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We consider long-run behavior of agents assessing risk in terms of dynamic convex risk measures or, equivalently, utility in terms of dynamic variational preferences in an uncertain setting. By virtue of a robust representation, we show that all uncertainty is revealed in the limit and agents...
Persistent link: https://www.econbiz.de/10009452571
In this paper we give an alternative characterization for time-consistent sets of measures in a discrete setting. For each measure \mathbb{P} in a time-consistent set \mathcal{P} we get a distinct set of predictable processes which in return decribe the \mathbb{P} uniquely. This implies we get a...
Persistent link: https://www.econbiz.de/10009452573
run counter to one of the core concepts for tax administration in New Zealand – the protection of the integrity of the tax …
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behavior between these two approaches, then this may indicate that the current tax policy institutions are failing and need …
Persistent link: https://www.econbiz.de/10009467921
This paper weights the relative advantages of multiple factors that lead to the success of professional sports stadiums in major markets, though a discussion of the arguments for and against public subsidies towards these projects. Using a logit statistical model, the paper determines that the...
Persistent link: https://www.econbiz.de/10009468763
The state,writes Douglass North, trades a group of services, which we shall callprotection and justice, for revenue. This paper explores the possibility that anefficient trade may not be possible, while providing an explanation for variation inthe degree to which such protection is provided. At...
Persistent link: https://www.econbiz.de/10009475165
theory, and economists’ views I will provide evidence to support my argument that the progressive consumed-income tax is the …This thesis points out the inefficiencies associated with the corporate income tax system in the United States. After … reviewing alternatives, I suggest adapting a consumed income tax to form a new ‘progressive consumed income tax’ to take us into …
Persistent link: https://www.econbiz.de/10009450215
government. So long as public expenditure (on goods and services) is financed by tax and non-tax revenues, subsidies represent … government expenditure program. Often government expenditure exceeds the sum of tax and non-tax revenue. The revenues then …
Persistent link: https://www.econbiz.de/10009451465