{"created":"2021-03-01T07:01:52.884704+00:00","id":42046,"links":{},"metadata":{"_buckets":{"deposit":"dffa5182-9523-4701-b6c5-c65f87763670"},"_deposit":{"id":"42046","owners":[],"pid":{"revision_id":0,"type":"depid","value":"42046"},"status":"published"},"_oai":{"id":"oai:repository.dl.itc.u-tokyo.ac.jp:00042046","sets":["62:7433:7434","9:7435:7436"]},"item_8_biblio_info_7":{"attribute_name":"書誌情報","attribute_value_mlt":[{"bibliographicIssueDates":{"bibliographicIssueDate":"2008-06","bibliographicIssueDateType":"Issued"},"bibliographicVolumeNumber":"CIRJE-F-565","bibliographic_titles":[{"bibliographic_title":"Discussion paper series. CIRJE-F"}]}]},"item_8_description_13":{"attribute_name":"フォーマット","attribute_value_mlt":[{"subitem_description":"application/pdf","subitem_description_type":"Other"}]},"item_8_description_5":{"attribute_name":"抄録","attribute_value_mlt":[{"subitem_description":"This study examines life-cycle optimal consumption and asset allocation in the presence of human capital. Labor income seems like a \"money market mutual fund\" whose balance in one or two years is predictable but a wide dispersion results after many years, reflecting fluctuations in economic conditions. We use the Martingale method to derive an analytical solution, finding that Merton’s well-known \"constant-mix strategy\" is still true after incorporating human capital from the perspective of \"total wealth\" management. Moreover, the proportion in risky assets implicit in the agent’s human capital is the main factor determining the optimal investment strategy. The numerical examples suggest that young investors should short stocks because their human capital has large market exposure. As they age, however, their human capital becomes \"bond-like\", and thus they have to hold stocks to achieve optimal overall risk exposure.","subitem_description_type":"Abstract"}]},"item_8_description_6":{"attribute_name":"内容記述","attribute_value_mlt":[{"subitem_description":"本文フィルはリンク先を参照のこと","subitem_description_type":"Other"}]},"item_8_publisher_20":{"attribute_name":"出版者","attribute_value_mlt":[{"subitem_publisher":"日本経済国際共同センター"}]},"item_8_relation_25":{"attribute_name":"関係URI","attribute_value_mlt":[{"subitem_relation_type_id":{"subitem_relation_type_id_text":"http://www.cirje.e.u-tokyo.ac.jp/research/dp/2008/2008cf565ab.html","subitem_relation_type_select":"URI"}}]},"item_8_source_id_10":{"attribute_name":"書誌レコードID","attribute_value_mlt":[{"subitem_source_identifier":"AA11450569","subitem_source_identifier_type":"NCID"}]},"item_8_subject_15":{"attribute_name":"日本十進分類法","attribute_value_mlt":[{"subitem_subject":"335","subitem_subject_scheme":"NDC"}]},"item_8_text_21":{"attribute_name":"出版者別名","attribute_value_mlt":[{"subitem_text_value":"Center for International Research on the Japanese Economy"}]},"item_8_text_4":{"attribute_name":"著者所属","attribute_value_mlt":[{"subitem_text_value":"University of Tokyo"},{"subitem_text_value":"Nomura Asset Management Co., Ltd."}]},"item_access_right":{"attribute_name":"アクセス権","attribute_value_mlt":[{"subitem_access_right":"metadata only access","subitem_access_right_uri":"http://purl.org/coar/access_right/c_14cb"}]},"item_creator":{"attribute_name":"著者","attribute_type":"creator","attribute_value_mlt":[{"creatorNames":[{"creatorName":"Kobayashi, Takao"}],"nameIdentifiers":[{"nameIdentifier":"96765","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"Sai, Risa"}],"nameIdentifiers":[{"nameIdentifier":"96766","nameIdentifierScheme":"WEKO"}]},{"creatorNames":[{"creatorName":"Shibata, Kazuya"}],"nameIdentifiers":[{"nameIdentifier":"96767","nameIdentifierScheme":"WEKO"}]}]},"item_language":{"attribute_name":"言語","attribute_value_mlt":[{"subitem_language":"eng"}]},"item_resource_type":{"attribute_name":"資源タイプ","attribute_value_mlt":[{"resourcetype":"technical report","resourceuri":"http://purl.org/coar/resource_type/c_18gh"}]},"item_title":"Human Capital as an Asset Mix and Optimal Life-Cycle Portfolio: An Analytical Solution","item_titles":{"attribute_name":"タイトル","attribute_value_mlt":[{"subitem_title":"Human Capital as an Asset Mix and Optimal Life-Cycle Portfolio: An Analytical Solution"}]},"item_type_id":"8","owner":"1","path":["7436","7434"],"pubdate":{"attribute_name":"公開日","attribute_value":"2013-05-31"},"publish_date":"2013-05-31","publish_status":"0","recid":"42046","relation_version_is_last":true,"title":["Human Capital as an Asset Mix and Optimal Life-Cycle Portfolio: An Analytical Solution"],"weko_creator_id":"1","weko_shared_id":null},"updated":"2022-12-19T04:17:20.848355+00:00"}