annual tax base loss for Germany amounts to EUR 5.4 billion. Adding estimates of profit shifting by multinationals not … year, corresponding to 4.3% of the profits reported by these firms in Germany. This implies a tax revenue loss due to …

of savings, precautionary savings, loss aversion, and risk. We provide the relevant theory, followed by empirical tests … based on subject-specific choices, and the measurement of subject-specific behavioral parameters such as loss aversion and … present bias. We predict, and show empirically, that loss aversion reduces savings, and that those who are more loss averse …