacy prices new anti depression medication list yasmin delivery nolvadex 10 mg tablet can adalat cause weight gain quibron-t pharmacy doxazosin in usa erythromycin stearate 500mg used for list of drugs that have sulfa yagara online pharmacy uk lotrisone prescription overnight what is norvasc 5mg for lithium tablets buy sinequan overnight silagra generic viagra buy starlix in ireland plendil tablets purchase on line how to take yasmin birth control taking too high a dose of synthroid what is sustiva made of low price myambutol uk 100 mg midamor best diet pills on the market for men can you take valtrex with birth control pills buy l-tryptophan online no prescription us provera fast mexico zestril shelf life nizoral ovulos precio en mexico levothyroxine and alcohol interaction antifludes jarabe adulto get cleocin las vegas is generic kamagra available in usa viagra online paypal canada legal buy malegra dxt online canada how to by malegra fxt online cheap estrace buy online natural sex pills for women viagra without prescriptions paypal approved canadian zanaflex drug oversea sale shallaki online pharmacy delivery europe walmart pharmacy $4 generic drug list mexico actos de dominio bienes altace indian pharmacy blood buy cipro online from canada diarex price india rosuvastatin no prrescription neo medrol lotion uk what does the drug allegra do fexofenadine buy atarax online from usa zyrtec to buy in england isabelle generic for yasmin allegra print and imaging winston salem onde comprar cialis em miami periactin mg price viagra soft purchase in canada no prescription buy dutas tablets online vasotec without a script kamagra oral jelly buy online from china buying actos for dogs cefixime + azithromycin tablets purchase premarin lowest price buy baby diapers wih echeck olanzapine what is it for best price cialis 5 mg cheap canada buy abilify diflucan over counter where is plavix available on line in canada cytotec noprescrition needed uk online pharmacy carafate online shipping penegra without a prescription buy brand amitriptyline buy caverta online with mastercard acquisto tricor sicuro online tenormin side effects long term use buy revia with paypal buy maxaman online reviews malegra fxt online store online pharmacy uk albendazole chlamydia antibiotics online sale of zofran compazine generico italiano buy lanoxin digoxin liquid sominex review does birth control pills interfere with synthroid avapro lawsuit settlements diclofenac gel perth australia what drug category is amoxil buy gasex mg buy misoprostol and mifepristone online ordering betnovate here in canada cheap accutane no prescription isotretinoin buy generic suprax online diovan australia pharmacy medication prazosin hcl buy brahmi in australia pravachol usa sale order prograf medication by mail western drug aceon coversyl missed dose buy aldara imiquimod cream allison brennan lucy kincaid books in order revatio mg no prescription donde comprar aciclovir purchase bactrim cheap trimethoprim prescription zyprexa consumer medicine information messi stats espn cleocin 300 mg cost what does citalopram hbr 40 mg look like buy genuine pfizer viagra generic for allopurinol learn medication prazosin in canada cialis sales online canada generic ortho tri-cyclen from usa generic valtrex online cheap will coreg cause weight gain buy permethrin cream uk levitra super active tablets 40mg can order kamagra chewable online how to get a prescription for antabuse discount canadian pharmacy detrol 4rx generic viagra review buy brand viagra greece legal viagra in uk is canada pharmacy online legit yagara tablet sale methylprednisolone 4 mg 21 tablets where to buy acai juice in canada alli weight loss dose can order retin-a ge online buy generic valtrex online canadian proventil inhaler online clomid cycle day 1-5 buy lozol 80 mg online best prescription pills get high off best generic bystolic review olanzapine delivery rhinocort from canada buy lady era in usa how to buy apcalis sx in london generic name for moduretic low cost revatio generic drugs today brand names fda sarafem tablets for sale donde puedo comprar prazosin is there a prevacid shortage buy alli diet pills england generic buy aceon without a script zantac 150 coupons printable water pills 2009 movie can order lithium online canidian drugs without perscription saw palmetto harvesting company frostproof florida clomid 50mg vs 100mg side effects order erythromycin without prescription prazosin drug oversea elavil online ordering the online drugstore amantadine altace delivery london buy betoptic singapore low cost no rx buspar online suprax 20 mg order levitra online drug shop online pharmacy no prescription needed serophene online pharmacy no prescription needed alphagan neurontin side effects weight gain how to get ventolin on line can you get diltiazem robaxin for sale usa atarax hydroxyzine hydrochloride tablets terbinafine hydrochloride cream 1 avodart prostate cancer lawsuit long time side effects mircette chloramphenicol generico online reglan buy on line what is the generic name for procardia xl