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The human capital model of investment in an athlete's training incorporates both the costs and benefits of different types of skills. Economists refer to this type of human capital investment as on the job training (OJT) and they classify them as either general or specific,

The human capital model of investment in an athlete's training incorporates both the costs and benefits of different types of skills. Economists refer to this type of human capital investment as on the job training (OJT) and they classify them as either general or specific,

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6. The human capital model of investment in an athlete's training incorporates both the costs and benefits of different types of skills. Economists refer to this type of human capital investment as on the job training (OJT) and they classify them as either general or specific. Define both types of human capital investments. Explain how the concept of general and specific OJT can be applied to professional sports. Provide examples of each in sports.. Explain why the costs and benefits of OJT should be discounted to the present before a team/ player can make a rational decision. Illustrate the costs and benefits to the athlete & firm for general and specific human capital investments. Illustrate each on a separate graph.
Transcribed Image Text:6. The human capital model of investment in an athlete's training incorporates both the costs and benefits of different types of skills. Economists refer to this type of human capital investment as on the job training (OJT) and they classify them as either general or specific. Define both types of human capital investments. Explain how the concept of general and specific OJT can be applied to professional sports. Provide examples of each in sports.. Explain why the costs and benefits of OJT should be discounted to the present before a team/ player can make a rational decision. Illustrate the costs and benefits to the athlete & firm for general and specific human capital investments. Illustrate each on a separate graph.
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