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We are indebted to Th. Siegel and a referee for their helpful comments on an earlier draft.
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Bamberg, G., Richter, W.F. The effects of progressive taxation on risk-taking. Zeitschr. f. Nationalökonomie 44, 93–102 (1984). https://doi.org/10.1007/BF01289471
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DOI: https://doi.org/10.1007/BF01289471