Human Capital Investment and Labor Supply Under Uncertainty
将劳动供给作为选择变量，扩展了不确定性下的人力资本投资理论，发现风险增加对投资的影响取决于投资是否属于低档品以及偏好是否具有递减风险厌恶。
We extend the theory of human capital investment under uncertainty by incorporating post-investment labor supply as a choice variable. We show that human capital investment decreases in response to an increase in risk about its return if such investment is an inferior activity and preferences exhibit decreasing risk aversion. However, if investment is normal, then the effect of an increase in risk is indeterminate. These results highlight the importance of obtaining empirical evidence on the income elasticity of demand for human capital investment for arriving at refutable hypotheses about the effect of risk.