of wealth distribution very similar in shape to what had been seen in the earlier cross sections. Between the two years …, however, there was considerable variation in the relative positions of households within the wealth distribution. This paper … presents data on the changed situation of households and it decomposes the observed wealth changes in terms of underlying …

aversion ; prospect theory ; portfolio optimization ; MV and CVaR portfolios ; investment strategy …

This paper surveys possible motivations for having a net wealth tax. After giving a short overview over the state of … wealth taxation in OECD countries, we discuss both popular arguments for such a tax, as well as economic arguments. It is … net wealth tax. The efficiency-related effects are also discussed and shown to be theoretically ambiguous, while empirical …

incentives. We estimate the parameterized models in the framework of cumulative prospect theory and examine the risk aversion … point after gains and tend to derive their utility from gains and losses not from levels of wealth. In sum, we find that the … elderly group’s behavior departs more from the traditional expected utility theory than does the young group’s behavior …

risk, medical decision theory predicts lower treatment thresholds for risk-averse than for risk-neutral decision makers …

this basis, the authors develop a simple, yet micro-founded portfolio selection model to explain the dynamics of wealth … inequality given empirical tax series in the US. The results emphasize that the level and the transition of speed of wealth … increase the degree of wealth concentration. …