Human Capital Development in Professional Golf: Web.com Tour as Pathway to the PGA Tour

Abstract

Within the economics of sport literature, economists have begun to apply Gary Becker’s human capital formation theory as a method to examine the value of developmental (or minor) league level performance on an athlete’s success at the highest (or major) league level of professional sports. This research applies Becker’s theory to a model of a professional golfer’s human capital development as they progress from the minor league (Web.com Tour) level to the major league (PGA Tour) level. Several empirical model specifications are developed. Empirical results show that of the shot-makings skills, long-game skills (i.e., driving power and driving accuracy) can best be developed through minor league play; while short-game skills (e.g., approach shots, scrambling, and putting) are better developed at the PGA Tour level.