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Medical Residency as Investment in Human Capital

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  • William D. Marder
  • Douglas E. Hough

Abstract

A wealth-maximizing model of the demand for investment in human capital is applied to the investments made by resident physicians. Residents work long hours for relatively low salaries in order to gain exposure to learning opportunities that ultimately enhance future income. A model of hospital supply of investment opportunities is also developed which emphasizes the trade-off the hospital must make between providing additional patient care and employee training. In the past the inability to quantify on-the-job training investment has precluded direct empirical investigation of this decision. A unique data set allows the simultaneous examination of the demand for and supply of learning opportunities; the results generally confirm the theory.

Suggested Citation

  • William D. Marder & Douglas E. Hough, 1983. "Medical Residency as Investment in Human Capital," Journal of Human Resources, University of Wisconsin Press, vol. 18(1), pages 49-64.
    • Handle: RePEc:uwp:jhriss:v:18:y:1983:i:1:p:49-64
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    1. repec:eee:labchp:v:1:y:1986:i:c:p:641-692 is not listed on IDEAS
    2. Doyle Jr., Joseph J. & Ewer, Steven M. & Wagner, Todd H., 2010. "Returns to physician human capital: Evidence from patients randomized to physician teams," Journal of Health Economics, Elsevier, vol. 29(6), pages 866-882, December.

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