The 1998 Survey of Consumer Finance data shows that only 48.8 percent of U.S. households owned stocks, either (i) directly or (ii) indirectly through mutual funds. In addition, there is a close relationship between shareholding and wealth. In 1998, 93 percent of the richest 1 percent of the population owned stocks; the richest 10 percent owned 85 percent of total stocks and mutual funds, compar...

Working papers in this series are preliminary and are circulated to stimulate discussion and critical comment. These papers are not subject to CBO's formal review and editing processes. The analysis and conclusions expressed in them are those of the authors and should not be interpreted as those of the Congressional Budget Office. References in publications should be cleared with the authors. P...

We demonstrate that limited market participation can arise endogenously in the presence of model uncertainty. Our model generates novel predictions on the relation between limited market participation, the equity premium, and the diversification discount. When the dispersion in investors’ model uncertainty is small, full market participation prevails in equilibrium. In this case, the equity pre...

nowadays, the female participation rate is known as one of the reasons of societies' development. hence, this study explores some of the effective factors such as education, marital status, age, and female-headed households on female participation probability in labor market. to achieve this goal, by using micro data of household survey in 2011, which is carried out by the statistical cent...

There are some barriers for rangers to take part in range plan projects andevaluation. Their participation is very useful for range managers to plan and provide solutionsfor solving problems. This study aims at comparing barriers of participating from rangers andexperts point of view in Lar moor rangelands, Tehran, Iran. In this research, data werecollected based on documentation-library and fi...