Haliassos, Michael; Bertaut, Carol C - In: Economic Journal 105 (1995) 432, pp. 1110-29
The authors investigate why 75 percent of U.S. households do not hold stocks despite the equity premium and predictions of expected-utility models. The question is relevant for privatization, asset pricing, and tax progressivity issues. They show that risk aversion per se, heterogeneity of...