This paper analyzes the tax penalty on volatile personal income under progressive tax rates. The phenomenon may have an effect on long-term entrepreneurial decisions as well as risky occupational choice. An options-based model is used to estimate the expected effective rate due from tax-payers...

The article contests an argument that the creation of a capital market in educational "human capital" and subsequent voluntary transactions on this market are sufficient to create equal opportunities in education, consequently reducing the income premium enjoyed by households with higher initial...

A social rate of discount is an important variable for cost-benefit analysis. Its size can be crucial for an approval (or disapproval) of the project under evaluation, therefore it is important to have a theoretically founded estimate of the discount rate. There are two main approaches to...

This paper tries to address the problem of donator?s efficiency. In spite of the fact, that social services and public goods are not fully determined by market forces, they are not beyond the subject of economics. The state or other donator can allocate grants among recipients either efficiently...