why has moduretic been discontinued c├йfixime 400 mg augmentin dose iv mentax limited india buy ethionamide online amazon albuterol inhalant solution canadian pharmacy viagra 50 mg plavix 75 mg tabs generic seroquel not as effective how much does sertraline hcl cost without insurance cheapest place buy alli weight loss pills is cipla safe order fucidin pill omeprazole dosage infants get buspar toronto cialis shop uk seroquel xr discount coupons discount canadian pharmacy amantadine canada online pharmacy diazepam zanaflex capsules side effects canadian amitriptyline tablet over the counter viagra london do you gain weight after stopping acai berry buy ventolin quick flonase generic dosage malaseb shampoo for horses purchase nexium where can i purchase famvir buy mobic bulk azulfidine enteric coated viagra super active results forum dutasteride no script maxalt prices cvs 100 mg tadacip exelon current stock price allopurinol without best generic finast sites precose tablets uses how to take hyaluronic acid mg flagyl 400 mg what is it used for proscar in usa viagra para mujeres argentina purchase ciprofloxacin online trazodone and cold medicine buy cialis professional pills online to buy alavert non prescription drugs buy finpecia patch lantus insulin onset metformin 1000 mg weight loss pcos luvox now co uk cialis jelly pills sweat purchase zithromax cheap antibiotic prescription promethazine tablets uk generic effexor xr teva voltaren uk buy accutane online without a prescription thyroxine sodium ip what is ip rumalaya liniment prices cvs buy betoptic online reviews kamagra dosage compazine rx isoniazid for sale online buy over the counter topamax online acheter anafranil en france promethazine on line cytotec canada online no prescription buy generic tadacip online with prescription isoptin 40 mg pharmacy canada rx online no prescription buy stromectol ivermectine generic propecia kaufen accutane usa generic benzaclin coupon orlistat usb forum can you buy viagra pharmacy uk dostinex uk sale can you buy zovirax at the supermarket allopurinol generico online periactin tablets dogs voltaren d 50 mg dosage best place buy fluoxetine pct can order finast online best site to buy amaryl mail order generic himcocid aristocort cream uses lov cost alli cheap anastrozole no prescription claritin d coupons printable buy mestinon online overnight long time side effects lisinopril order levitra online cheap cialis generic artane usa pharmacy how long to wait to drink alcohol after flagyl herbal supplements interfere tamoxifen tamoxifen 40 mg pct over the counter medicine chloramphenicol does lisinopril weight gain canine ehrlichiosis doxycycline dosage fast arimidex delivery best site get brand levitra what does ginseng look like in the fall 1 000 games buy amantadine greece buy generic propecia no-prescription comprar adalat pela internet quickest antivert discount aciclovir of canada keppra spc emc where revia average cost cialis daily use dose cheap flovent pills acheter procardia side effects of singulair 4mg erythromycin side effects sickness elavil generic usa tadacip cipla review bing search by image buy kamagra gold from canada metoprolol dose post mi propranolol 40mg cost of zantac without insurance depo provera shot pharmacy eltroxin online bestellen proventil limited india buy ampicillin generic comprar diltiazem portugal why is there a shortage of trazodone reglan best price how to get free samples of nexium cheap acai berry tablets clor. sertralina bula buy diclofenac gel mexican pharmacies history walgreens drugstore albenza next day can you drink alcohol while zithromax himalayan viagra wiki purchase azulfidine online finax cheap price buy over the counter proventil online how to get rumalaya on line ceebis canada can you buy metoclopramide over the counter in germany wellbutrin generic price what types of cleocin are there prescription solutions jobs low cost overnight bentyl cheap ginette-35 sale uk online pharmacy asacol cost of toprol xl without insurance cheap erythromycin sale uk can i make urispas acquistare baclofen in italia prednisone alcohol viagra suppliers in china raspberry ketone slimming tablets billig moduretic online kaufen dutas dosage instructions depakote reviews for men cost of unused alligator tags depakote tablets from buy where can i buy trimethoprim tablets antibiotic can you only get rumalaya forte on prescription vega sildenafil citrate tablets proventil vs proair vs ventolin cheaper than propecia pharmacies in buy alphagan online canadian motilium medication order canada drugs procardia with prescription como comprar xbox live gold order zanaflex online in usa purchase quibron-t buy betapace uk where can i buy pure acai berry juice buy cytotec canada how long does it take for baclofen to take effect generic rosuvastatin overnite shipping where to buy myambutol how to use pravachol western drug zantac betnovate on line purchase cheap synthroid sale uk doxycycline from diclofenac over counter united states
Home BoB Book Reviews Review: Diamond Dollars & The Baseball Economist

