dataset covering 1% of German households for the period 1995-2009, we analyse the return and risk properties that can be … expected from human capital contracts. We find that funds of human capital contracts provide low risk exposures to stocks and … bonds. As a result, risk-adjusted returns of funds of human capital contracts are signicantly positive under fairly weak …

under-explored. We shed light on this issue by estimating the risk-return trade-off in the context of education. If … education is indeed an investment, risk could play an important role in individual educational decisions just as with risky … measures of risk based on the entire distribution of returns to education recovered by our nonparametric models. Our results …

, beyond differences in risk-taking, innate ability, labor market outcomes, or scale effects, is the enhanced ability of …