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1、HumanCapital,SportPerformance,andSalaryDeterminationofProfessionalAthletesRobertoAntonietti∗15thMarch2006AbstractThankstothehighavailabilityofdata,professionalsportrepresentsauniquelaboratoryinordertotestlabourmarkettheoriesandpredictions.Inpar-ticular,oneofthemostimportan
2、tpropositionsconcernstherolethathu-mancapitalplaysinshapingthelife-cycleearningspatternsofworkers.Totheextentthatsportcanbeconsideredasatypeofhumancapitalinvest-ment,humancapitaltheorycanhelptounderstand,andempiricallyassess,howtheprofessionalsportslabourmarketrewardsperfo
3、rmanceattributesofplayers.Onthispurpose,thispieceofworkreviewsthemostimportanteconomiccontributionsfocusedonthewagedeterminationofprofessionalathleteswiththeaimofoutliningboththeemergingcommonfeaturesandthemainissues.Insodoing,adistinctionbetweenprofessionalteam-sportsandp
4、rofessionalsingle-playersportsisdone,wheretheformerisrepresentedbythemostpopularsportsinNorthAmericaandEurope,suchasbaseball,basketball,hockeyandsoccer,whereasthelatterisprimarilyrepresentedbyprofessionalgolfintheUS.∗UniversityofBologna-DepartmentofEconomics,StradaMaggiore
5、45,40125Bologna(Italy).E-mail:roberto.antonietti@unibo.itKeywords:humancapital,professionalsport,performance,monopsonisticexploita-tion,salaryJELsubjectclassifications:J24,J31,J42,J4411IntroductionItisnearlyascertainedthatprofessionalsportsrepresentsauniquelabora-toryfortes
6、tinglabourmarkettheories.Thankstothehighavailabilityofindividualdata,agrowingbodyofresearch,fromthe1950s,focusesonthecharacteristicsofthesportsbusinesssector,aswellasthesportslabourmar-ket,withtheaimofobservingwhethereconomicpropositionsatleasthaveachanceofbeingtrue.Oneoft
7、hiseconomicpropositionsparticularlyconcernsthecrucialrolethathumancapitalplaysinshapingthelife-cyclewagepat-ternsofworkers.Asfarassportcanbeconsideredasatypologyofhumancapitalinvestment,humancapitaltheorycanhelptounderstand,andempir-icallyassess,howthesportslabourmarketrew
8、ardsperformanceattributesofathletes.Thekeyquestion,therefore,is:cansportbeconsideredasafo