Like Shoot to Thrill - An AC/DC Tribute on Facebook!

An authentic tribute of AC/DC that covers the best of the Bon Scott era and the best of Brian Johnson's material

Who's Online?

We have 1196 guests online

Atom RSS

Review: Diamond Dollars & The Baseball Economist PDF Print E-mail
User Rating: / 107
PoorBest 
Book Reviews
Written by Andrew Zimbalist   
Monday, 10 December 2007 20:00

Book Review - Zimbalist - Diamond Dollar$ and The Baseball EconomistReview essay on Vince Gennaro, Diamond Dollars: The Economics of Winning in Baseball.
Hingham, Ma.: Maple Street Press, 2007, 253 pp.,

and

J.C. Bradbury, The Baseball Economist: The Real Game Exposed.
New York: Dutton, 2007, 336 pp.

By

Andrew Zimbalist [1]
Department of Economics
Smith CollegeNorthampton, Ma. 01063

Sports economics books seem to be plentiful these days.  The 2007 season brought two new monographs: Diamond Dollars: The Economics of Winning in Baseball by Vince Gennaro and The Baseball Economist: The Real Game Exposed by J.C. Bradbury.  Each attempts to tackle a distinct area within the grasp of economic analysis. 

(See J.C. Bradbury's response to this review on the Sabernomics website) 

(See Vince Genarro's response to this review on the Maple Street Press website) 

Diamond Dollars is the more ambitious of the two.  Gennaro assays nothing less than an uncovering of the mysteries of the baseball economy and purports to offer a model for small market teams to be successful.  Gennaro covers a wide range of issues, from the relationship between winning and revenues, to the value of players, the dynamics of player development, a strategy for assembling a winning team and building a team brand.

Along the way, Gennaro reveals a basic understanding of the economics of baseball and, although not a formally-trained economist himself, a reasonable understanding of rudimentary microeconomic analysis.  He addresses many disparate topics, but his core concept is the “win curve.”  While there is nothing particularly novel here, Gennaro’s presentation puts a different spin on the marginal revenue of winning.   Basically, he argues that the relevant range of wins per season is between 70 and 105.  Below 70 or above 105 wins, he asserts, there is no relationship between winning and revenues.  Within the range, there is a sweet spot between 86 and 91 wins that is the threshold for making it to the postseason, and, consequently, it is within this sweet spot that there is the highest incremental return to winning.  Making it to the playoffs, according to Gennaro, has its biggest impact by increasing a team’s revenues in succeeding years.  For teams below 70 wins, Gennaro’s thesis is that winning a few extra games brings them essentially no new revenue, meaning they have little incentive to spend on free agents, whether or not they receive transfers from the wealthy teams. 

So far, so good.  But here Gennaro hits a brick wall.  His text suggests that he has subjected his theory to rigorous modeling and testing, yet he provides the reader with next to no information on how he has executed his empirical analysis.  The few bits of explanation he does provide fail to inspire confidence.

For instance, Gennaro apparently has done some regression analysis where revenue is the dependent variable and team wins in the current and previous years are two of the arguments.  We are not informed what the other independent variables are, nor are we told whether the relationship is tested linearly, nor for what years it is tested.  Curiously, Gennaro does state that he has weighted the current and lagged team wins equally and that he has run a regression separately for each team to capture its distinct win curve.  It is not clear how many years of data he has in each team regression or why he did not instead use team dummies and interactive variables in a pooled regression to identify these effects.

Furthermore, Gennaro estimates his revenue data.  Here he makes some reasonable assumptions, but he also misses his target on some sources of revenue.  Despite these problems, Gennaro intrepidly forges ahead, glibly making specific claims about various teams’ win curves.  Unfortunately, most of the rest of Diamond Dollars suffers from similar weaknesses.

