Risk-Taking and Optimal Taxation with Nontradable Human Capital

Risk-Taking and Optimal Taxation with Nontradable Human Capital
What are the effects of taxation on individual/entrepreneurs' risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain income from human capital has systematic effects on demand for the risky physical capital asset. If labor supply is inelastic and real... READ MORE...

Publication date: December 1992
ISBN 9781451947427
$15.00

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