-
作者：Hellwig, Martin F.
作者单位：Max Planck Society
摘要：This paper studies the relation between Bayesian mechanism design and the Ramsey-Boiteux approach to the provision and pricing of excludable public goods. For a large economy with private information about individual preferences, the two approaches are shown to be equivalent if and only if, in addition to incentive compatibility and participation constraints, the final allocation of private-good consumption and admission tickets to public goods satisfies a condition of renegotiation proofness....
-
作者：Binswanger, Johannes
作者单位：Tilburg University
摘要：This paper studies two interrelated questions. First, is a pay-as-you-go (PAYG) pension component beneficial from a risk management point of view? Second, does optimal risk management of old-age consumption differ between different income groups? The analysis is based on so-called lexicographic loss aversion preferences. Interest in these preferences stems from the fact that they explain the cross-section of individuals' savings and asset allocation choices better than alternative models. I fi...
-
作者：Ho, Wai-Hong; Wang, Yong
作者单位：City University of Hong Kong; University of Macau
摘要：This paper studies the growth effects of factor income taxation on capital and labor in an endogenous growth model with overlapping generations. Capital accumulation in our model takes place through credit-financed investments in a market with asymmetric information between lenders and borrowers. We show that, in the presence of asymmetric information, capital income taxation worsens the adverse selection problem in the credit market, which in turn introduces an additional adverse effect on gr...
-
作者：McKinnish, Terra
作者单位：University of Colorado System; University of Colorado Boulder
摘要：This paper extends and synthesizes the various approaches used in the recent welfare migration literature to both offer the most comprehensive set of tests to date for welfare migration and to also determine the relative importance of short-distance moves in welfare migration flows. The current study follows on the finding of McKinnish [McKinnish T. Importing the poor: welfare magnetism and cross-border welfare migration. Journal of Human Resources 2005-40; 57-76.] of welfare migration effects...
-
作者：Fuest, Clemens; Kolmar, Martin
作者单位：University of Cologne; University of St Gallen
摘要：We develop a two-region model where the decentralized provision of spillover goods and other public expenditures is financed by means of user fees. We show that a decentralized solution tends to be inefficient. If the regional spillover goods are substitutes, user fees tend to be inefficiently low, whereas they tend to be inefficiently high if the spillover goods are complements. (c) 2006 Elsevier B.V. All rights reserved.
-
作者：Hellwig, Martin F.
作者单位：Max Planck Society
摘要：For the standard specification of the utilitarian optimal income tax problem with hidden characteristics, the paper shows that randomized tax schemes are undesirable if preferences exhibit a property of weakly decreasing risk aversion according to the multi dimensional risk aversion concept of Hellwig [Hellwig, M.F., 2004, Risk Aversion in the Small and the Large with Multidimensional Outcomes. Max Planck Institute for Research on Collective Goods, Bonn. Preprint 2004/6, http://www.mpp-rdg.mpg...
-
作者：Besley, Timothy; Smart, Michael
作者单位：University of Toronto; University of London; London School Economics & Political Science
摘要：This paper explores the logic of fiscal restraints in a political agency model with both moral hazard and adverse selection. The role of the political process is both to discipline incumbents who may act against the public interest and to sort in those politicians who are most likely act in voters' interests. We use the model to examine the optimality of inefficient taxation, limits on the size of government, increasing transparency, and yardstick competition. Some conclusions are surprising. ...
-
作者：Blackorby, Charles; Murty, Sushama
作者单位：University of Warwick; Aix-Marseille Universite
摘要：We show that if a monopoly sector is imbedded in a general equilibrium framework and profits are taxed at one hundred percent, then unit (specific) taxation and ad valorem taxation are equivalent on the set of Pareto optima. (c) 2006 Elsevier B.V. All rights reserved.
-
作者：van Rooij, Maarten C. J.; Kool, Clemens J. M.; Prast, Henriette M.
作者单位：Utrecht University; Tilburg University
摘要：This paper presents new evidence for the Netherlands on pension preferences and investor autonomy in the pension domain using a representative survey of about 1000 Dutch citizens. Our main conclusions are the following. Risk aversion is domain dependent and highest in the pension domain. The vast majority of respondents favours the currently dominant defined benefit pension system. If offered a combined defined benefit/defined contribution system, the majority would like to have a guaranteed p...
-
作者：Koethenbuerger, Marko
作者单位：Leibniz Association; Ifo Institut; University of Munich; Leibniz Association; Ifo Institut
摘要：This paper analyzes whether changes in the timing of equalizing transfers to state governments necessitate an adjustment in federal corrective policy. According to the existing literature (assuming an ex-ante choice of transfers), the corrective grant is equal to the marginal damage/benefit inflicted by externality generation. When the federal government accommodates state finances ex-post, the grant differs in formula from existing prescription. Allocative federal policy corrects state policy...
