人力资本投资的消费效用分析

Analysis of Consumption Utility of Human Capital Investment

本文试图用消费效用的观点来对人力资本进行分析。人力资本投资是一种消费行为，它将为投资者带来消费效用。借助于收入—消费均衡模型与ＮｅｕｍａｎｎＭｏｒｇｅｎｓｔｅｒｍ消费效用函数，对人力资本投资的效用进行了分析，得出如下结论：人力资本投资的边际消费效用是递减的，且边际报酬率和边际收入均是递减的。人力资本投资的最佳策略是：人力资本投资初期的边际消费效用与未来的边际消费效用之比等于边际报酬率。本文还对人力资本的投资年限与上述结论的经济原因作了分析。

The consumption utility function is used to analyze human capital investment(HCI)in this paper.HCI is a kind of consumptive behavior.Its utility is analyzed by using income consumption equilibrium model and Neumann Morgensterm consumption utility function.Some conclusions are presented in this paper.The marginal consumption utility decreases progressively,so do the marginal rate of return of HCI and marginal income of HCI,the best strategy of HCI is that the ratio of the marginal consumption utility at initial stage of HCI to the future marginal rate is equal to the marginal rate of return of HCI.The years of HCI and the economic causes of above conclusions are also discussed.