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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
The article builds on the Hall-Rabushka Flat Tax and proposes a consumption tax called the “E Tax,” which is an … electronically collected credit invoice VAT. The Hall-Rabushka Flat Tax is a two-tier consumption tax that is based on a subtraction … to the VAT rate, with a zero bracket amount, personal exemptions and limited individual deductions. The E Tax modifies …
Persistent link: https://www.econbiz.de/10009432057
of movement, control, and in the end, power. Management of this resource and the tax revenue it generates are of serious … is important to international relations as well. The tax system affects tax revenue, government actions, oil company …
Persistent link: https://www.econbiz.de/10009456834
Act allows the state to tax a financial institution's percentage of business conducted within the state. The Act …
Persistent link: https://www.econbiz.de/10009463394
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