Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/66203
Authors: 
Ackermann, Hagen
Fochmann, Martin
Mihm, Benedikt
Year of Publication: 
2012
Series/Report no.: 
Arqus-Diskussionsbeiträge zur quantitativen Steuerlehre 138
Abstract: 
We study how taxes and subsidies affect portfolio choices in a laboratory experiment. We find highly significant differences after intervention, even though the net income is identical in all our treatments and thus the decision pattern of investors should be constant. In particular, we observe that the willingness to invest in the risky asset decreases markedly when an income tax has to be paid or when a subsidy is paid. If we combine both a tax and a subsidy, this effect intensifies.
Subjects: 
tax perception
risk-taking behavior
portfolio choice
distorting taxation
tax
subsidy
behavioral economics
JEL: 
C91
D14
H24
Document Type: 
Working Paper

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