NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Asset Management, Human Capital, and the Market for Risky Assets

Isaac Ehrlich, William A. Hamlen Jr., Yong Yin

NBER Working Paper No. 14340
Issued in September 2008

---- Acknowledgements -----

An earlier draft of this paper was presented in a conference honoring Robert Lucas Jr., at Clemson University on September 16-18, 2007. We are indebted to Gary Becker for important suggestions on a recent draft, and to the participants in the Clemson conference for useful comments on an earlier draft. We are also indebted to Francis Lui and Stephen Turnovsky, who served as editors for this paper, and to an anonymous referee for very helpful comments. We are especially indebted to Jong Kook Shin for excellent research assistance and important suggestions. We alone are responsible for errors. The views expressed herein are those of the author(s) and do not necessarily reflect the views of the National Bureau of Economic Research.

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