Anybody tried using conditional volatility of low-frequency non-tradable asset (say human capital using aggregate published employee costs).

Together is there Anyone who tried to build risk-premium structures for dynamic pricing using elasticity model of such conditional volatility across internal-idiosyncratic and market-based pricing models.

And later for hypothesis sake, did they witness a slow convergence of small-cap idiosyncratic risk based betas (across two models) during the low frequency movement of data.

Kindly let me know in case somebody wish to try this methodology across different companies in India. I can provide full support with formula's and other theoretical insights