Wealth and portfolio composition: theory and evidence

Article Abstract:

A survey of 6010 US households revealed that a great majority of households possess only a subset of the existing assets. The survey also revealed that the empirical specification of the joint discrete and continuous choice that defines household portfolio behavior is a switching regressions model with endogenous switching. The importance of tax rates in the determination of asset ownership was also established.

Portfolio management, Wealth

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Private government

Article Abstract:

Varying effects were noted with regards to the effect of establishing private government on the welfare of the population. In some situations, creation of a private government leads to enhancement of aggregate welfare for members and nonmembers. In other situations, creation of a private government leads to reduction of aggregate welfare not only for a majority of the population but also for its members.

Privatization, Privatization (Business), Resource allocation

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