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Investors' favourite - A different look at valuing individual labour income

Jan Voelzke, Jeanne Diesteldorf, Fabian Goessling and Till Weigt

No 6017, CQE Working Papers from Center for Quantitative Economics (CQE), University of Muenster

Abstract: Human capital is a key economic factor in both macro- and microeconomics, and, at least for most people, by far their largest asset. Surprisingly, relatively little effort has been undertaken in the extant literature to empirically determine the value of individual human capital. This paper aims at closing the gap. We use the Substantial-Gain-Loss-Ratio to calculate Good Deal bounds for securitizations of individual labour income one year ahead. We evaluate the attractiveness of hypothetical human capital contracts using US data and can thereby identify investors' favourites.

Keywords: Human Capital Contracts; Asset Pricing; Substantial-Gain-Loss-Ratio (search for similar items in EconPapers)
JEL-codes: G12 J17 C58 (search for similar items in EconPapers)
Date: 2017-02
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