the baseball free agent market,

自由球员市场的人
I think you could argue that--someone can do an empirical test of this--

你们可以说你们可以做做真的测试
you could argue that the winning bids on free agents

你们可以说在棒球自由球员市场里
in the baseball free agent market

获胜的出价
end up being horrible overbids for the same reason.

最后都会因为同样的原因而变成过高出价
The team who has the highest idiosyncratic estimate of

最后就是那支出了最不合理的价的球队
the person's value ends up hiring that player,

会签下这名球员
but the highest idiosyncratic value tends to be too high.

但这个不合理价总是过高的
Similarly, perhaps more importantly,

同样也许更重要
if you look at IPO's,

如果你看看做IPO的公司
initial public offerings of companies, they tend to sell too high.

即首次公开募股他们总会定价过高
The baseball one I haven't got the data,

我没有关于棒球的例子的数据