Человеческий капитал
Human capital is the stock of knowledge, habits and social and personality attributes. Its market value (discounted value) of future labour income (a measure of human capital) is greater than the total market value of traded assets. Human capital is also the nontraded asset that is most importable across time. Humans can only hedge their human capital using traded assets by borrowing against labour income (via home mortgages) and by reducing uncertainty via life insurance. However, these hedges are imperfect. Therefore, human capital pressures security prices and thus causes deviations from the Capital Asset Pricing Model (CAPM).