Detailed problems appear throughout the book.  Here is a small sample of these difficulties.  Gennaro does not adequately source his discussion.  The few footnotes and citations he does provide often confuse or obfuscate the matter.  He claims that he has developed a model to evaluate players’ productivity, but he neither explains the model nor does he cite the pioneering work of Gerald Scully in this field or its lineage.   Later in the book, Gennaro appears to assert authorship of the idea that baseball’s revenue sharing would be more effective if it were based on the value of a team’s market, rather than on a team’s revenue.  Yet this position has been amply discussed in the professional and journalistic literature.  Indeed, it is even incorporated into MLB’s latest collective bargaining agreement, which Gennaro entirely misses.  

Gennaro also makes inaccurate claims about financial data.  For example, he states that the NFL “generates over $2.5 billion in annual broadcast revenues” and that “about 80 percent of the NFL’s $5 billion in revenue is shared” (p. 4).  The correct numbers would be over $3.5 billion, about 70 percent, and over $6 billion.  On the next page, he writes that “$40 million from MLB’s central fund” is distributed equally to each team annually.  The actual number in the last two years has been under $30 million.  Such errors are not catastrophic, except when one tries to make detailed claims about a team’s revenue or a player’s value.

Gennaro devotes an entire chapter to teams’ player development systems.  Here too there are broad generalizations and data inaccuracies that mar his discussion.  He estimates that an average team devotes $12 million yearly to its player development system (scouting, signing bonuses, operation of minor league affiliates.)  The actual average is almost 50 percent higher.  In a footnote, however, Gennaro states that his estimate excludes international scouting and bonuses, perhaps accounting for the lower number.  Yet, it is curious why he would exclude the international aspect of player development, when today almost half of all minor leaguers come from outside the continental United States. 

One of the book’s concluding chapters is entitled “A Strategic Approach to Assembling the Roster.”  Here Gennaro uses his hidden statistical method to find that the ratio of player productivity to player salary reveals that per dollar of output pitchers cost 14 percent more than position players and that left-handed pitchers cost 17 percent more.  The inference is that team general managers should be particularly cautious in overpaying for these positions.  The important question that Gennaro does not address is that if his estimates are correct, why doesn’t the market correct itself over time?  And if the market does correct itself, what is left of his policy recommendations?  The unstartling punch line of this chapter is that low-revenue clubs can be successful by depending less on free agents and more on developing players out of their own farm system.

In his chapter on building a team brand, Gennaro offers a host of broad sweep generalizations and arbitrary weights to make standard, prosaic recommendations common to the marketing literature.  One of his more remarkable statements is found on pages 193-194.  To wit: “A team that tries to get through a season with a roster filled with fringe players and minor league prospects is testing the patience of its fans and risking its credibility.  Even the 56-win Kansas City Royals had proven major leaguers on their 2005 squad.  Matt Stairs and Terrence Long, along with their star player Mike Sweeney, complemented a host of youngsters.  For all their faults in the 2005 season, the Royals maintained the credibility and trust of their fans by not ridding themselves of Sweeney’s $11 million contract.  For the 2006 season, the Royals loaded up on mature talent with Reggie Sanders, Doug Mientkiewicz, Mark Redman, and Mark Grudzielanek, giving hope to the K.C. faithful.”  This worthy team won 62 of its 162 games in 2006. 

Gennaro’s closing chapter has some gems on the stadium economic impact literature.  On page 238, he writes: “The stadium dialogue seems to quickly degenerate into a ‘he said-she said’ by ‘greedy owners’ and ‘ungrateful municipalities’ about who gets the most benefit from a new ballpark and consequently, the appropriate mix of public versus private funding.  The two sides seem to argue so vehemently out of self-interest, citing the results of previous parks, selectively choosing the data that fits their points of view, that they neglect to get at the key issue.  ‘Do stadiums enhance the local economy?’ may be the wrong question.  The right question is ‘Under what conditions can stadiums enhance the local economy?’”  He goes on to claim that if a team plays more day games that it will help local commerce more and, therefore, cities should bargain in their lease agreements to have teams play more day games.  His discussion here is either disingenuous or completely ignorant of the academic literature on the subject of economic impact. 

