Human Capital, Asset Allocation, and Life Insurance
提出一个基于人力资本的统一框架，帮助个人投资者同时优化资产配置和人寿保险决策，因为人力资本包含死亡风险，而人寿保险可对冲该风险。
Financial planners and advisors increasingly recognize that human capital must be taken into account when building optimal portfolios for individual investors. But human capital is not simply another pre-endowed asset class; it contains a unique mortality risk in the form of the loss of future income and wages in the event of the wage earner's death. Life insurance hedges this mortality risk, so human capital affects both optimal asset allocation and demand for life insurance. Yet, historically, asset allocation and life insurance decisions have been analyzed separately. This article develops a unified framework based on human capital that enables individual investors to make these decisions jointly.