文件夹
经济
计量经济学
人力资本
金融经济学
资产(计算机安全)
投资(军事)
差异(会计)
库存(枪支)
微观经济学
计算机科学
政治
机械工程
会计
工程类
经济增长
法学
计算机安全
政治学
标识
DOI:10.1016/j.jbankfin.2020.105833
摘要
We embed human capital as an innate, illiquid asset in Markowitz’ one-period mean-variance framework. By solving the Markowitz problem for different values of the ratio of human capital to financial wealth, we emulate life-cycle effects in household portfolio decisions. The portfolio derived with this simple approach matches the optimal portfolio from the much more complicated dynamic life-cycle models. An application illustrates that young households may optimally refrain from stock investments because a house investment combined with a mortgage is more attractive from a pure investment perspective. Another application examines the theoretical support for the observed growth/value tilts in households’ portfolios.
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