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Uncertain Labor Quality and Asset Pricing

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Author Info
Einarsson, T.
Marquis, M.H.

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Abstract

A production-based asset pricing model is developed in which growth is sustained through investment in human capital, which itself obsolesces over time. The model is used to examine the effects on the business cycle properties of asset returns fo decisions to invest in physical capital when the rate of obsolescence of human capital is stochastic and unobserved as the time of investment.

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Publisher Info
Paper provided by Department of Economics, Florida State University in its series Working Papers with number 1998_05_02.

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Length: 18 pages
Date of creation: 1998
Date of revision:
Handle: RePEc:fsu:wpaper:1998_05_02

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Related research
Keywords: ECONOMIC GROWTH ; INVESTMENTS ; LABOUR MARKET;

Find related papers by JEL classification:
E22 - Macroeconomics and Monetary Economics - - Macroeconomics: Consumption, Saving, Production, Employment, and Investment - - - Capital; Investment; Capacity
E32 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Business Fluctuations; Cycles
O41 - Economic Development, Technological Change, and Growth - - Economic Growth and Aggregate Productivity - - - One, Two, and Multisector Growth Models

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This page was last updated on 2009-11-22.

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