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Financial Investment And Human Capital During Life Cycle
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Book Synopsis Financial Investment and Human Capital During Life Cycle by : Anastasios Anastasopoulos
Download or read book Financial Investment and Human Capital During Life Cycle written by Anastasios Anastasopoulos and published by . This book was released on 2018 with total page 16 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper explores the problem of an agent who invests in financial assets, works and/or accumulates human capital, and retires at the end of time horizon. His/her initial endowments consist of an amount of liquid assets (maybe because of inheritance) and a number of units of human capital.Human capital is measured in efficiency units, as in the theory of growth. By contrast to the theory of growth, efficiency units increase as the result of training and education. Training is a costly activity; in addition to paying educational costs, the agent devotes part of his/her human capital exclusively to education and, thus, he/she can devote less time to earn labour income.The methodology similar to the Kreps-Proteus (KP) and Epstein-Zin (EZ) preferences. The certainty equivalent of life-time utility is evaluated by means of the negative exponential function. In addition, the wealth at the beginning of a period is an anchor point which determines the attitude to risk for that period. The attitude to risk and the utility of wealth evolve over time under the impact of past experiences and the anticipation of future events.Some of the main results are: (i) Optimal policies are linear functions of wealth: the marginal propensities to consume and to invest in financial assets are determined recursively and they are independent of the level of wealth of each period. (ii) The Certainty equivalent (CE) of the portfolio's risk premium is the sum of the CE of the risk premia attached to financial assets and human capital, both expressed per unit of initial wealth of a period. (iii) The attitude to risk is characterized by an intrinsic attitude which is unchanged during the lifetime of the individual. This attitude is modified depending on whether the agent faces dynamic or timeless choices. In the case of dynamic choices, the intrinsic measure is modified by the realization of random events related to past choices. In timeless choices, the atemporal measure allows the agent to evaluate future anticipations under the experiences of the past. (iv) On economic considerations alone, the choice of educational plan at the beginning of the life cycle is either zero, or the maximum possible. It is independent of the measure of risk aversion and depends on other (not specified) personal preference and social conditions.
Book Synopsis The Optimal Accumulation of Human Capital Over the Life Cycle by : John W. Graham
Download or read book The Optimal Accumulation of Human Capital Over the Life Cycle written by John W. Graham and published by . This book was released on 1979 with total page 42 pages. Available in PDF, EPUB and Kindle. Book excerpt: This paper summarizes the important contributions of the new life cycle human capital literature and demonstrates that many of these results can be derived more simply than in their original presentations. Within three period discrete-time framework it is demonstrated how the optimal pattern of human capital investment over the life cycle depends upon the choice of the objective function, the life cycle of leisure, and the extent of nonmarket benefits of human capital. The paper offers sufficient conditions for the optimality of a profile of monotonically declining investment activity over the life cycle.
Book Synopsis Human Capital Over the Life Cycle by : Catherine Sofer
Download or read book Human Capital Over the Life Cycle written by Catherine Sofer and published by Edward Elgar Publishing. This book was released on 2004-01-01 with total page 210 pages. Available in PDF, EPUB and Kindle. Book excerpt: . . . I am convinced that it should occupy a high position on the desk of policymakers. . . This book constitutes a good state-of-the-art study in this field and paves the way for further research in this direction. Marie-Claire Villeval, Economic Record This attractive publication is carried out as a clear attempt to gain access to a wider audience, relaxing formal and technical details, which makes the lecture easier. . . An international comparison of literature or educational and labour experiences is provided in every contribution in the book, helping to obtain a wider perspective of the problems tackled. Carmen García and Julio López, Education Economics This book makes a novel contribution to economics of education in several key respects. It highlights a broad number of crucial factors over the individual s life cycle that underlie inequalities in education and in the labour market. . . It is amazing how limited our knowledge is about these interactions despite their high priority in national as well as EU-level policy-making. This is a timely book concerned with topics of high policy relevance. Moreover, the authors have well succeeded in their attempt to write "in a style that makes this work accessible to a wider audience", using the editor s words. It is most important that academics as well as politicians are made aware of the considerable knowledge gaps that still prevail in our understanding of the role of education and training for the individual s success or failure in school and in working life. Rita Asplund, The Research Institute of the Finnish Economy (ETLA), Finland In the last decade, changes occurring in the demand for skills have produced significant effect on the functioning of labour markets in Europe and elsewhere. The challenge posed by a knowledge based society for sustained growth has been at the centre of the European strategy for employment and has important implications for the design of labour market policies. This book brings together a wide range of contributions written by leading experts on key issues such as: schooling systems, transition from school to work and lifelong learning, thereby providing an essential reference for both researchers and policymakers. Claudio Lucifora, Università Cattolica, Italy Human Capital Over the Life Cycle synthesises comparative research on the processes of human capital formation in the areas of education and training in Europe, in relation to the labour market. The book proposes that one of the most important challenges faced by Europe today is to understand the link between education and training on the one hand and economic and social inequality on the other. The authors focus the analysis on three main aspects of the links between education and social inequality: educational inequality, differences in access to labour markets and differences in lifelong earnings and training. Almost all the stages in the life cycle are tracked from early childhood to stages late in the working life: firstly the characteristics and effects of schooling systems, then the transitions from school to work and, finally, human capital and the working career. Academics and researchers of European studies, labour economics and the economics of education will all find this novel and analytically sound book of interest, as will sociologists and policymakers in Europe.
