Risk Taking and Taxation in Complete Capital Markets

Kai Konrad

The Geneva Risk and Insurance Review, 1991, vol. 16, issue 2, 167-177

Abstract: In general equilibrium, with complete conventional securities markets and endogenous asset supply, taxes on risk remuneration are ineffective but harmless. They do not alter the real allocation of goods or the distribution of wealth, they impose no excess burden, and, in particular, have no impact on risk taking. The Geneva Papers on Risk and Insurance Theory (1991) 16, 167–177. doi:10.1007/BF02386305

Date: 1991
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Working Paper: RISK TAKING AND TAXATION IN COMPLETE CAPITAL MARKETS (1991)
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