Public Investment and the Risk Premium for Equity
探讨了股权溢价之谜对公共投资项目评估的影响，论证了公共持股增加可消除股权溢价并提升福利，最后讨论了政策含义与最优公共持股比例。
Analysis of the equity premium puzzle has focused on private‐sector capital markets. However, the existence of an anomalous equity premium raises important issues in the evaluation of public‐sector investment projects. These issues are explored below. We begin by formalizing the argument that an equity premium may arise from uninsurable systematic risk in labour income, and show that, other things being equal, increases in public ownership of equity will improve welfare, up to the point where the equity premium is eliminated. Finally, we consider policy implications and the optimal extent of public ownership.