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      <record key="001" att1="001" value="LIB900232201" att2="LIB900232201">001   LIB900232201</record>
      <field key="037" subkey="x">deutsch</field>
      <field key="050" subkey="x">Forschungsbericht</field>
      <field key="076" subkey="">Ökonomie</field>
      <field key="079" subkey="y">http://www.ihs.ac.at/publications/ihsfo/fo234.pdf</field>
      <field key="079" subkey="z">keuschnigg, christian, besteuerung und risikokapital: eine allgemeine gleichgewichtsanalyse (pdf)</field>
      <field key="100" subkey="">keuschnigg, christian</field>
      <field key="331" subkey="">besteuerung und risikokapital: eine allgemeine gleichgewichtsanalyse</field>
      <field key="403" subkey="">1. aufl.</field>
      <field key="410" subkey="">wien</field>
      <field key="412" subkey="">institut fuer hoehere studien</field>
      <field key="425" subkey="">1986, oktober</field>
      <field key="433" subkey="">97 s.</field>
      <field key="451" subkey="">institut fuer hoehere studien; forschungsberichte; 234</field>
      <field key="461" subkey="">research memorandum</field>
      <field key="544" subkey="">IHSFO 234</field>
      <field key="753" subkey="">abstract: the paper concerns taxation and risk taking in a general equilibrium setting. the model is about an economy where a</field>
      <field key="sin" subkey="g">le physical good is produced in two different sectors. one sector is subject to multiplicative technological uncertainty</field>
      <field key="whe" subkey="r">eas the other sector employs a deterministic production technology. firms issue real equities that represent claims on their</field>
      <field key="out" subkey="p">ut. the number of equities issued by the firms is equal to the units of expected output. the only way that households can</field>
      <field key="acq" subkey="u">ire the consumption good is by acquiring real equities of the firms. since the output of one sector is uncertain the real</field>
      <field key="equ" subkey="i">ties of that sector are risky assets. hence, households which are assumed to be risk averse in consumption, choose between</field>
      <field key="saf" subkey="e">and risky assets in order to optimize their consumption risk. firms are assumed to minimize the costs of producing that</field>
      <field key="lev" subkey="e">l of expected output and, thus, of producing that number of real equities that is necessary to satisfy consumerdemand for</field>
      <field key="ass" subkey="e">ts. it turns out that the uncertainty model is identical in its formal structure to the standard model of tax incidence under</field>
      <field key="cer" subkey="t">ainty if one substitutes asset demand functions for the demand functions for different goods. hence, theformal results are</field>
      <field key="the" subkey="">same as those of tax incidence theory under certainty. there is, however, a new element of taxation. in addition to the</field>
      <field key="tax" subkey="a">tion of factor income or the taxation of asset purchases, it is possible to tax asset returns. as in the certainty model it</field>
      <field key="tur" subkey="n">s out that an income tax with full loss offsets that taxes the returns of the equities after the realization of the</field>
      <field key="pro" subkey="d">uction risk, increases the share of the risky assets in consumer portfolios. this means that relatively more of the good is</field>
      <field key="pro" subkey="d">uced in the risky sector of the economy. whether labor or capital bears the burden of the tax depends on the relative factor</field>
      <field key="int" subkey="e">nsities in the two sectors.;</field>
    </SEQUENTIAL>
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