In this paper, we analyze investments in human capital in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using tests for mean-variance spanning. Fields differ strongly not only in common rates of return, but also in return per unit of risk. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that may be chosen for consumption purposes.
%0 Journal Article
%1 Christiansen2007
%A Christiansen, Charlotte
%A Joensen, Juanna Schröter
%A Nielsen, Helena Skyt
%D 2007
%J Labour Economics
%K CAPM capital human return risk
%N 6
%P 971 - 986
%R 10.1016/j.labeco.2007.06.001
%T The risk-return trade-off in human capital investment
%U http://www.sciencedirect.com/science/article/pii/S0927537107000371
%V 14
%X In this paper, we analyze investments in human capital in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using tests for mean-variance spanning. Fields differ strongly not only in common rates of return, but also in return per unit of risk. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that may be chosen for consumption purposes.
@article{Christiansen2007,
abstract = {In this paper, we analyze investments in human capital in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using tests for mean-variance spanning. Fields differ strongly not only in common rates of return, but also in return per unit of risk. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that may be chosen for consumption purposes.},
added-at = {2011-11-14T18:56:59.000+0100},
author = {Christiansen, Charlotte and Joensen, Juanna Schröter and Nielsen, Helena Skyt},
biburl = {https://www.bibsonomy.org/bibtex/2ac789300f6bb33f4d43509ab2b2d5869/dglocker},
doi = {10.1016/j.labeco.2007.06.001},
interhash = {e4a6cdc5390ad5e63e96f0faa77078a3},
intrahash = {ac789300f6bb33f4d43509ab2b2d5869},
issn = {0927-5371},
journal = {Labour Economics},
keywords = {CAPM capital human return risk},
note = {<ce:title>Education and Risk</ce:title> <ce:subtitle>Education and Risk S.I.</ce:subtitle>},
number = 6,
pages = {971 - 986},
timestamp = {2011-11-14T18:56:59.000+0100},
title = {The risk-return trade-off in human capital investment},
url = {http://www.sciencedirect.com/science/article/pii/S0927537107000371},
volume = 14,
year = 2007
}