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Why Do Individuals Not Participate in the Stock Market?

We use a representative survey to study economic and non-economic factors that affect stock market participation. We find that the Perceived Equity Risk Premium (PERP), defined as the difference between the individual’s expected stock market return and her personal opportunity cost of capital, is positively related to stock market participation. A high percentage of non-investors (66%) assert that they will never invest in stocks. This attitude is more likely for individuals who have a lower PERP, are less financially literate, and suffer more from inertia.