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1、外文文献翻译原文及译文标题：Theriskandretumofhumancapitalinvestments作者：KristianKoerselman,RoopeUusitalo期干ij:LabourEconomics,第30卷，页码：154・163年份:2014原文TheriskandreturnofhumancapitalinvestmentsKristianKoerselman,RoopeUusitaloAbstractHumancapitalinvestmentsincreaselife
2、timeincome,butmayinvolvesubstantialrisk・InthispaperweuseaFinnishpanelspanning22yearstononparametricallypredictthemean,thevarianceandtheskewofthepresentvalueoflifetimeincome,andtocalculatecertaintyequivalentlifetimeincomeatdifferentlevelsofeducation.W
3、efindthatuniversityeducationisassociatedwithaboutahalfamillioneuroincreaseindiscountedlifetimedisposableincomecomparedtovocationalhighschool.Accountingforriskdoeslittletochangethispicture.Bycontrast,vocationalhighschoolisassociatedwithonlymoderatelyh
4、igherlifetimeincomecomparedtocompulsoryeducation,andtheentiredifferenceisduetodifferentialnonemployment.Keywords:Lifetimeincome,Risk,Education,Humancapital,Investment1・IntroductionAsanyotherinvestment,investmentinhumancapitalinvolvesrisk.Educationpro
5、ducesskillsthathavemarketvalueinalimitedsetofoccupations.Asthefuturedemandfortheseskillsisuncertain,studentsinvestingineducationendupwithariskyportfolioofspecificskills.Theserisksarenotinsurable,andcannotbeeasilydiversified.Thevalueofaninvestmentdepe
6、ndsbothonitsexpectedreturnandonitsrisk.Hundredsofstudieshavedemonstratedthathighereducationisassociatedwithhigherincome・Muchlessisknownabouttherisksassociatedwithinvestmentsinhumancapital.Educationmayaffectboththetransitoryandthepermanentcomponentofe
7、arnings.Risksassociatedwiththeyear-to-yearvolatilityofearningscantosomeextentbesmoothedthroughsavingandborrowing,butrisksrelatedtothevariationinlifetimeearningscannot.Sinceeducationisalong-terminvestment,withreturnstoinvestmentdistributedovertheentir
8、ecareer,wearguethatanaturalmeasureofriskisthevariabilityoflifetimeincome・Inthispaperwemeasurethevariabilityoflifetimeincomebyestimatingmeans,variancesandskewsoflifetimeincomebylevelofeducation.WeuseadministrativedatafromFinnishregisterswherewecanobse
