Risk-Taking and Optimal Taxation with Nontradable Human Capital:
What are the effects of taxation on individual/entrepreneurs' risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain income from human capital has systematic effects on demand for the risky physical capit...
Gespeichert in:
| 1. Verfasser: | |
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| Format: | Elektronisch E-Book |
| Sprache: | English |
| Veröffentlicht: |
Washington, D.C
International Monetary Fund
1992
|
| Schriftenreihe: | IMF Working Papers
Working Paper No. 92/105 |
| Online-Zugang: | UBW01 UEI01 LCO01 SBR01 UER01 SBG01 UBG01 FAN01 UBT01 FKE01 UBY01 UBA01 FLA01 UBM01 UPA01 UBR01 FHA01 FNU01 BSB01 TUM01 URL des Erstveröffentlichers |
| Zusammenfassung: | What are the effects of taxation on individual/entrepreneurs' risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain income from human capital has systematic effects on demand for the risky physical capital asset. If labor supply is inelastic and real wages are known with certainty, then a labor income tax will reduce holdings of the risky physical asset. However, if there are random fluctuations in labor income, then the effect depends on the nature of interaction between wage risk and investment income risk. A labor income tax may actually raise demand for the risky capital asset if human capital risk and physical capital risk are positively correlated. The idiosyncratic risk and nontradability of human capital also have implications for optimal taxation. When the insurance and disincentive effects are jointly taken into account, a Pareto efficient tax structure implies a strictly positive tax rate |
| Beschreibung: | 1 Online-Ressource (22 p) |
| ISBN: | 1451947429 9781451947427 |
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| index_date | 2024-07-03T20:13:16Z |
| indexdate | 2024-07-10T09:35:23Z |
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| spelling | Hu, Zuliu Verfasser aut Risk-Taking and Optimal Taxation with Nontradable Human Capital Hu, Zuliu Washington, D.C International Monetary Fund 1992 1 Online-Ressource (22 p) txt rdacontent c rdamedia cr rdacarrier IMF Working Papers Working Paper No. 92/105 What are the effects of taxation on individual/entrepreneurs' risk-taking behavior? This paper re-examines this old question in a continuous time life-cycle model. We demonstrate that the stream of uncertain income from human capital has systematic effects on demand for the risky physical capital asset. If labor supply is inelastic and real wages are known with certainty, then a labor income tax will reduce holdings of the risky physical asset. However, if there are random fluctuations in labor income, then the effect depends on the nature of interaction between wage risk and investment income risk. A labor income tax may actually raise demand for the risky capital asset if human capital risk and physical capital risk are positively correlated. The idiosyncratic risk and nontradability of human capital also have implications for optimal taxation. When the insurance and disincentive effects are jointly taken into account, a Pareto efficient tax structure implies a strictly positive tax rate Online-Ausg http://elibrary.imf.org/view/IMF001/05997-9781451947427/05997-9781451947427/05997-9781451947427.xml Verlag URL des Erstveröffentlichers Volltext |
| spellingShingle | Hu, Zuliu Risk-Taking and Optimal Taxation with Nontradable Human Capital |
| title | Risk-Taking and Optimal Taxation with Nontradable Human Capital |
| title_auth | Risk-Taking and Optimal Taxation with Nontradable Human Capital |
| title_exact_search | Risk-Taking and Optimal Taxation with Nontradable Human Capital |
| title_exact_search_txtP | Risk-Taking and Optimal Taxation with Nontradable Human Capital |
| title_full | Risk-Taking and Optimal Taxation with Nontradable Human Capital Hu, Zuliu |
| title_fullStr | Risk-Taking and Optimal Taxation with Nontradable Human Capital Hu, Zuliu |
| title_full_unstemmed | Risk-Taking and Optimal Taxation with Nontradable Human Capital Hu, Zuliu |
| title_short | Risk-Taking and Optimal Taxation with Nontradable Human Capital |
| title_sort | risk taking and optimal taxation with nontradable human capital |
| url | http://elibrary.imf.org/view/IMF001/05997-9781451947427/05997-9781451947427/05997-9781451947427.xml |
| work_keys_str_mv | AT huzuliu risktakingandoptimaltaxationwithnontradablehumancapital |