这是哪个Reading的课后题呀？

问题如下：

Discuss key factors that affect the value of the Josephs’ human capital.

选项：

解释：

Human capital, which is the present value of the expected stream of income from employment using a wage-risk adjusted discount rate, is an important and large component of the Josephs’ total wealth given that they have combined savings of only $50,000 with no other financial assets.

The Josephs are richly endowed in human capital because they are both highly educated, trained in a high-demand field of computer science, and are in their career development stage. Further, both have been employed for a few years, accruing valuable working experience.

The value of human capital is a function of several factors:

● survival probabilities (usually proxied by mortality tables)

● current employment income

● expected annual wage growth

● the risk-free rate

● a risk adjustment based on occupational income volatility

● the expected number of working years

Both Ron and Jennifer are young and in good health, so their survival probabilities are likely to be in line with mortality tables. Their young age also suggests that the expected number of working years for both Ron and Jennifer is probably in the range of 35–40 years. From a financial point of view, the Josephs’ marriage results in human capital diversification. As a civil servant, Jennifer’s salary income can be described as being bond-like (excellent job security, mod- est salary increases, limited earnings risk), whereas Ron’s salary income can be best described as being equity-like (significant uncertainties in future employ- ment income with significant potential upside). Therefore, the risk adjustment based on occupational income volatility is likely to be low for Jennifer and high for Ron.

人力资本是使用工资风险调整贴现率计算的预期就业收入流的现值，是约瑟夫夫妇总财富的重要组成部分，因为他们只有 50,000 美元的储蓄，没有其他财务资产。

约瑟夫一家拥有丰富的人力资本，因为他们都受过高等教育，在计算机科学的高需求领域接受过培训，并且都处于职业发展阶段。此外，两人都工作了几年，积累了宝贵的工作经验。

人力资本的价值是几个因素的函数：

● 生存概率（通常由死亡率表代表）

● 当前就业收入

● 预期年薪增长

● 无风险利率

● 基于职业收入波动的风险调整

● 预期工作年数

罗恩和詹妮弗都很年轻，身体健康，所以他们的生存概率很可能符合死亡率表。他们的年轻年龄也表明 Ron 和 Jennifer 的预期工作年限可能在 35-40 年之间。从财务角度来看，约瑟夫夫妇的婚姻导致了人力资本的多样化。作为一名公务员，Jennifer 的工资收入可以被描述为类债券（出色的工作保障，适度的加薪，有限的收入风险），而 Ron 的工资收入可以被描述为类股权（未来的重大不确定性）就业收入具有巨大的潜在上升空间）。因此，基于职业收入波动的风险调整对于詹妮弗来说可能较低，而对于罗恩来说可能较高。