-
作者：Doherty, NA; Thistle, PD
作者单位：Western Michigan University; University of Pennsylvania
摘要：Models of adverse selection assume that risk type is known to the consumer but not to the insurer. Many analyses suggest that information has zero social value and negative prior value. Why then would consumers become informed? What is the incentive to gather information and why does adverse selection arise? We show that the private value of information is non-negative only if insurers cannot observe consumers' information status, or if consumers can conceal their informational status. We exam...
-
作者：Cairns, RD; ListonHeyes, C
作者单位：University of London; Royal Holloway University London
摘要：A simple model of the taxi industry suggests that deregulation of fares and entry may not be optimal. The conditions of competition do not hold in the industry, even approximately. A model of search, where drivers and riders search for each other, is presented for the cruising-taxi market. This indicates that equilibrium of a deregulated industry does not exist. Price regulation is essential, and entry regulation may be useful. In addition, viewing the medallion as a bond for appropriate perfo...
-
作者：Brunner, JK
摘要：In recent contributions to the theory of public pension systems it was argued that a Pareto-improving transition from an established unfunded pension system to a funded one is possible. This result is derived in an overlapping-generations model with identical individuals. In the present study an extended model, with differing individuals, of an intragenerationally fair unfunded pension scheme is introduced. Within this more realistic framework it is shown that, in general, a Pareto-improving t...
-
作者：Mamuneas, TP; Nadiri, MI
作者单位：New York University; University of Cyprus; National Bureau of Economic Research
摘要：This paper estimates and evaluates the contribution of R&D tax incentives and publicly financed R&D investment policies in promoting the growth of output and privately funded R&D investment in US manufacturing industries. Publicly financed R&D induces cost savings but crowds out privately financed R&D investment, while the incremental R&D tax credit and immediate deductibility provision of R&D expenditures have a significant impact on privately financed R&D investment. The optimal mix of both ...
-
作者：Picard, P
作者单位：Universite Paris Nanterre
摘要：This paper characterizes the equilibrium of an insurance market where opportunist policyholders may file fraudulent claims. We assume that insurance policies are traded in a competitive market where insurers cannot distinguish honest policyholders from opportunists. The insurer-policyholder relationship is modelled as an incomplete information game, in which the insurer decides to audit or not. The market equilibrium depends on whether insurers can credibly commit or not to their audit strateg...
-
作者：Sefton, JA; Weale, MR
摘要：It is the widely held view that estimates of national income should be corrected for the value of the extracted exhaustible resource stock. This correction implies the counter-intuitive result that the national income of an oil producer is unaffected by its vast oil reserves. In this paper we review the definition of national income, and discuss its relation to national welfare. We show that an extra income should be imputed to the resource-owning country based on the exportable resource stock...
-
作者：Jack, W; Viard, AD
作者单位：University System of Ohio; Ohio State University
摘要：The attainment of production efficiency requires that tax incentives equalize pretax rates of return on different assets at each point in time. To achieve this objective, the conventional theory of investment tax credits (ITCs) prescribes significantly lower credit rates on shorter-lived assets. However, this result is valid only for permanent ITCs. We show that the credit rates for temporary ITCs should be much closer to uniform than the conventional theory prescribes. This result is robust t...
-
作者：Petrakis, E; Xepapadeas, A
作者单位：University of Crete; Universidad Carlos III de Madrid
摘要：A group of countries that can potentially commit to cooperation to protect the environment are identified as environmentally conscious countries. Conditions are examined under which they can provide self-financing side payments too a second group of less environmentally conscious countries, so that the two groups form a global or partial stable coalition that agrees to reduce emissions. A mechanism that detects cheating is also developed in order to induce the desired emissions even when the e...
-
作者：Dougan, WR; Snyder, JM
作者单位：Massachusetts Institute of Technology (MIT)
摘要：We develop a model of interest-group politics in which the groups and coalitions that arise, and the form of redistributive policies sought, are jointly determined. The model generates three key results. First, programs intended to reduce income inequality are more likely to involve direct payments than are programs that redistribute wealth across groups with similar incomes. Second, nonequalizing redistribution is unlikely unless the various participants in the political process face signific...
-
作者：SaintPaul, G
作者单位：Centre for Economic Policy Research - UK
摘要：This paper studies a model of human capital accumulation with real wage rigidity. It is shown that the arbitrage condition between hiring a skilled vs. an unskilled worker may be stated as a positive relationship between their relative unemployment rates. It may be the case that this locus is steep enough to generate increasing returns to education. This may lead to multiple equilibria: a high-education equilibrium may co-exist with a low-education equilibrium. In the former, the unskilled are...