In the end, Gennaro’s monograph misses its mark.  His treatment of baseball’s economic system offers little of academic value, general reader interest, or team management assistance. 

J.C. Bradbury’s The Baseball Economist is a collection of wide-ranging essays on different elements of the game that the author believes are amenable to economic or statistical analysis.  The quality of these essays is sharply uneven, with the stronger contributions related to evaluating on-field performance. His topics range from why there are no left-handed catchers, to valuing the worth of a pitching coach, whether having a strong on-deck batter actually helps the current batter or not, why there are more hit batsmen in the American League, a game theory treatment of the game’s steroid problem, assessing the role of entrepreneurial behavior in the front office, an evaluation of the competitive balance issue, an introduction to sabermetrics, how much a ballplayer is worth,  and whether MLB is  a monopoly.  Below I consider some of the collection’s high points and low points.  The latter, unfortunately, are more plentiful.

My favorite Bradbury entry convincingly attacks a longstanding baseball myth -- a strong on-deck batter helps the current batter.  Bradbury uses data from 1984-1992 to test this relationship and what he comes up with is the following: for every 100 points higher is the OPS (on-base percentage plus slugging percentage of the current batter) of the on-deck batter, the current batter will walk 2.6 percent less, will have a 1.1 percent lower batting average and will hit 3.0 percent fewer home runs.  He controls for the OPS of the current batter, the game situation, the ballpark and other factors.  Hence, Bradbury concludes that a strong on-deck batter does create an incentive for the pitcher not to walk the current batter, but it also encourages the pitcher to add focus and make tougher pitches in the strike zone, thereby lowering the current hitter’s average and power.  While these relationships are statistically significant, their actual impact is very small.  His conclusion appears solid and one wonders how long it will take before Joe Buck, Tim McCarver, Jon Miller, et al. catch on. 

Bradbury’s chapter on whether it pays for a manager to argue with the umpire is provocative, but unsatisfying.  He describes the phenomenon of a manager protesting a call as rent-seeking behavior.  The manager attempts to bully the ump, so that the ump will remember the unpleasant experience and will think twice before making another close call against the manager’s team.  Bradbury suggests that sometimes the managers succeed in this endeavor, though the statistical evidence he presents is too weak to support his claim.  It is rent seeking because there is no net gain, no output increase, just a transfer of marginal calls from one team to another.  Meanwhile, the fans, according to Bradbury, have their utility lowered because they have to spend a few extra minutes at the game due to these fits of managerial distemper.  Well maybe, but it is also possible that the fans enjoy managerial protests both because they are amusing and because it vicariously vents their own frustration at bad umpire calls.  As for a few extra minutes at the ballpark – hey, it’s baseball.

In another interesting essay, Bradbury assembles evidence that Leo Mazzone is actually a pitching coach who makes a positive difference.  Bradbury compares pitchers performance under Mazzone with their performance before and after working with him.  The evidence appears to support superior skills for Mazzone.  Bradbury also explains Mazzone’s philosophy and method.  Mazzone has now been pitching coach for the Baltimore Orioles for two years.  Perhaps it is time for corroboratory evidence. 

From here the book goes downhill.  In one chapter Bradbury discusses the presumed advantage that big city teams have.  He concludes that (p. 80): “the advantage appears to be slight and virtually meaningless.”  His argument here is sloppy.  Bradbury’s simple regression finds that variance in city size accounts for 40 percent of the variance in win percentage over a period of years.  This seems to indicate a rather substantial impact of city size.  Further, the author fails to consider the interactive effect of city size and a team owning its own regional sports channel (RSN), the number of large corporations in the market, or the size of MLB’s assigned team television market – three factors that would have reinforced the effect of city size.  Along the way, Bradbury misapprehends the functioning of the amateur draft and overlooks the unequalizing effect of the posting system with Japanese baseball.

In his chapter on what makes for an effective front office, Bradbury singles out two desiderata: having a good team on the field and having a low payroll.  Of course, all teams would like that combination, but no team can win every year on a modest payroll.  A franchise is a business and there are more factors behind whether or not it will be a successful organization, including effective promotional efforts, good relations with and involvement in the host community, charitable activities, new investments, and profitability, among others.  Bradbury then attempts to quantify team rankings by adding up the value produced by all the players on each team and subtracting team payroll, yielding his “net value of team play.”  Every team has a positive net value except his lowest ranking team, the Yankees with a negative net value of $29.8 million during 2003-05.  This anomalous result comes from the wrongheaded methodology he uses to estimate player marginal revenue product (to be discussed below) and from the narrow definition he adopts to define team success. 

