In many social sciences, such as psychology and economics, there is an ongoing debate between whether a model should be based on Normative or Process analyses. A normative model is one which asks what ...

Economics is a field that exists between scientific objectivity and subjective interpretation. Suppose a policymaker is trying to decide whether a proposed new tax is a good idea. One economist might ...

A simple portfolio model is used to examine the efficiency effects of capital income taxes when the economy faces aggregate risk. To achieve a first best optimum the use of state contingent lump sum ...