This paper suggests a solution to the puzzling finding documented in Moskowitz and Vissing-Jorgensen (2002) that the return to an index of private equity is equal to the return to the CRSP index of public equity even though investment in private firms is substantially riskier. It presents an occupational choice model where human and financial capital can be jointly invested in a private busines...

Since the initiation of the Tokamak Fusion Test Reactor (TFTR) project, in 1975, the fusion program has made steady progress toward the understanding of hot-plasma confinement and the production of useful energy. One way we measure our progress is by comparing the fusion power that is generated in a .hot plasma with the power that is required to heat the plasma:” The experiments of the mid-70’s...