IMF on luck and labour markets
The IMF looks at how important luck is in determining labour market outcomes in a paper published on 1 October, by examining the careers of international cricket players.
Shekhar Aiyar and Rodney Ramcharan, the paper's authors, use a new dataset of all international test cricketers who debuted between 1950 and 1985. They present evidence that a player's debut performance is strongly dependent on whether the debut series is played at home or abroad. They find that players lucky enough to debut at
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