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Previous researchers found that baseball players under the reserve clause had been paid considerably less than their contributions to club revenues. We ask, has the new contractual system of free agency and final‐offer arbitration brought baseball salaries into line with marginal revenue products? Using public data for the 1986 and 1987 seasons, our basic answer is yes, major league salaries generally coincide with estimated marginal revenue products, though significant deviations exist. Experienced players are paid in accord with their productivity; young players, however, are paid less than their marginal revenue product, on average. This result is closely related to the market structure within baseball.

Rats chose between a certain prospect and an uncertain prospect having equal expected value under varying levels of resource (water) availability. In contrast to results found with granivorous birds and common shrews (Sorex araneus), the rats did not switch from risk aversion (choosing the certain prospect) to risk preference (choosing the uncertain prospect) as resource availability varied from surplus to deficit, even though deficits were maintained for extended periods of time. Rather, the rats displayed an approximately constant level of risk aversion throughout. Explanations for these differences are offered in terms of procedural differences between this and earlier studies and in terms of differential behavioral patterns of relatively large organisms with large internal resource stores relative to their daily resource requirements.

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