Soldatos, Gerasimos - In: Jahrbücher für Nationalökonomie und Statistik 213 (1994) 3, pp. 292-304
Summary This paper investigates the relationship between the underground economy and tax evasion through a microeconomic model based on portfolio theory. The underground economy is assumed to be the result of bureaucracy, excessive regulation, and tax evasion. The main conclusion of the analysis...