The expected utility formulation of the problem of a risk-averse agent's allocating a portfolio between a safe and a risky asset is widely taken as standing for the proposition that if α* ε (0, 1) is the optimal allocation to the risky asset in the absence of tax, α*/(1-t) is the optimal...

While reviewing "Game Theory and the Law" by Douglas Baird, Robert Gertner, and Randal Picker, this essay provides a self-contained, layman's introduction to modern noncooperative game theory

While reviewing "Game Theory and the Law" by Baird, Gertner and Picker, the essay provides a self-contained, nontechnical introduction to modern noncooperative game theory.

While reviewing "Game Theory and the Law" by Douglas Baird, Robert Gertner, and Randal Picker, this essay provides a self-contained, layman's introduction to modern noncooperative game theory

While reviewing "Game Theory and the Law" by Baird, Gertner and Picker, the essay provides a self-contained, nontechnical introduction to modern noncooperative game theory.

Discusses the income taxation of outlays for environmental restoration( or "remediation"). Talks about how anticipated reclamation cost will be taxed.

Samuelson (1964) showed that an income tax with an allowance for "economic" depreciation leads to asset valuations that are independent of their holders' marginal rates of tax. The tax system is then "neutral," in the sense that assets have the same value to all, irrespective of whether or at...

It has become conventional wisdom, based partly on postulated portfolio adjustments by investors in risky assets, (1) to view an income tax as equivalent to a tax levied only on the risk free return to capital and as therefore equivalent to a wealth tax; and (2) to view the difference between an...