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dc.contributor.authorAlvarez, Luis H. R.en
dc.contributor.authorKoskela, Erkkien
dc.date.accessioned2009-01-28T15:52:33Z-
dc.date.available2009-01-28T15:52:33Z-
dc.date.issued2005-
dc.identifier.urihttp://hdl.handle.net/10419/18741-
dc.description.abstractWe analyze the impact of progressive taxation on irreversible investment under uncertainty. We show that if tax exemption is lower than sunk cost, higher tax rate will decelerate optimal investment by increasing the optimal investment threshold, while if tax exemption exceeds sunk cost, three different regimes arise. For "small" volatilities the optimal investment threshold is a positive function of volatility, but independent of tax rate. For "medium" volatilities it is independent of both tax rate and volatility. Finally, for "high" volatilities the optimal investment threshold depends positively on volatility, but negatively on tax rate so that we have "tax paradox".en
dc.language.isoengen
dc.publisher|aCenter for Economic Studies and ifo Institute (CESifo) |cMunichen
dc.relation.ispartofseries|aCESifo Working Paper |x1377en
dc.subject.jelD80en
dc.subject.jelH25en
dc.subject.jelG31en
dc.subject.ddc330en
dc.subject.keywordirreversible investments under uncertaintyen
dc.subject.keywordprogressive taxationen
dc.subject.stwInvestitionen
dc.subject.stwSunk Costsen
dc.subject.stwEntscheidung bei Unsicherheiten
dc.subject.stwSteuerprogressionen
dc.subject.stwSteuerbegünstigungen
dc.subject.stwSteuerwirkungen
dc.subject.stwTheorieen
dc.titleProgressive taxation and irreversible investment under uncertainty-
dc.typeWorking Paperen
dc.identifier.ppn47911661Xen
dc.rightshttp://www.econstor.eu/dspace/Nutzungsbedingungenen

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