Biased Effects Of Taxes And Subsidies On Portfolio Choices
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| Author | : Hagen Ackermann |
| Publisher | : |
| Total Pages | : |
| Release | : 2014 |
| Genre | : |
| ISBN | : |
We study how taxes and subsidies affect portfolio choices in a laboratory experiment. We find highly significant differences after intervention, even though the net income is identical in all our treatments and thus the decision pattern of investors should be constant. In particular, we observe that the willingness to invest in the risky asset decreases markedly when an income tax has to be paid or when a subsidy is paid. We investigate this result further in a range of variations of the baseline experiment and find our main result to be largely robust. However, as we reduce the number of states of nature the bias weakens considerably.
| Author | : Hagen Ackermann |
| Publisher | : |
| Total Pages | : |
| Release | : 2012 |
| Genre | : |
| ISBN | : |
| Author | : International Monetary Fund. Fiscal Affairs Dept. |
| Publisher | : International Monetary Fund |
| Total Pages | : 41 |
| Release | : 2009-12-06 |
| Genre | : Business & Economics |
| ISBN | : 1498335926 |
Tax distortions are likely to have encouraged excessive leveraging and other financial market problems evident in the crisis. These effects have been little explored, but are potentially macro-relevant. Taxation can result, for example, in a net subsidy to borrowing of hundreds of basis points, raising debt-equity ratios and vulnerabilities from capital inflows. This paper reviews key channels by which tax distortions can significantly affect financial markets, drawing implications for tax design once the crisis has passed.
| Author | : Eli Berman |
| Publisher | : |
| Total Pages | : 52 |
| Release | : 1997 |
| Genre | : Cambio tecnologico |
| ISBN | : |
Demand for less skilled workers decreased dramatically in the US and in other developed countries over the past two decades. We argue that pervasive skill-biased technological change rather than increased trade with the developing world is the principal culprit. The pervasiveness of this technological change is important for two reasons. First, it is an immediate and testable implication of technological change. Second, under standard assumptions, the more pervasive the skill-biased technological change the greater the increase in the embodied supply of less skilled workers and the greater the depressing effect on their relative wages through world goods prices. In contrast, in the Heckscher-Ohlin model with small open economies, the skill-bias of local technological changes does not affect wages. Thus, pervasiveness deals with a major criticism of skill-biased technological change as a cause. Testing the implications of pervasive, skill-biased technological change we find strong supporting evidence. First, across the OECD, most industries have increased the proportion of skilled workers employed despite rising or stable relative wages. Second, increases in demand for skills were concentrated in the same manufacturing industries in different developed countries.
| Author | : Cait Lamberton |
| Publisher | : Cambridge University Press |
| Total Pages | : 873 |
| Release | : 2023-04-06 |
| Genre | : Psychology |
| ISBN | : 1009243942 |
In the last two years, consumers have experienced massive changes in consumption – whether due to shifts in habits; the changing information landscape; challenges to their identity, or new economic experiences of scarcity or abundance. What can we expect from these experiences? How are the world's leading thinkers applying both foundational knowledge and novel insights as we seek to understand consumer psychology in a constantly changing landscape? And how can informed readers both contribute to and evaluate our knowledge? This handbook offers a critical overview of both fundamental topics in consumer psychology and those that are of prominence in the contemporary marketplace, beginning with an examination of individual psychology and broadening to topics related to wider cultural and marketplace systems. The Cambridge Handbook of Consumer Psychology, 2nd edition, will act as a valuable guide for teachers and graduate and undergraduate students in psychology, marketing, management, economics, sociology, and anthropology.
| Author | : G. Schmölders |
| Publisher | : Springer |
| Total Pages | : 264 |
| Release | : 2006-09-05 |
| Genre | : Business & Economics |
| ISBN | : 0230625118 |
This book features the main papers of Günter Schmölders (1903-1991), a pioneer in economic psychology, for the first time in English. Schmölders' research on 'fiscal psychology' is of particular and lasting interest, impacting greatly on continental economics.
| Author | : William J. Congdon |
| Publisher | : Brookings Institution Press |
| Total Pages | : 260 |
| Release | : 2011 |
| Genre | : Business & Economics |
| ISBN | : 0815704984 |
Argues that public finance--the study of the government's role in economics--should incorporate principles from behavior economics and other branches of psychology.
| Author | : |
| Publisher | : Elsevier |
| Total Pages | : 749 |
| Release | : 2018-09-27 |
| Genre | : Business & Economics |
| ISBN | : 0444633898 |
Handbook of Behavioral Economics: Foundations and Applications presents the concepts and tools of behavioral economics. Its authors are all economists who share a belief that the objective of behavioral economics is to enrich, rather than to destroy or replace, standard economics. They provide authoritative perspectives on the value to economic inquiry of insights gained from psychology. Specific chapters in this first volume cover reference-dependent preferences, asset markets, household finance, corporate finance, public economics, industrial organization, and structural behavioural economics. This Handbook provides authoritative summaries by experts in respective subfields regarding where behavioral economics has been; what it has so far accomplished; and its promise for the future. This taking-stock is just what Behavioral Economics needs at this stage of its so-far successful career. - Helps academic and non-academic economists understand recent, rapid changes in theoretical and empirical advances within behavioral economics - Designed for economists already convinced of the benefits of behavioral economics and mainstream economists who feel threatened by new developments in behavioral economics - Written for those who wish to become quickly acquainted with behavioral economics
| Author | : Marcus Schulmerich |
| Publisher | : Springer |
| Total Pages | : 491 |
| Release | : 2014-10-20 |
| Genre | : Business & Economics |
| ISBN | : 364255444X |
This book is a guide to asset and risk management from a practical point of view. It is centered around two questions triggered by the global events on the stock markets since the middle of the last decade: - Why do crashes happen when in theory they should not? - How do investors deal with such crises in terms of their risk measurement and management and as a consequence, what are the implications for the chosen investment strategies? The book presents and discusses two different approaches to finance and investing, i.e., modern portfolio theory and behavioral finance, and provides an overview of stock market anomalies and historical crashes. It is intended to serve as a comprehensive introduction to asset and risk management for bachelor’s and master’s students in this field as well as for young professionals in the asset management industry. A key part of this book is the exercises to further demonstrate the concepts presented with examples and a step-by-step business case. An Excel file with the calculations and solutions for all 17 examples as well as all business case calculations can be downloaded at extras.springer.com.
| Author | : OECD |
| Publisher | : OECD Publishing |
| Total Pages | : 254 |
| Release | : 2010-10-13 |
| Genre | : |
| ISBN | : 926408763X |
This report draws on case studies to explore the relationship between environmentally-related taxation and innovation to see whether taxation can spur innovation and if so, what types.
