Incorporating a progressive income tax into an economic decision problem raises the question whether this tax does not create arbitrage opportunities. We investigate this problem in a riskless (multi-period) economy. With a convex tax function we identify a particular kind of arbitrage (called...

In 1964, Polyak showed that the Heavy-ball method, the simplest momentum technique, accelerates convergence of strongly-convex problems in the vicinity of the solution. While Nesterov later developed a globally accelerated version, Polyak's original algorithm remains simpler and more widely used...