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Updated for games through: 9/30/08

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Total value (TotalValue) measures value above replacement level for position players, in runs. It is based on hitting (Runs Above Replacement; RAR), as well as a composite fielding measure (average runs saved according to zone rating and revised zone rating). This measure also includes adjustments for differences in difficulty among defensive positions, as well as differences in difficulty of leagues (AL>NL). Pitchers are rated via two measures--RAR (runs above replacement) and FIP-Runs. RAR measures actual value similar to total value for position players, whereas FIP-Runs is a defense-independent estimate of value. Closers receive a bonus reflecting the leverage of situations in which they pitch. All estimates are adjusted for park factors. For details on all methods, please see this series of posts:

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http://jinaz-reds.blogspot.com/search/label/player%20value

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Thanks to Hardball Times for supplying the raw data upon which these calculations are based.

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Also, a huge thanks to Joel Luckhaupt, who through his visual basic wizardry, automated process of populating my spreadsheets. Thanks Joel!