Risky Assets' Demand and Specific Taxation of Capital Gains
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The paper is concerned with portfolio decisions in the case of a tax only on a safe asset, with no tax on the risky asset. There is an analysis of the influence of Arrow - Pratt risk-aversion indexes on portfolio selection. The author has formulated and proved theorem describing some properties of risky assets' demand based on von Neumann - Morgenstern (expected utility) model.
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