2期

最新文章

• Tax-exempt investors and the asset allocation puzzle AI翻译
  作者：Mintz, J; Smart, M
  作者单位：University of Toronto; University of Toronto; University of Toronto; University of Toronto
  摘要：Investors frequently hold equity in pensions and other tax-exempt savings plans, despite the prediction of the standard model that they hold only bonds. We provide a new explanation for this empirical puzzle based on differences between tax-exempt and taxable assets in the tax treatment of capital losses. We show how limits on refundability of losses on taxable equities leads to diversity of investors' preferences for corporate leverage on the basis of tax rates. In the simplest equilibrium of...
• The incidence of income tax on wages and labour supply AI翻译
  作者：Bingley, P; Lanot, G
  作者单位：Aarhus University; Aarhus University; Keele University
  摘要：In the simple framework of a static model for equilibrium wages and labour supplies, we show that the incidence of income tax on equilibrium wages can be measured independently from the individual labour supply elasticity. This extends recent work by [Journal of Labour Economics, 15(3) (1997) S72-S101] and [Journal of Public Economics, 65 (1997) 119-145], who estimate tax incidence on earnings, and [Econometrica, 66(4) (1998) 827-861] and [NBER Working Paper 5023 (1995)], who estimate labour s...
• The approximation of efficient public good mechanisms by simple voting schemes AI翻译
  作者：Ledyard, JO; Palfrey, TR
  作者单位：California Institute of Technology
  摘要：This paper compares the performance of simple voting rules, called referenda, to the performance of interim efficient mechanisms for the provision of a public good. In a referendum, voters simply vote for or against the provision of the public good, and production of the public good depends on whether or not the number of yes votes exceeds a prespecified threshold. Costs are shared equally. We show that in large populations for any interim efficient allocation rule, there exists a correspondin...
• Equilibrium in competitive insurance markets with ex ante adverse selection and ex post moral hazard AI翻译
  作者：Jack, W
  作者单位：Georgetown University
  摘要：Existence of pure strategy equilibria is studied in health insurance markets that exhibit both ex ante adverse selection of the Rothschild-Stiglitz-Wilson type, and ex post hidden information moral hazard. It is found that ex post moral hazard has two offsetting effects on the existence of equilibrium, and that in general it is difficult to say whether an equilibrium is more or less likely to exist. Numerical simulations, and an analytical example, confirm that moral hazard may increase the li...
• Regional redistribution and stabilization by the center in Canada, France, the UK and the US:: A reassessment and new tests AI翻译
  作者：Mélitz, J; Zumer, F
  作者单位：University of Strathclyde; Institut Polytechnique de Paris; ENSAE Paris; Communaute Universite Grenoble Alpes; Universite Grenoble Alpes (UGA)
  摘要：This paper re-examines earlier estimates of regional redistribution and stabilization through the central government budget in the US, and produces new estimates of this redistribution and stabilization in the US, Canada, France and the UK. The new estimates rest on panel data econometrics and an adherence to certain accounting principles that have occasionally been violated in the past. As a result of the accounting, the peak estimates for the US and Canada in the earlier literature are never...
• The desirability of commodity taxation under non-linear income taxation and heterogeneous tastes AI翻译
  作者：Saez, E
  作者单位：Harvard University; National Bureau of Economic Research
  摘要：This paper revisits the Atkinson-Stiglitz result on uselessness of commodity taxation in the presence of optimal non-linear income taxation in a more general setup, namely when tastes are heterogeneous. This general analysis displays the key economic assumptions under which the Atkinson-Stiglitz result is robust. A small tax on a given commodity is desirable if high income earners have a relatively higher taste for this commodity or if consumption of this commodity increases with leisure. An a...
• Discounting an uncertain future AI翻译
  作者：Gollier, C
  作者单位：Universite de Toulouse; Institut Universitaire de France
  摘要：The objective of this paper is to determine the socially optimal discount rate for public investment projects that entail costs and benefits in the very long run. We suppose that there is an exogenous process for the growth of consumption per capita, which is stochastic. We first evaluate the determinants of the discount rate for a specific horizon when the representative agent has a recursive utility. We then explore the influence of the time horizon in the expected utility model. Under vario...