Showing papers by "Copenhagen Business School published in 1989"
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TL;DR: In this article, a continuous-time, overlapping generations model with two countries is proposed to deal with dynamic adjustment in large economies to changes in the rate of capital income taxation or in the rates of investment tax credit in one country.
Abstract: This paper deals with dynamic adjustment in large economies to changes in the rate of capital income taxation or in the rate of investment tax credit in one country. The framework applied in the paper is a continuous-time, overlapping generations model with two countries. It features population growth and debt non-neutrality. We address impact and steady state effects of capital income tax and investment subsidy changes in the home country on consumption per capita, the capital intensity, and the per capita net foreign asset position in both countries.
1 citations
21 Jun 1989
TL;DR: Der Artikel demonstriert wie der Benutzer nach wenigen Seiten anfangen kann and wie das Verstandnis durch ein explizites Modell des Systems geregelt werden kann.
Abstract: Benutzer haben mit Lehrbuchern und Manualen Probleme. Die Benutzer mussen zu viel lesen, sie bekommen kein tieferes Verstandnis fur das System und sie suchen vergebens nach Einzelheiten. Der Artikel demonstriert wie der Benutzer nach wenigen Seiten anfangen kann und wie das Verstandnis durch ein explizites Modell des Systems geregelt werden kann.
1 citations
Posted Content•
TL;DR: In this article, necessary and sufficient conditions for third-degree stochastic dominance over a set of random incomes on a finite probability space were studied, and a simple set of axioms for convexity of the marginal utility function of income was provided.
Abstract: Given a set of random incomes on a finite probability space, necessary and sufficient conditions for third-degree stochastic dominance over this set are studied. These conditions provide a simple set of axioms for convexity of the marginal utility function of income. The axioms are compared with those of decreasing absolute risk aversion. Random incomes efficient with respect to third-degree dominance are characterized by efficiency prices. Furthermore, the notion of a partial ordering being induced by a semi-group of affine transformations is defined, and it is shown that third-degree dominance is induced by such a semi-group. This approach provides a unified analytical framework for stochastic dominance of the first, second, and third degree.
1 citations