Book Synopsis Estimation of a Life-Cycle Model with Human Capital, Labor Supply and Retirement by : Xiaodong Fan
Download or read book Estimation of a Life-Cycle Model with Human Capital, Labor Supply and Retirement written by Xiaodong Fan and published by . This book was released on 2022 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: We develop and estimate a life-cycle model in which individuals make decisions about consumption, human capital investment, and labor supply and use it to analyze changes in Social Security rules. The most important aspect of our paper is human capital towards the end of the life cycle which responds to changes in the rules. Retirement arises endogenously as part of the labor supply decision. The model allows for both an endogenous wage process through human capital investment (which is typically assumed exogenous in the retirement literature), an endogenous retirement decision (which is typically assumed exogenous in the human capital literature), and accounts for the Social Security system. We estimate the model using indirect inference to match the life-cycle profiles of employment and measured wages from the SIPP data. The model replicates the main features of the data--in particular the large increase in measured wages and small increase in labor supply at the beginning of the life cycle as well as the small decrease in measured wages but large decrease in labor supply at the end of the life cycle. We use the model to estimate the effects of various changes to tax and Social Security policies and show that allowing for human capital accumulation is critical.
Download or read book Lifecycle Investing written by Ian Ayres and published by ReadHowYouWant.com. This book was released on 2010-05 with total page 358 pages. Available in PDF, EPUB and Kindle. Book excerpt: Diversification provides a well-known way of getting something close to a free lunch: by spreading money across different kinds of investments, investors can earn the same return with lower risk (or a much higher return for the same amount of risk). This strategy, introduced nearly fifty years ago, led to such strategies as index funds. What if we were all missing out on another free lunch that’s right under our noses? InLifecycle Investing, Barry Nalebuff and Ian Ayres-two of the most innovative thinkers in business, law, and economics-have developed tools that will allow nearly any investor to diversify their portfolios over time. By using leveraging when young-a controversial idea that sparked hate mail when the authors first floated it in the pages ofForbes-investors of all stripes, from those just starting to plan to those getting ready to retire, can substantially reduce overall risk while improving their returns. InLifecycle Investing, readers will learn How to figure out the level of exposure and leverage that’s right foryou How the Lifecycle Investing strategy would have performed in the historical market Why it will work even if everyone does it Whennotto adopt the Lifecycle Investing strategy Clearly written and backed by rigorous research,Lifecycle Investingpresents a simple but radical idea that will shake up how we think about retirement investing even as it provides a healthier nest egg in a nicely feathered nest.
Book Synopsis Human Capital Investment by : Harriet Duleep
Download or read book Human Capital Investment written by Harriet Duleep and published by Springer Nature. This book was released on 2021-04-28 with total page 270 pages. Available in PDF, EPUB and Kindle. Book excerpt: In 1965, a family-reunification policy for admitting immigrants to the United States replaced a system that chose immigrants based on their national origin. With this change, a 40-year hiatus in Asian immigration ended. Today, over three-quarters of US immigrants originate from Asia and Latin America. Two issues that dominate discussions of US immigration policy are the progress of post-reform immigrants and their contributions to the US economy. This book focuses on the earnings and human capital investment of Asian immigrants to the US after 1965. In addition, it provides a primer on studying immigrant economic assimilation, by explaining economists’ methodology to measure immigrant earnings growth and the challenges with this approach. The book also illustrates strategies to more fully use census data such as how to measure family income and how to use “panel data” that is embedded in the census. The book is a historical study as well as an extremely timely work from a policy angle. The passage of the 1965 Immigration and Nationality Act set the United States apart among economically developed countries due to the weight given to family unification. Based on analyses by economists—which suggest that the quality of immigrants to the US fell after the 1965 law—policymakers have called for fundamental changes in the US system to align it with the immigration systems of other countries. This book offers an alternative view point by proposing a richer model that incorporates investments in human capital by immigrants and their families. It challenges the conventional model in three ways: First, it views the decline in immigrants’ entry earnings after 1965 as due to investment in human capital, not to permanently lower “quality.” Second, it adds human capital investment and earnings growth after entry to the model. And finally, by taking investments by family members into account, it challenges the policy recommendation that immigrants should be selected for their occupational qualifications rather than family connections.
Book Synopsis Human Capital and Economic Growth by : Alberto Bucci
Download or read book Human Capital and Economic Growth written by Alberto Bucci and published by Springer Nature. This book was released on 2019-11-26 with total page 384 pages. Available in PDF, EPUB and Kindle. Book excerpt: This edited collection explores the links between human capital (both in the form of health and in the form of education), demographic change, and economic growth. Using empirical as well as theoretical perspectives, the authors investigate several important issues in the context of human capital, namely population ageing, inequality, public policy, and long-term economic development. Ultimately, they demonstrate that the accumulation of human capital is of crucial importance to long-run economic growth.
