Human capital values and returns: Bounds implied by earnings and asset returns data

• 成果类型: Article
• 署名作者: Huggett, Mark; Kaplan, Greg
• 署名单位: University of Pennsylvania; Georgetown University
• 刊物名称: JOURNAL OF ECONOMIC THEORY
• ISSN/ISSBN: 0022-0531
• DOI: 10.1016/j.jet.2010.09.005
• 发表日期: 2011
• 页码: 897-919
• 关键词: Value of human capital; Return on human capital; asset pricing

摘要

We provide theory for calculating bounds on both the value of an individual's human capital and the return on an individual's human capital, given knowledge of the process governing earnings and financial asset returns. We calculate bounds using U.S. data on male earnings and financial asset returns. The large idiosyncratic component of earnings risk implies that bounds on values and returns are quite loose. However, when aggregate shocks are the only source of earnings risk, both bounds are tight. (C) 2010 Elsevier Inc. All rights reserved.