家庭投资组合的短期调整[文献翻译].docVIP

原文： Short-Run Adjustments in the Familys Investment Portfolio American families have been changing the way they allocate their investment resources. These changes have raised questions concerning the types of investment decisions families make. The objective of this research was to gain a better understanding of the types of investment trade-offs households made between financial, physical, and human capital assets. This was done by estimating a short-run stockadjustment model of family investments using panel data from the early 1970s. From examining the empirical results, it appeared that during this historical period, choices about a husbands human capital investment were generally related to a households physical and financial asset acquisition. In Contrast, choices regarding the wifes human capital investment appeared not to be related to any of the more traditional household investment options. The implications of this study for increasing understanding of current household investment patterns are discussed in the concluding section of the paper. A Model of Household Stock Adjustment No one to date has explicitly set out to model the relationships between various types of human and nonhuman wealth investments in the household. Virtually all of the investment literature that currently exists can be placed into two, mutually exclusive, categories: those pieces focusing on human capital acquisition and those pieces relating to physical and fmancial capital stock adjustments. Since the early works of Schultz (1962), Becker (1975), and Ben-Porath (1967), many empirical studies of human capital investment have been published, but only a handful have implicitly acknowledged the simultaneity of a familys human capital investment choices (Le,, choices regarding how much to invest in the husbands and wifes market skills). Even fewer have recognized that for each individual in a household, investment can take place in the home as well as in the market. Juster (1985) has