Sebenius, J.K.; Stan, P.J.E. - In: Bell Journal of Economics 13 (1982) 2, pp. 555-560
Many tax systems require payment by means of fixed fees, percentages of gross revenues (royalties or ad valorem taxes), or percentages of net income (profit shares or income taxes). Even when payments due under such instruments have the same expected value, their risk-spreading properties may...