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| Tekijä: | Hu, Z. |
| Otsikko: | Risk taking and optimal taxation in the presence of nontradable human capital |
| Lehti: | Staff Papers
1993 : SEP, VOL. 40:3, p. 622-637 |
| Asiasana: | RISK TAXATION HUMAN CAPITAL |
| Kieli: | eng |
| Tiivistelmä: | This paper demonstrates that the stream of uncertain income from human capital has systematic effects on the demand for risky physical capital assets. If labor supply is inelastic and real wages are known with certainty, than a labor income tax will reduce holdings of the risky physical asset. However, if labor income fluctuates randomly, a labor income tax may actually rise demand for the asset if human capital risk and physical capital risk are positively correlated. |
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