In this paper the impacts of income and consumption taxes are analyzed within a model of stochastic endogenous growth with congestion. It is shown that the optimal amount of governmental input diminishes with uncertainty and that the optimal financing depends on the relation between the degrees...

This paper analyzes growth and welfare effects of income taxation in a stochastic endogenous growth model with externalities in human-capital accumulation. The government participates in individual income risks by the collection of a flat-rate income tax that affects the mean and the variance of...

Using probabilistic methods and economic principle of maximization, the book studies: performance of different majority rules, independence versus cooperation among the members of an organization in reaching a decision, consequences of the presence of a leader on the performance of a decision...