Medical Residency as Investment in Human Capital
用人力资本投资模型分析住院医师的低薪长时工作，并构建医院提供培训机会的供给模型，利用独特数据验证了理论。
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.