households. Our findings have important implications, indicating a scope for policies which can promote or redirect investment in …

households and lower investment by firms, and hence leads to lower aggregate investment and growth. This paper argues that … although risk can be measured, uncertainty cannot be measured. Even though risk can be measured, a simple symmetric measure … attempt at "measuring" risk or (fundamental) uncertainty is flawed. …

characterizations of utilitarian (that is, additively separable) social welfare functions in a setting where there is risk over both … novel characterizations extend classic axiomatizations of utilitarianism from settings with either social risk or variable …-population, considered alone. By considering both social risk and variable population together, we clarify the fundamental normative …

tax imposed on owners of small and medium sized businesses affects their firms' investment and employment decisions …

This paper estimates the causal effect of corporate tax hikes on firm investment based on more than 1,400 local tax … changes. By observing planned and realized investment volumes in a representative sample of German manufacturing firms, we can … study how tax hikes induce firms to revise their investment decisions. On average, the share of firms that invest less than …

This paper examines whether risk-taking in a lottery depends on the opportunity to respond to the lottery outcome …/or extra labor effort. We find strong evidence that ex-post access to labor opportunities reduces ex-ante risk willingness … while access to tax evasion has no effect on risk behavior. We discuss possible explanations for this result based on the …