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作者：CHU, CYC; JIANG, N
作者单位：National Taiwan University
摘要：It is a well-established argument in economic analysis of criminal policy that, as far as crime deterrence is concerned, we should first use the fine to its maximum before supplementing it with an imprisonment term. We show in this paper that this orthodox belief is wrong. When there is a spectrum of crimes that can be chosen by potential criminals with different levels of wealth, as is the case in reality, we show that a combination of imprisonment and a less-than-maximum fine may be more eff...
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作者：BANKS, JS
摘要：We extend the Romer-Rosenthal model of representative democracy to a signaling environment, in which (i) only the representative knows the 'status quo' outcome resulting if her take-it-or-leave-it policy proposal is rejected by the voters, while (ii) only the voters know their true preferences over policies. A separating sequential equilibrium is shown to exist, and to uniquely satisfy a common equilibrium refinement. Furthermore, this equilibrium has the property that, relative to the environ...
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作者：NERLOVE, M; RAZIN, A; SADKA, E; VONWEIZSACKER, RK
作者单位：University of Munich; Leibniz Association; Ifo Institut; Tel Aviv University; Martin Luther University Halle Wittenberg
摘要：This paper analyses the implications of the comprehensive income tax for the accumulation of human and physical capital and for the overall productivity level of the economy. A comprehensive income tax, applying to both labour income and capital income, is shown to discriminate against investments in human capital relative to investments in physical capital. It has an adverse impact on human capital accumulation and lowers productivity.
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作者：BRUNNER, JK
摘要：This paper analyzes the optimum utilitarian income tax, with special attention given to the characterization of the lower end of the optimum tax function, in the case when the least qualified individuals do not work. Moreover, the positivity of the marginal tax rate throughout is shown to be a consequence of the desirability of redistribution of income or leisure, given the self-selection constraints and preferences fulfilling agent monotonicity and non-inferiority of leisure.
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作者：CASE, AC; ROSEN, HS; HINES, JR
作者单位：Princeton University; Harvard University
摘要：This paper formalizes and tests the notion that states' expenditures depend on the spending of similarly situated states. We find that even after allowing for fixed state effects, year effects, and common random shocks among neighbors, a state government's level of per capita expenditure is positively and significantly affected by the expenditure levels of its neighbors. Ceteris paribus, a one dollar increase in a state's neighbors' expenditures increases its own expenditure by over 70 cents.
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作者：KONRAD, KA; LOMMERUD, KE
作者单位：University of Bergen; University of Munich
摘要：We study the question of how relative standing comparisons, or 'status seeking, influence risk taking. When utility is separable in consumption and status the following results apply. With non-systematic risks, more concern for status leads to more (less) risk taking when, in a sense made precise in the paper, the utility function is less (more) concave in status than in pure consumption. With systematic risk, risk taking always increases with the concern for status. However, status seeking al...
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作者：EZE, P; WOLFE, B
作者单位：University of Wisconsin System; University of Wisconsin Madison; Clark University
摘要：This paper investigates an efficiency implication of Medicare's prospective payment system (PPS) on the utilization of United States Veterans Affairs (VA) hospital inpatient services by elderly veterans. There is empirical evidence to suggest that non-VA hospitals are reacting to PPS by increasingly shifting veterans they expect may be high-cost to VA hospitals. We define as efficient, allocations that would occur if hospitals acted as perfect agents of the patient, then we show that some shif...
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作者：YANG, CC
摘要：This paper introduces the concept of 'risk attitudes' a government may take toward random revenue in the design of a linear income tax. It shows that the familiar trade-off formula between equity and efficiency can be derived either by assuming a 'risk-neutral' government attitude toward random revenue or by assuming no randomness of revenue. We provide numerical analysis to demonstrate that optimum tax schedules for a 'non-risk-neutral' government can significantly deviate from those for a 'r...
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作者：HUNG, NM
作者单位：Laval University
摘要：Hartwick's analysis of incorporating resource depletion in standard national income accounting is extended to the consideration of stock effects under both certainty and uncertainty.
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作者：METCALF, GE
作者单位：National Bureau of Economic Research
摘要：This paper presents a model of debt finance at the sub-national level from which municipal bond supply equations are derived. Federal tax considerations are shown to be important determinants of the price entering the bond supply equation. Using data on 40 state governments over a seven-year period in the 1980s, I show that federal tax rates have an important effect on the supply of municipal bonds - independent of the demand-side effect that is usually considered in the literature. This has i...
