Applying a financial assets approach, we analyze the returns and earnings risk of investments into different types of human capital. Even though the returns from investing in human capital are extensively studied, little is known about the properties of the returns to different types of human...

In der wissenschaftlichen Literatur standen bis dato die Implikationen des demografischen Wandels für die Sozialversicherungen im Fokus. Die Arbeitsmarkteffekte sind bisher nur höchst unzureichend analysiert worden. Die Arbeit stößt in diese Lücke und liefert wichtige und neue Einsichten in...

The value of human capital critically depends on two factors: the person's skills and the economic environment, both of which are exposed to a substantial risk of future deterioration. In particular, changes in the economic environment are uninsurable. An individual takes the risk that, after...

This paper extends standard models of work-related training by explicitly incorporating workers' locus of control into the investment decision. Our model both differentiates between general and specific training and accounts for the role of workers and firms in training decisions. Workers with...