His chapter on steroids in baseball employs game theory to model the choice that a player makes whether or not to indulge.  He argues that when every player chooses to use steroids it is a Nash equilibrium.  This result, however, appears to depend on his arbitrarily chosen values for the supposed productivity gain and the health costs (only $500,000) from indulgence.  Bradbury’s analysis ignores the enormous uncertainty that surrounds this choice for players.

Another chapter, “Scouts and Stat-Heads,” provides a generally useful introduction to sabermetric analysis, but Bradbury gets a bit starry-eyed over the presumed power of sabermetrics.  On page 147, for instance, Bradbury writes: “Old ways and old scouting methods may disappear, but the end result is a good one for the fan: better and cheaper baseball.”  No team is contemplating the elimination of traditional scouting methods, nor is one likely to in the future.  New statistical methods have been employed to supplement, not supplant, traditional scouting. 

Bradbury’s essay “How to Judge a Hitter or a Pitcher” also overplays the sabermetric hand.  Baseball analysts frequently refer to a statistic called hitting with “runners in scoring position” (RISP).  It is meant to represent how effective a clutch hitter a player is.  Bradbury says folderol:   “The problem is that hitting with RISP is not a skill … but a statistical anomaly.” (p. 155)  “If hitting with RISP is something a hitter can purposely alter, I have a hard time believing he is holding something back in non-RISP situations” (p. 156).  There you have it – there is no such thing as clutch hitting.  This is an awfully linear, materialist view of the world where a player’s emotions and his state of physical depletion over a 162-game season play no role.   Further, Bradbury is being inconsistent.  In his chapter about the on-deck batter, he asserted that a pitcher can ramp it up and pitch more carefully and effectively to the current batter when a strong batter is on deck.  So, in Bradbury’s world, pitchers can focus and pitch in the clutch, but hitters can’t turn the same trick.  Later in the chapter, Bradbury endorses the proposition from Moneyball that on-base percentage (OBP) is three times as important as slugging percentage (SLG).  He arrives at this outcome by running a multiple regression of runs on batting average, OBP and SLG.  The coefficient on OBP is almost three times that on SLG.  The problem here is not only that the arguments are collinear and the coefficients are less reliable, but that SLG  (it counts a homerun as four hits, a triple as three, etc.) is a much higher number than OBP.  The coefficient, therefore, will necessarily be smaller on SLG.  If elasticity is used instead of the estimated coefficient, OBP is 1.8 times greater than SLG.

Bradbury also discusses the assessment of pitching skills in this chapter.  The main argument here is that a pitcher’s ERA from one year to the next is highly variable, but that a pitcher’s walks, strikes and home runs allowed are more stable over time.  The inference is that ERA depends more on outside factors, such as a team’s fielding prowess, and, hence, is a poor measure of the inherent skills of a pitcher.  While there is something compelling to this logic, it seems caution is in order.  First, a pitcher’s skills may actually vary from year to year, along with his ERA, as other factors change, such as, his ballpark, his pitching coach, his bullpen, his team’s offense, the angle of his arm slot, his confidence level, etc.  This variability does not mean that the skill is spurious.  Second, if all we consider is strikeouts, walks and home runs, what are we saying about sinkerball pitchers who induce groundballs or pitchers who throw fastballs with movement or offspeed pitches that induce weak swings and popups?  Didn’t Bradbury already write that with a strong on-deck batter, pitchers can pitch more effectively within the strike zone? 

Next, Bradbury offers a chapter on the worth of a ballplayer.  He gets off to a bad start here by misrepresenting the functioning of the players’ market and the terms of the collective bargaining agreement.  He then misspecifies his team revenue function, leaving out RSN ownership, the number of large corporations in the host market, the size of the team’s assigned television territory, among other factors.  But the fatal problem is that Bradbury’s methodology unwittingly identifies a player’s average revenue product, not his marginal revenue product.  By his reckoning, all of a team’s revenue is attributed to the players, leaving nothing left over for front offices expenses, stadium expenses, minor league operations, or profits.  Given this misstep, it is not surprising that Bradbury finds players at all levels (under reserve, arbitration eligible and free agents) are paid less than what he estimates they are worth.

