An Empirical Analysis of Risk Aversion and Income Growth
构建金融财富与人力资本联合投资模型，发现人力资本投资与相对风险厌恶程度负相关。基于消费者金融调查数据，工资增长与风险偏好正相关，且教育程度高者更倾向风险承担，部分解释了教育回报。
Risk aversion enters many theoretical models of human capital investment, but attitudes toward risk have not been incorporated in empirical models of human capital investment. This article develops a model of the joint investment in financial wealth and human wealth to show that human capital investment is an inverse function of the degree of relative risk aversion. Using data from the Survey of Consumer Finances, the author finds that wage growth is positively correlated with preferences for risk taking. More educated individuals are also more likely to be risktakers, thus risk taking explains a portion of the returns to education. Copyright 1996 by University of Chicago Press.