家庭投资组合的短期调整[文献翻译]

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1、原文：Short-RunAdjustmentsintheFamily'sInvestmentPortfolioAmericanfamilieshavebeenchangingthewaytheyallocatetheirinvestmentresources.Thesechangeshaveraisedquestionsconcerningthetypesofinvestmentdecisionsfamiliesmake.Theobjectiveofthisresearchwastogainabetterunder

2、standingofthetypesofinvestmenttrade-offshouseholdsmadebetweenfinancial,physical,andhumancapitalassets.Thiswasdonebyestimatingashort-runstockadjustmentmodeloffamilyinvestmentsusingpaneldatafromtheearly1970's.Fromexaminingtheempiricalresults,itappearedthatduring

3、thishistoricalperiod,choicesaboutahusband'shumancapitalinvestmentweregenerallyrelatedtoahousehold'sphysicalandfinancialassetacquisition.InContrast,choicesregardingthewife'shumancapitalinvestmentappearednottoberelatedtoanyofthemoretraditionalhouseholdinvestment

4、options.Theimplicationsofthisstudyforincreasingunderstandingofcurrenthouseholdinvestmentpatternsarediscussedintheconcludingsectionofthepaper.AModelofHouseholdStockAdjustmentNoonetodatehasexplicitlysetouttomodeltherelationshipsbetweenvarioustypesofhumanandnonhu

5、manwealthinvestmentsinthehousehold.Virtuallyalloftheinvestmentliteraturethatcurrentlyexistscanbeplacedintotwo,mutuallyexclusive,categories:thosepiecesfocusingonhumancapitalacquisitionandthosepiecesrelatingtophysicalandfmancialcapitalstockadjustments.Sincetheea

6、rlyworksofSchultz(1962),Becker(1975),andBen-Porath(1967),manyempiricalstudiesofhumancapitalinvestmenthavebeenpublished,butonlyahandfulhaveimplicitlyacknowledgedthesimultaneityofafamily'shumancapitalinvestmentchoices(Le,,choicesregardinghowmuchtoinvestinthehusb

7、and'sandwife'smarketskills).Evenfewerhaverecognizedthatforeachindividualinahousehold,investmentcantakeplaceinthehomeaswellasinthemarket.Juster(1985)hasbeentheonlyonetomeasuredirectlytheamountoftimefamilymembersspendinvestinginnonmarket(i_e.,homeproductionorien

8、ted)humancapital.Justerfoundthatyoungadultsspentmoretimeinim;estmentthantheoldandthosewhowerenotemployedoutsideofthehomespentmoretimeinvestinginhomeproductionorientedhumancapitalth