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作者：Piketty, Thomas; Saez, Emmanuel
作者单位：Paris School of Economics; University of California System; University of California Berkeley; National Bureau of Economic Research
摘要：This paper derives optimal inheritance tax formulas that capture the key equity-efficiency trade-off, are expressed in terms of estimable sufficient statistics, and are robust to the underlying structure of preferences. We consider dynamic stochastic models with general and heterogeneous bequest tastes and labor productivities. We limit ourselves to simple but realistic linear or two-bracket tax structures to obtain tractable formulas. We show that long-run optimal inheritance tax rates can al...
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作者：Mueller, Ulrich K.
作者单位：Princeton University
摘要：It is well known that, in misspecified parametric models, the maximum likelihood estimator (MLE) is consistent for the pseudo-true value and has an asymptotically normal sampling distribution with sandwich covariance matrix. Also, posteriors are asymptotically centered at the MLE, normal, and of asymptotic variance that is, in general, different than the sandwich matrix. It is shown that due to this discrepancy, Bayesian inference about the pseudo-true parameter value is, in general, of lower ...
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作者：Sweeting, Andrew
作者单位：University System of Maryland; University of Maryland College Park; Duke University; National Bureau of Economic Research
摘要：This article predicts how radio station formats would change if, as was recently proposed, music stations were made to pay fees for musical performance rights. It does so by estimating and solving, using parametric approximations to firms' value functions, a dynamic model that captures important features of the industry such as vertical and horizontal product differentiation, demographic variation in programming tastes, and multi-station ownership. The estimated model predicts that high fees w...
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作者：Chaney, Eric
作者单位：Harvard University
摘要：Using centuries of Nile flood data, I document that during deviant Nile floods, Egypt's highest-ranking religious authority was less likely to be replaced and relative allocations to religious structures increased. These findings are consistent with historical evidence that Nile shocks increased this authority's political influence by raising the probability he could coordinate a revolt. I find that the available data provide support for this interpretation and weigh against some of the most p...
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作者：Chassang, Sylvain
作者单位：Princeton University
摘要：This paper studies a dynamic agency problem which includes limited liability, moral hazard, and adverse selection. The paper develops a robust approach to dynamic contracting based on calibrating the incentive properties of simple benchmark contracts that are attractive but infeasible, due to limited liability constraints. The resulting dynamic contracts are detail-free and satisfy robust performance bounds independently of the underlying process for returns, which need not be i.i.d. or even e...
