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Konrad, Kai A. (1991): Risk taking and taxation in complete capital markets. In: The Geneva Papers On Risk and Insurance Theory, Vol. 16, Nr. 2: S. 167-177
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Abstract

In general equilibrium, with complete conventional securities markets and endogenous asset supply, taxes on risk remuneration are ineffective but harmless. They do not alter the real allocation of goods or the distribution of wealth, they impose no excess burden, and, in particular, have no impact on risk taking. © 1991 The Geneva Association.