Bradbury then moves on to the baseball product market, asking “Is MLB a Monopoly?”  Bucking all scholarly analysis and legal decisions on the question, Bradbury writes (p. 201): “I’m not sure MLB is a monopoly.”  Then, in a comedy of errors, he explains his ambivalence.  He writes that Judge Kenesaw Mountain Landis’ decision that baseball was not interstate commerce gave the game its antitrust exemption and that (p. 203) “the Supreme Court has upheld the Landis decision on several occasions.”  Here Bradbury is confusing two cases.  The first was a suit brought by the owners of the Federal League teams in January 1915 against baseball’s reserve clause.  This case went before Judge Landis. Landis, however, never issued a decision.  The parties settled at the end of the year.  The second was a litigation brought by the owners of the Baltimore Terrapins of the Federal League because they did not believe that the terms of the settlement were fair to their franchise.  After losing in district court (where Landis played no role), baseball appealed the decision and won.  The Terrapins then appealed before the Supreme Court, where the case was heard in April 1922.  A few months later the Supreme Court decided in baseball’s favor and the antitrust exemption was born. 

Bradbury then distorts the record further by asserting (p. 205): “At the heart of the argument that MLB acts like a monopolist is the existence of the antitrust exemption.”  He cites no sources for this claim, because there are none.  Each team sport league is a monopolist because it is the sole producer of its product and has no close substitutes.  The NFL has no blanket exemption and it is a monopoly; likewise the NBA.  Bradbury then writes referring to the NFL, NBA, NHL and MLB that “each of these enjoys some antitrust exemptions for collective bargaining with labor unions ….”  Here, of course, it is not an exemption granted to the leagues, but a general statutory exemption granted to all labor unions by the Clayton Act of 1914.  Similarly, the non-statutory exemption --which enables a union to surrender certain labor market rights in exchange for other benefits in arms’ length bargaining --  applies generally to all U.S. industries.  Bradbury continues (p. 208): “There is no strong evidence that the antitrust exemption provides any monopoly privileges to MLB other than protecting it from expensive lawsuits.”  While the value of baseball’s exemption today is not what it used to be, there is still a good case to be made that MLB’s minor leagues and perhaps its amateur draft could not exist in their present form were it not for the exemption.  (This matter is actually rather complicated because any of these arrangements can be subjected to a rule of reason interpretation, balancing their pro- and anti-competitive effects.)

Bradbury’s last essay argues that the market for top-level professional baseball in the United States is contestable.  If this were true, then the earlier question about whether or not MLB is a monopoly might be moot.  Here Bradbury makes two points.  First, if there is an aspect of the industry that is not a natural monopoly and, hence, constitutes an artificial barrier to entry, it is the subsidies from local governments that teams receive for the construction of their stadiums.  But, he avers, this is not really an issue because (p. 220) “the public does not seem averse to subsidizing major sports teams from leagues other than the dominant existing league.”  It is clear that Bradbury has never been involved in starting a new or non-dominant league.  His notion that politicians are not averse to providing subsidies to teams from these upstart leagues is just plain wrong.  Second, Bradbury goes on to argue that MLB’s market is contestable.  He does this by discussing the emergence of the American Association in 1882 and the American League in 1901.  He further adduces what he erroneously calls the “Central League” (real name: the Continental League) forcing baseball to expand the number of its teams in 1961.  Leaving details aside, the difficulty with Bradbury’s claim is that the industry’s economic structure today is very different from what it was 57 or 120 years ago. 

Bradbury, then, whiffs in his effort to expand his analysis beyond the narrow confines of the baseball diamond.  After a promising beginning, The Baseball Economist fails in its intent to expose the real game.


[1] Reprinted from the Journal of Economic Literature, vol. 45, no. 4 (December 2007).

Andrew ZimbalistAndrew Zimbalist is the is the Robert A. Woods professor of economics at Smith College, and is a contributor to the Business of Sports Network. His Author Profile can be accessed here. Read interviews with Zimbalist on the current MLB Collective Bargaining Agreement, as well as an earlier interview on MLB in general.

 
 
Banner

Poll

Should MLB Force Jeffery Loria to Sell the Marlins?