Participation in the stock market is limited, especially early in life. By contrast, human capital investment is widespread, especially early in life. Returns to equity are constant across households, while returns to human capital vary. The contribution of this paper is to demonstrate that once...

Human capital contracts give private investors the right to share of students' future earnings in return for a financial contribution during their studies. Although still rarely used, human capital contracts could not only help to completement limited public funding for higher education but...

This paper assesses the relationship between courses taken in high school and college major choice. It considers individuals as holding a portfolio of relative human capital rates that may either be similar to those in their major - specialized - or different from those in their major -...