| dc.description.abstract | When most people think of portfolio composition and optimal asset allocation,
words like stocks, bonds, real estate and diversification come to mind. However,
people tend to ignore one specific and highly important asset class: namely human
capital. Human capital is defined as the present value of all future income of an
individual. The total wealth of an individual is composed of two parts: human
capital and financial capital. Theory tells us that intertemporal decisions and
wealth management should take a total wealth perspective. Accordingly, one will
consider the correlation between all assets and thus, gain more from
diversification. Hence, human capital should be valued as an asset class in line
with other financial assets. In this thesis, we attempt to understand how
households consider the properties of their human capital when making their
portfolio choices. | nb_NO |
