| 1. |
- Johannesson, Magnus, et al.
(författare)
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The Psychometric and Empirical Properties of Measures of Risk Preferences
- 2024
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Ingår i: SSRN Electronic Journal. - : Elsevier BV. - 1556-5068.
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Annan publikation (refereegranskat)abstract
- We conduct a detailed examination of the psychometric and empirical properties of some commonly used survey-based measures of risk preferences in a population-based sample of 11,000 twins. Using a model that provides a general framework for making inferences about the component of measured risk attitudes that is not due to measurement error, we show the measurement-error adjustment leads to substantially larger estimates of the predictive power of risk attitudes, of the size of the gender gap, and of the magnitude of the sibling correlation. Risk attitudes are predictive of investment decisions, entrepreneurship, and health behaviors such as smoking and drinking, are robustly associated with cognitive ability and personality, and our estimates are often larger than those in the literature. One implication of our results is that the small amounts of variation that the risk measures have previously been reported to explain are in part artifacts of imperfect measurement.
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| 2. |
- Kim, Jae Hyoung
(författare)
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Emergence of a Good as a Medium of Exchange in Different Types of Networks
- 2022
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Ingår i: SSRN Electronic Journal. - Stockholm : Swedish House of Finance (SHOF). - 1556-5068.
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Annan publikation (refereegranskat)abstract
- This study uses a novel agent-based computer model to examine how networks influence the emergence of multiple goods as media of exchange in a decentralized economy. This model implements the evolutionary process of the Kiyotaki-Wright (KW) model (1989), which explains the endogenous emergence of multiple media of exchange. I find that all the agents behave according to the KW model, where some agents prefer to accept a higher storage cost good over a lower storage cost good because they speculate having a shorter wait for trading their consumption goods. In the study, the KW model is expanded to different types of trade networks and shows that trade networks can cause agents to adopt speculative strategies. Ultimately, the results highlight the emergence of multiple goods as media of exchange is a function of networks
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| 3. |
- Muten, Leif
(författare)
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Taxation of interest in the European Union
- 2001
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Ingår i: HWWA discussion paper. - Hamburg : Hamburg Institute of International Economics. - 1616-4814. ; , s. 1-28
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Annan publikation (refereegranskat)abstract
- In this paper, the author draws up the historic background to the present systems for taxing income from capital. The old schedular taxes gave way for synthetic, global income taxes, but recent developments have gone in the opposite direction. Income from capital is now often taxed separately from other income, giving rise to new problems of legal classification. At the international level the first issue is whether the source country or the country of residence should have the right to tax. There are pros and cons for both sides, and a general attitude of horror vacui in the sense that double exemption is not regarded as an acceptable result. In this context, the question of tax competition is dealt with. The paper takes the position that whereas tax competition may be useful to bring down excessive tax rates, there is no benefit in a race to the bottom. The paper points out that tax competition is harmful if it implies that a small tax haven country attracts what is an important revenue source in a country with normal taxes and makes money out of a nominal registration fee. This is likened to thieves stealing precious jewellery only to melt it down and cash in the metal value. The proposed EU interest directive is discussed and doubts are expressed with respect to the chances of reaching agreement with low-tax countries and territories outside the EU. Other problems with a reporting system are the definition of interest for tax purposes as well as a common taxpayer identification number (TIN) system.
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| 4. |
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| 5. |
- Tédongap, Roméo, et al.
(författare)
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Which Parametric Model for Conditional Skewness
- 2014
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Ingår i: European Journal of Finance. - : Taylor & Francis (Routledge). - 1466-4364 .- 1351-847X. ; 22:13, s. 1237-1271
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Annan publikation (refereegranskat)abstract
- This paper addresses an existing gap in the developing literature on conditional skewness. We develop a simple procedure to evaluate parametric conditional skewness models. This procedure is based on regressing the realized skewness measures on model-implied conditional skewness values. We find that an asymmetric generalized autoregressive conditional heteroscedasticity specification on shape parameters with a skewed generalized error distribution provides the best in-sample fit for the data, as well as reasonable predictions of the realized skewness measure. Our empirical findings imply significant asymmetry with respect to positive and negative news in both conditional asymmetry and kurtosis processes.
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