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The Risk-Return Trade-Off in Human Capital Investment

Charlotte Christiansen and Juanna Joensen
Authors registered in the RePEc Author Service: Helena Skyt Nielsen

Economics Working Papers from Department of Economics and Business Economics, Aarhus University

Abstract: In this paper we analyze investments in human capital assets 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 sing tests for mean-variance spanning. A risk-return trade-off is revealed, hich is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may be chosen for consumption purposes.

Keywords: Educational Choice; Efficient Frontier; Human Capital Investment; Mean-Variance Analysis (search for similar items in EconPapers)
JEL-codes: I21 J24 (search for similar items in EconPapers)
Pages: 40
Date: 2006-02-01
New Economics Papers: this item is included in nep-cfn, nep-edu and nep-fin
References: Add references at CitEc
Citations: View citations in EconPapers (7)

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https://repec.econ.au.dk/repec/afn/wp/06/wp06_02.pdf (application/pdf)

Related works:
Journal Article: The risk-return trade-off in human capital investment (2007) Downloads
Working Paper: The Risk-Return Trade-Off in Human Capital Investment (2006) Downloads
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Persistent link: https://EconPapers.repec.org/RePEc:aah:aarhec:2006-02

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