Human Capital Values and Returns: Bounds Implied By Earnings and Asset Returns Data

Mark Huggett

No 564, 2010 Meeting Papers from Society for Economic Dynamics

Abstract: 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 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 risk, both bounds are tight.

Date: 2010
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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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