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作者：Baik, KH; Kim, IG; Na, SY
作者单位：Hallym University; Hallym University; Sungkyunkwan University (SKKU); Pennsylvania Commonwealth System of Higher Education (PCSHE); Pennsylvania State University; Pennsylvania State University - University Park
摘要：We examine the equilibrium effort levels of individual players and groups in a contest in which two groups compete with each other to win a group-specific public-good prize, the players choose their effort levels simultaneously and independently, and the winning group is determined by the selection rule of all-pay auctions. We first prove nonexistence of a pure-strategy Nash equilibrium, and then construct a mixed-strategy Nash equilibrium. At the Nash equilibrium, the only active player in ea...
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作者：Harris, TS; Hubbard, RG; Kemsley, D
作者单位：Columbia University
摘要：We examine the hypothesis that dividend taxes are capitalized into share prices by focusing on investors' implicit valuations of retained earnings Versus paid-in equity. Retained earnings are distributable as taxable dividends, whereas paid-in equity is distributable as a tax-free return of capital. Consistent with dividend tax capitalization, firm-level results for the United States indicate that accumulated retained earnings are valued less per unit than contributed capital. In addition, dif...
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作者：Harris, AR; Evans, WN; Schwab, RM
作者单位：Congressional Budget Office; University System of Maryland; University of Maryland College Park
摘要：In this paper we use a national panel of public school districts to study the impact of an aging population on public education spending. In contrast to previous analyses that use state-level data, we find that the elderly have only a modest overall negative effect on education spending at the district level. Our results confirm, however, that a growing share of elderly at the state level tends to depress state spending on education. These results are consistent with the hypothesis that the el...
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作者：Hrung, WB
作者单位：United States Department of the Treasury
摘要：The steep drop-off in the number of Individual Retirement Account (IRA) contributors after 1986 has led to suggestions that taxpayers misunderstood and over-reacted to the restrictions on deductible contributors imposed by the Tax Reform Act of 1986. Tax panel data is used to investigate the role of taxpayer misunderstanding in the drop-off in IRA contributors after 1986. The hiring of a tax preparer is the transmission mechanism for knowledge of the deductibility rules after 1986. The results...
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作者：Zhang, JS; Zhang, J; Lee, R
作者单位：Western University (University of Western Ontario); Chinese University of Hong Kong; Victoria University Wellington; University of California System; University of California Berkeley
摘要：This paper examines the impacts of mortality decline on long-run growth in a dynastic family, two-sector growth model with social security. A rise in longevity has direct effects on fertility, human capital investment, and growth, as well as indirect effects through increasing unfunded social security contributions. Both the direct and indirect effects depend on the relative strength of the tastes for the number and welfare of children and may have different signs. The net effects of rising lo...
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作者：Konrad, KA
作者单位：Free University of Berlin
摘要：Incomplete information is a commitment device for time-consistency problems. In the context of time-consistent optimal labor income taxation privacy can lead to a Pareto superior outcome and increases the effectiveness of public education as a second best policy. (C) 2001 Elsevier Science B.V. All rights reserved.
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作者：Broadbent, B; Kremer, M
作者单位：Harvard University; Columbia University
摘要：It is often argued that low tax rates on owner-occupied housing divert investment from non-housing capital, like equipment and R&D. This paper demonstrates that if people are heterogeneous in their propensity to save, and if there are constraints on borrowing, favorable tax treatment of owner-occupied housing up to a certain value can increase non-housing investment. This is because low housing taxes encourage renters to become owner-occupiers, leading existing owner-occupiers to shift their p...
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作者：Nosal, E
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Waterloo
摘要：In most jurisdictions in the world, governments are allowed to expropriate private property. But a government's expropriation decision may be personally motivated and not in society's best interest. I propose a very simple tax and compensation scheme that implements the socially optimal allocation when the government behaves in such a manner. An implication of my tax and compensation policy is that an individual who has his property expropriated will receive its full market value as compensati...
