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Optimal Income Taxation and Public Goods Provision in a Large Economy with Aggregate Uncertainty
Bierbrauer, Felix J. - 2009
priori unknown. The analysis is based on a mechanism design approach that imposes a requirement of robustness with respect to …
Persistent link: https://www.econbiz.de/10013158141
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Public-good provision with macro uncertainty about preferences : efficiency, budget balance, and robustness
Hellwig, Martin - 2021
mechanism of d'Aspremont and Gérard-Varet is shown to implement an effi cient provision rule with budget balance. However, first … mechanism is independent of the stochastic specification within the class of specifications defined by the structure of the …-Groves mechanism converges to zero in probability when the number of participants becomes large. In the limit, with a continuum of …
Persistent link: https://www.econbiz.de/10012657865
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Public-Good Provision with Macro Uncertainty about Preferences : Efficiency, Budget Balance, and Robustness
Hellwig, Martin F. - 2021
mechanism of d’Aspremont and Gérard-Varet is shown to implement an efficient provision rule with budget balance. However, first … mechanism is independent of the stochastic specification within the class of specifications defined by the structure of the …-Groves mechanism converges to zero in probability when the number of participants becomes large. In the limit, with a continuum of …
Persistent link: https://www.econbiz.de/10013322513
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Efficiency, welfare, and political competition
Bierbrauer, Felix; Boyer, Pierre C. - 2014
We study political competition in an environment in which voters have private information about their preferences. Our framework covers models of income taxation, public-goods provision or publicly provided private goods. Politicians are vote-share-maximizers. They can propose any policy that is...
Persistent link: https://www.econbiz.de/10010358277
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Separation of Powers, Political Competition and Efficient Provision of Public Goods
Boukouras, Aristotelis; Koufopoulos, Kostas - 2010
In this paper we provide a political game where agents decide whether to become legislators or politicians. Legislators determine the political institutions constraining politicians' behavior and politicians compete for gaining the power to make decisions about the level of the public good. We...
Persistent link: https://www.econbiz.de/10014208460
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Competition for flexible distribution resources in a "smart" electricity distribution network
Tangerås, Thomas P. - 2020
In a 'smart' electricity distribution network, flexible distribution resources (FDRs) can be coordinated to improve efficiency. But coordination enables whoever controls such resources to exercise market power. The paper establishes the following efficiency rankings of market structures:...
Persistent link: https://www.econbiz.de/10012264082
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Regulatory risk under optimal incentive regulation
Strausz, Roland - 2009
The paper provides a tractable, analytical framework to study regulatory risk under optimal incentive regulation. Regulatory risk is captured by uncertainty about the policy variables in the regulator's objective function: weights attached to profits and costs of public funds. Results are as...
Persistent link: https://www.econbiz.de/10003796198
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Regulatory risk under optimal incentive regulation
Strausz, Roland - 2009
The paper provides a tractable, analytical framework to study regulatory risk. Regulatory risk is captured by uncertainty about the policy variables in the regulator's objective function: weights attached to profits and costs of public funds. Results are as follows: 1) The regulator's reaction...
Persistent link: https://www.econbiz.de/10003850166
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Competition and regulation in a differentiated good market
Fiocco, Raffaele - 2011
This paper addresses the issue of how to design the institutional structure of an industry which provides two differentiated products. One good is supplied by a regulated monopoly and the other is produced in a competitive (unregulated) segment. Two possible institutional patterns are compared....
Persistent link: https://www.econbiz.de/10009381768
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Mergers between regulated firms with unknown efficiency gains
Fiocco, Raffaele; Guo, Gongyu - 2014
In an industry where regulated firms interact with unregulated suppliers, we investigate the welfare effects of a merger between regulated firms when cost synergies are uncertain before the merger and their realization becomes private information of the merged firm. The optimal merger policy...
Persistent link: https://www.econbiz.de/10010358241