%0 Report
        %A Christiansen, Charlotte
%A Joensen, Juanna Schrøter
%A Nielsen, Helena Skyt
        %T The Risk-Return Trade-Off in Human Capital Investment
        %D 2006
        %8 2006 Feb
        %I Institute of Labor Economics (IZA)
        %C Bonn
        %7 IZA Discussion Paper
        %N 1962
        %U https://www.iza.org/publications/dp1962
        %X 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.
        %K human capital investment
%K efficient frontier
%K mean-variance analysis
%K educational choice