In the economic literature the fiscal burden on financial claims is usually measured by the expected tax rate. Auerbach has demonstrated that the use of this method can be seriously misleading. This paper develops a method for defining an effective tax rate adjusted for risk on uncertain...

This paper extends the Domar and Musgrave results concerning the effect of an income tax on risk taking to the case where different tax rates apply to different types of assets. Although the results depend on exactly how the differential tax rates are imposed, as a general matter, an income tax...

The essays of the book are contributions to the game theoretic analysis of the State. Two of the essays develop further the analysis of political accountability. Political accountability is the study of how the behavior of politicians is shaped by the prospect of reelections. The essays in this...

This paper deals with the intergenerational incidence of corporate tax policies in the overlapping generation model. Corportate tax reforms affect the welfare levels of individuals via three Channels: (i) changes in the net. tax burdens, (ii) changes in the factor prices, and (iii) changes in...