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Stock market participation rates in US have increased significantly over time due to the expansion of Defined Contribution(DC) pension plans. Which of the following exposition

Stock market participation rates in US have increased significantly over time due to the expansion of Defined Contribution(DC) pension plans. Which of the following exposition discussed can reasonably explain the large shift? (1)Preference-based;(2) income-risk-based, (3) cost of stock market participation; (4) Peer effect

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