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If you are using real transactions and real stats the effect will be
I addressed the fact that whenever you use real stats that the game has a built in adjustment the reduces HR power either for all players or for player who have more than X HR per 550 AB. I do not know what type of response anyone is looking for with those statements other than that. If you use real stats your single season HR results will be a bit muted in my opinion. Markus makes an additional adjustment for home parks in there somewhere too. But yes, the entire idea is that by adjusting the HR power accordingly that this will approximately offset the home ballpark influence on performance.
Regarding what you mentioned about outliers, there is no such adjustment. When you are using 1yr recalc the game is only looking at those stats from that season. When you are using 3yr or 5yr recalc it is taking the sum of those seasons and converting it to per 550 AB for the ratings. So in that sense an outlier year gets redistributed across those seasons. However, I just recently did a 1871-2020 game using 5yr recalc and neutralized stats and Andre Dawson hit 48 HR in 1987.
When you get to the editor to look at these things the game is still going to give you some expected aggregate assuming a certain number of those 550 AB are vs RHP and vs LHP to show you some type of approximate value.
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