The policy burden not only bring soft budget constraint to affect the principal′s utility function, but also cause the problem of asymmetric information that induces managers to seek gray income .

由于政策性负担不仅产生了软预算约束问题，影响委托人的效用函数，而且加深了信息不对称程度，导致经营者追求灰色收入。

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This article quantitatively analyze Influence of SARS on the foreign exchange income in travel industry with the gray system, and compare it with the conclusion in macroscopic economics.

利用灰色系统分析就SARS对旅游外汇收入的影响进行了定量分析，并将分析结果与实际数据及宏观经济学分析结论进行了对比。

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Capital Gains, Ordinary Income and Shades of Gray.

FORBES: Whistleblower Fingers Tax Tricks At Private Equity Firms

Rob Gray, Guernsey's director of Income Tax, said they would help the islands' authorities in ending tax avoidance and evasion.

BBC: Guernsey, Jersey and Isle of Man sign taxation agreement

The consultation exercise asked also to look at local variability and we'll look at the possibility of local variability down off?(?) the local income tax and we're also looking at the position of students, as Iain Gray mentioned a moment ago.

BBC: John Swinney interview transcript