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The ordinary least square estimators have the smallest variance among all the unbiased estimators.
Knowledge
Information, understanding, or skill that one gets from experience or education.
Skills
Specific abilities or competencies that individuals possess or acquire, which enable them to perform tasks effectively.
Firm-Specific Human Capital
The unique knowledge, skills, and abilities employees develop that are valuable to a particular organization but not necessarily transferable.
Generic Human Capital
Refers to the broad and universally applicable skills, knowledge, and experience that individuals possess, which can be transferred and applied across various industries and roles.
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