Human capital formation in professional sports: Evidence from the PGA tour

Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical si...
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Gespeichert in:

Autor*in:	Shmanske, Stephen [verfasserIn]

Format:	Artikel
Sprache:	Englisch

Erschienen:	1992

Schlagwörter:	Human Capital Significant Relationship Simple Formulation Production Function International Economic

Anmerkung:	© Atlantic Economic Society 1992

Übergeordnetes Werk:	Enthalten in: Atlantic economic journal - Kluwer Academic Publishers, 1973, 20(1992), 3 vom: Sept., Seite 66-80
Übergeordnetes Werk:	volume:20 ; year:1992 ; number:3 ; month:09 ; pages:66-80

Links:	Volltext

DOI / URN:	10.1007/BF02300173

Katalog-ID:	OLC2062296134

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520			\|a Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving.
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allfields	10.1007/BF02300173 doi (DE-627)OLC2062296134 (DE-He213)BF02300173-p DE-627 ger DE-627 rakwb eng 300 330 VZ 83.00 bkl Shmanske, Stephen verfasserin aut Human capital formation in professional sports: Evidence from the PGA tour 1992 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Atlantic Economic Society 1992 Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. Human Capital Significant Relationship Simple Formulation Production Function International Economic Enthalten in Atlantic economic journal Kluwer Academic Publishers, 1973 20(1992), 3 vom: Sept., Seite 66-80 (DE-627)166430994 (DE-600)188752-X (DE-576)014791765 0197-4254 nnns volume:20 year:1992 number:3 month:09 pages:66-80 https://doi.org/10.1007/BF02300173 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_40 GBV_ILN_70 GBV_ILN_2002 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2012 GBV_ILN_4012 GBV_ILN_4193 GBV_ILN_4305 GBV_ILN_4310 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4700 83.00 VZ AR 20 1992 3 09 66-80
spelling	10.1007/BF02300173 doi (DE-627)OLC2062296134 (DE-He213)BF02300173-p DE-627 ger DE-627 rakwb eng 300 330 VZ 83.00 bkl Shmanske, Stephen verfasserin aut Human capital formation in professional sports: Evidence from the PGA tour 1992 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Atlantic Economic Society 1992 Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. Human Capital Significant Relationship Simple Formulation Production Function International Economic Enthalten in Atlantic economic journal Kluwer Academic Publishers, 1973 20(1992), 3 vom: Sept., Seite 66-80 (DE-627)166430994 (DE-600)188752-X (DE-576)014791765 0197-4254 nnns volume:20 year:1992 number:3 month:09 pages:66-80 https://doi.org/10.1007/BF02300173 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_40 GBV_ILN_70 GBV_ILN_2002 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2012 GBV_ILN_4012 GBV_ILN_4193 GBV_ILN_4305 GBV_ILN_4310 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4700 83.00 VZ AR 20 1992 3 09 66-80
allfields_unstemmed	10.1007/BF02300173 doi (DE-627)OLC2062296134 (DE-He213)BF02300173-p DE-627 ger DE-627 rakwb eng 300 330 VZ 83.00 bkl Shmanske, Stephen verfasserin aut Human capital formation in professional sports: Evidence from the PGA tour 1992 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Atlantic Economic Society 1992 Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. Human Capital Significant Relationship Simple Formulation Production Function International Economic Enthalten in Atlantic economic journal Kluwer Academic Publishers, 1973 20(1992), 3 vom: Sept., Seite 66-80 (DE-627)166430994 (DE-600)188752-X (DE-576)014791765 0197-4254 nnns volume:20 year:1992 number:3 month:09 pages:66-80 https://doi.org/10.1007/BF02300173 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_40 GBV_ILN_70 GBV_ILN_2002 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2012 GBV_ILN_4012 GBV_ILN_4193 GBV_ILN_4305 GBV_ILN_4310 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4700 83.00 VZ AR 20 1992 3 09 66-80
