Risk taking and optimal taxation in the presence of nontradable human capital

Hu, Zuliu
September 1993
IMF Staff Papers;Sep93, Vol. 40 Issue 3, p622
Academic Journal
Recognizes the existence of risky, nontradable human capital income and attempts to offer an integrated treatment of individuals' intertemporal consumption and labor supply as well as of their portfolio choices. Opportunities for investment; Brownian motion pattern; Interaction between labor supply and portfolio choice; Uncertain income from human capital; Optimal taxation with nontradable risky labor income.


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