Calvet, Laurent E. (contributor); … - 2006
financial portfolio: underdiversification of risky assets (“down”) and nonparticipation in risky asset markets (“out”). We find … disaggregated wealth and income of the entire population of Sweden. The analysis focuses on two main sources of inefficiency in the … greater for these households. The welfare cost of nonparticipation is smaller by almost one half when we take account of the …