allfieldsGer	10.1007/BF02300173 doi (DE-627)OLC2062296134 (DE-He213)BF02300173-p DE-627 ger DE-627 rakwb eng 300 330 VZ 83.00 bkl Shmanske, Stephen verfasserin aut Human capital formation in professional sports: Evidence from the PGA tour 1992 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Atlantic Economic Society 1992 Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. Human Capital Significant Relationship Simple Formulation Production Function International Economic Enthalten in Atlantic economic journal Kluwer Academic Publishers, 1973 20(1992), 3 vom: Sept., Seite 66-80 (DE-627)166430994 (DE-600)188752-X (DE-576)014791765 0197-4254 nnns volume:20 year:1992 number:3 month:09 pages:66-80 https://doi.org/10.1007/BF02300173 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_40 GBV_ILN_70 GBV_ILN_2002 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2012 GBV_ILN_4012 GBV_ILN_4193 GBV_ILN_4305 GBV_ILN_4310 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4700 83.00 VZ AR 20 1992 3 09 66-80
allfieldsSound	10.1007/BF02300173 doi (DE-627)OLC2062296134 (DE-He213)BF02300173-p DE-627 ger DE-627 rakwb eng 300 330 VZ 83.00 bkl Shmanske, Stephen verfasserin aut Human capital formation in professional sports: Evidence from the PGA tour 1992 Text txt rdacontent ohne Hilfsmittel zu benutzen n rdamedia Band nc rdacarrier © Atlantic Economic Society 1992 Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. Human Capital Significant Relationship Simple Formulation Production Function International Economic Enthalten in Atlantic economic journal Kluwer Academic Publishers, 1973 20(1992), 3 vom: Sept., Seite 66-80 (DE-627)166430994 (DE-600)188752-X (DE-576)014791765 0197-4254 nnns volume:20 year:1992 number:3 month:09 pages:66-80 https://doi.org/10.1007/BF02300173 lizenzpflichtig Volltext GBV_USEFLAG_A SYSFLAG_A GBV_OLC SSG-OLC-WIW GBV_ILN_26 GBV_ILN_40 GBV_ILN_70 GBV_ILN_2002 GBV_ILN_2009 GBV_ILN_2010 GBV_ILN_2011 GBV_ILN_2012 GBV_ILN_4012 GBV_ILN_4193 GBV_ILN_4305 GBV_ILN_4310 GBV_ILN_4324 GBV_ILN_4326 GBV_ILN_4700 83.00 VZ AR 20 1992 3 09 66-80
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title_sort	human capital formation in professional sports: evidence from the pga tour
title_auth	Human capital formation in professional sports: Evidence from the PGA tour
abstract	Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. © Atlantic Economic Society 1992
abstractGer	Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. © Atlantic Economic Society 1992
abstract_unstemmed	Summay This paper examines human capital formation by professional golfers using a three step procedure. First, production functions relating golfers' earnings to their skills indicate that putting and driving distance are the most important skills, both in terms of magnitude and statistical significance. Between the two, putting is by far the more important. In the second step, production functions relating a golfer's skill level to his practice time indicate robust relationships for putting and driving distance, again with putting being the more significant relationship. The data show little support for any kind of diminishing marginal product of practice. The simplest formulations with constant marginal products outperform other more complex specifications. In the third step, individual VMPs for practicing the separate skills were calculated using the estimates from the first two steps. The VMPs vary over a wide range with practice on putting sometimes calculated to be worth over $500 per hour while practice on sandtrap shots is worth only a few dollars per hour. If the cost of practicing is a constant across the different skills, then these results indicate that golfers wishing to allocate their practice time optimally should be spending more time on putting and driving distance than other skills, with putting the more important of the two. Alternatively, if golfers are assumed to be optimizing, then these statistics support the contention that practicing putting is more costly, physically or mentally, on the margin, than practicing driving. © Atlantic Economic Society 1992
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title_short	Human capital formation in professional sports: Evidence from the PGA tour
url	https://doi.org/10.1007/BF02300173
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up_date	2024-07-03T14:32:53.447Z
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