首页    期刊浏览 2024年07月08日 星期一
登录注册

文章基本信息

  • 标题:Optimal Taxation under Income Uncertainty
  • 本地全文:下载
  • 作者:Xianhua Dai
  • 期刊名称:Annals of Economics and Finance
  • 电子版ISSN:1529-7373
  • 出版年度:2011
  • 卷号:12
  • 期号:01
  • 出版社:Peking University Press
  • 摘要:

    Optimal taxation under income uncertainty has been extensively developed
    in expected utility theory, but it is still open for inseparable utility function
    between income and e ort. As an alternative of decision-making under uncertainty, prospect theory (Kahneman and Tversky (1979), Tversky and Kah-neman (1992)) has been obtained empirical support, for example, Kahneman and Tversky (1979), and Camerer and Lowenstein (2003). It is beginning to explore optimal taxation in the context of prospect theory, for example, Oswald (1983), Tuomala (1990) in conventional setting without utility interdependence, and Kanbur, Pirttila, and Tuomala (2008) for separable value functions between income and effort. It is challenging in the prospect theory to treat with optimal taxation for inseparable value function between income and effort. In this paper, we model taxation under income uncertainty by sufficiently considering government's risk aversion and individuals' loss aversion. We obtain its sufficient condition for the first order approach to general value functions including inseparable value function between income and effort, hence generalizing Oswald (1983), Tuomala (1990) to optimal taxation with utility interdependence, and Kanbur, Pirttila, and Tuomala (2008) to inseparable value functions between income and effort.

  • 关键词:Optimal taxation; Income uncertainty; Moral hazard; Expectedutility theory; Prospect theory; Risk aversion; Loss aversion
国家哲学社会科学文献中心版权所有