Book Synopsis Heterogenous Human Capital by : Suren Basov
Download or read book Heterogenous Human Capital written by Suren Basov and published by . This book was released on 2002 with total page 20 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Are You a Stock or a Bond? by : Moshe A. Milevsky Ph.D.
Download or read book Are You a Stock or a Bond? written by Moshe A. Milevsky Ph.D. and published by FT Press. This book was released on 2012-09-21 with total page 282 pages. Available in PDF, EPUB and Kindle. Book excerpt: You must be aware of the value, potential return and risk of your own human capital (your job, career and what you do for a living as opposed to stocks and bonds or other investment choices) as well as financial capital and investments to plan a secure future. Human capital is the most valuable asset that you will own over your lifecycle. You need to balance all financial decisions with the characteristics of your human capital. The key trends identified in the first edition of the book namely, the decline of Defined Benefit (DB) pension provision, the continued increase in human longevity and the risk of personal inflation, are as relevant today as they were five years ago. The financial crisis has taught us that all types of capital – human, financial and even social – are key to a secure financial future. If your career has "stock-like" growth and risk characteristics, Milevsky helps you balance your "portfolio" by tilting investments towards safer "bonds." If your job is more secure but offers lower financial upside, you'll learn to tilt your investments towards stocks that compensate for your lower earning potential. Either way, Milevsky shows you how to integrate investments, insurance, annuities, and retirement plans to generate the safe and reliable income you'll need. This Edition's updates include: New 2012 data, charts, figures, and references More coverage of incorporating "human capital" into financial planning Advice reflecting the aftermath of the financial crisis Easier, more usable techniques, and less math!
Book Synopsis Investment in Human Capital by : Lester C. Thurow
Download or read book Investment in Human Capital written by Lester C. Thurow and published by . This book was released on 1970 with total page 164 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Human Capital and Endogenous Growth in a Large-scale Life-cycle Model by : Patricio Arrau
Download or read book Human Capital and Endogenous Growth in a Large-scale Life-cycle Model written by Patricio Arrau and published by . This book was released on 1989 with total page 52 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis 'Ability' and 'training' Over the Life Cycle by : Mark R. Killingsworth
Download or read book 'Ability' and 'training' Over the Life Cycle written by Mark R. Killingsworth and published by . This book was released on 1976 with total page 58 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis An Assessment of Life-Cycle Funds by : Mauricio Soto
Download or read book An Assessment of Life-Cycle Funds written by Mauricio Soto and published by . This book was released on 2008 with total page 37 pages. Available in PDF, EPUB and Kindle. Book excerpt: Life-cycle funds offer an intuitive approach to retirement investing. Despite their intuitive appeal, the empirical and theoretical support for life-cycle funds is mixed. We examine life-cycle funds using dynamic optimization techniques to evaluate the optimal asset allocation over the life cycle. In our modeling we introduce a utility function that accounts for the individual's taste for bearing risk and analyze the role of human capital on allocation decisions. The simulations generally support the use of target retirement date funds once human capital is taken into account. Investment fees, however, could potentially erode any increased asset levels that life-cycle funds create. Ultimately, an appropriate asset allocation depends on individuals' objectives and the opportunities available in financial markets.
Book Synopsis Heterogeneous Human Capital by : Suren Basov
Download or read book Heterogeneous Human Capital written by Suren Basov and published by . This book was released on 2002 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management by : Hugh H. Kim
Download or read book Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management written by Hugh H. Kim and published by . This book was released on 2013 with total page 0 pages. Available in PDF, EPUB and Kindle. Book excerpt: We investigate the theoretical impact of including two empirically-grounded insights in a dynamic life cycle portfolio choice model. The first is to recognize that, when managing their own financial wealth, investors incur opportunity costs in terms of current and future human capital accumulation, particularly if human capital is acquired via learning by doing. The second is that we incorporate age-varying efficiency patterns in financial decisionmaking. Both enhancements produce inactivity in portfolio adjustment patterns consistent with empirical evidence. We also analyze individuals' optimal choice between self-managing their wealth versus delegating the task to a financial advisor. Delegation proves most valuable to the young and the old. Our calibrated model quantifies welfare gains from including investment time and money costs, as well as delegation, in a life cycle setting.
Book Synopsis Human Capital and the Life-cycle of Earnings by : Mark R. Killingsworth
Download or read book Human Capital and the Life-cycle of Earnings written by Mark R. Killingsworth and published by . This book was released on 1975 with total page 92 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Pay Yourself First by : Timothy W. Cunningham
Download or read book Pay Yourself First written by Timothy W. Cunningham and published by John Wiley & Sons. This book was released on 1996-09-28 with total page 292 pages. Available in PDF, EPUB and Kindle. Book excerpt: Written by the founders of the Life Cycle Mutual Funds, a revolutionary age- and solution-based family of mutual funds, this guide demystifies the principles of retirement investing and shows readers how to take charge of their financial future. Using real-life anecdotes and examples, this text focuses on the human element involved in retirement planning. 20 charts.
