@TechReport{iza:izadps:dp1962,
            	author={Christiansen, Charlotte and Joensen, Juanna Schrøter and Nielsen, Helena Skyt},
            	title={The Risk-Return Trade-Off in Human Capital Investment},
            	year={2006},
	month={Feb},
            	institution={Institute of Labor Economics (IZA)},
            	address={Bonn},
            	type={IZA Discussion Paper},
            	number={1962},
            	url={https://www.iza.org/publications/dp1962},
	abstract={In this paper we analyze investments in human capital assets in a way which is standard for financial assets, but not (yet) for human capital assets. We study mean-variance plots of human capital assets. We compare the properties of human capital returns using a performance measure and by using tests for mean-variance spanning. A risk-return trade-off is revealed, which is not only related to the length of education but also to the type of education. We identify a range of educations that are efficient in terms of investment goods, and a range of educations that are inefficient, and may be chosen for consumption purposes.},
	keywords={human capital investment;efficient frontier;mean-variance analysis;educational choice},
            }