问题如下：
Jacques’s parents, Shelly and Marion, ages 50 and 57. Shelly is a senior hospital specialist and provides medical services to local residents. Marion is a senior manager for a Hedge Fund. Their investment manager determines that Shelly’s income is more stable than Marion’s. In calculating Shelly’s human capital value, investment manager should apply an income volatility adjustment that is:
选项：
A. lower than Marion ’s.
B. the same as Marion ’s.
C. higher than Marion ’s.
解释：
A is correct.
考点：Human capital
解析：Shelly的工作与资本市场相关性很低并且她还能获得兼职收入。而Marion在对冲基金工作，其工作性质与资本市场高度相关且风险很高，因此他收入income volatility比Shelly要高。因此，在对Shelly的Human capital进行估计时，Shelly的income volatility adjustment应该低于Marion.
shelly的工作稳定discount rate 也低啊 所以human capital折出来就比较高
