Research
Working papers and ongoing projects.
Wealth Tax Neutrality Framework
A mathematical framework for understanding how proportional wealth taxes interact with portfolio choice, asset pricing, and market equilibrium. Four working papers establish the neutrality result, extend it to stochastic volatility and recursive preferences, identify seven channels of distortion, reformulate the framework in the language of statistical physics, and generalise the neutrality result to the full system of ownership taxes. A fifth paper, developing a redistribution theory through optimal drift design, is forthcoming.
Spectral Portfolio Theory
At a given layer, a neural network weight matrix trained on a stochastic process is a portfolio allocation matrix. Its spectral structure encodes factor decompositions, wealth concentration patterns, and the conditions for tax neutrality. The spectral invariance theorem generalises the neutrality conditions from the wealth tax framework to arbitrary isotropic perturbations.
The two projects are connected: the spectral framework grew out of the Fokker–Planck formulation of tax neutrality and lifts the analysis from scalar wealth dynamics to the full matrix-valued portfolio structure.
Knowledge Graph
An interactive map of how propositions, concepts, and sections connect across the research programme. Cross-paper dependencies are traced explicitly.