Human Capital Values and Returns:Bounds Implied By Earnings and Asset Returns Data
Mark Huggett and Greg Kaplan ()
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Mark Huggett and Greg Kaplan: Department of Economics, Georgetown University, http://www9.georgetown.edu/faculty/mh5/
Authors registered in the RePEc Author Service: Greg Warren Kaplan and
Mark Huggett ()
Working Papers from Georgetown University, Department of Economics
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.
Keywords: Value of Human Capital; Return on Human Capital; Asset Pricing (search for similar items in EconPapers)
JEL-codes: J24 G12 (search for similar items in EconPapers)
New Economics Papers: this item is included in nep-dge and nep-hrm
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Journal Article: Human capital values and returns: Bounds implied by earnings and asset returns data (2011)
Working Paper: Human capital values and returns: bounds implied by earnings and asset returns data (2010)
Working Paper: Human Capital Values and Returns: Bounds Implied By Earnings and Asset Returns Data (2010)
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Persistent link: http://EconPapers.repec.org/RePEc:geo:guwopa:gueconwpa~10-10-02
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Roger Lagunoff Professor of Economics Georgetown University Department of Economics Washington, DC 20057-1036
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