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Optimal Dynamic Nonlinear Income Taxes with No Commitment

Berliant, Marcus; Ledyard, John - EconWPA - 2004

We wish to study optimal dynamic nonlinear income taxes. Do real world taxes share some of their features? What policy prescriptions can be made? We study a two period model, where the consumers and government each have separate budget constraints in the two periods, so income cannot be...

Persistent link: https://www.econbiz.de/10005076610

Moving costs, security of tenure and eviction

Anas, Alex; Arnott, Richard - EconWPA - 2004

We contrast equilibrium and welfare analysis in the rental housing market under two property rights regimes – eviction rights and security of tenure – when tenants face moving costs. A tenant’s idiosyncratic benefit from his unit and a landlord’s idiosyncratic profit from conversion are...

Persistent link: https://www.econbiz.de/10005124886

Budget Balancedness and Optimal Income Taxation

Berliant, Marcus; Frank H. Page Jr. - EconWPA - 2004

We make two main contributions to the theory of optimal income taxation. First, assuming conditions sufficient for existence of a Pareto optimal income tax and public goods mechanism, we show that if agents’ preferences satisfy an extended notion of single crossing called capacity constrained...

Persistent link: https://www.econbiz.de/10005556951

Collusion and Commitment in Bank Bailout

ZHANG, Yanhua - EconWPA - 2005

¡°government-bank-firm¡±, we show that the government¡¯s non-commitment and banking bailout cause inefficiency in the contact … relationship. Moreover, after introducing collusion possibility, non-commitment of the government increases the stakes, or bribes … other equilibrium where she sticks to her commitment and excludes collusion from the contract relationship. Here, collusion …

Persistent link: https://www.econbiz.de/10005134539

The Core of Economies with Asymmetric Information: An Axiomatic Approach

Volij, Oscar; Lee, Darin - EconWPA - 1997

We propose two generalizations of the Davis Maschler reduced game property to economies with asymmetric information and apply them in the characterization of two solution concepts. One is Wilson's (1978) Coarse Core and the other is a subsolution of it which we call the Coarse+ Core.

Persistent link: https://www.econbiz.de/10005118523

Communication, Credible Improvements and the Core of an Economy with Asymmetric Information

Volij, Oscar - EconWPA - 1997

We analyze an economy with asymmetric information and endogenize the possibilities for information transmission between members of a coalition. We then define a concept of the Core that takes into account these communication possibilities. The internal consistency of the improvements is...

Persistent link: https://www.econbiz.de/10005118634

A Note on Firms' Strategic Behaviour During an IPO

Weiss, Pia - EconWPA - 2002

When potential shareholders cannot observe the business conditions of the firms, the latter desiring to acquire capital by an IPO and operating under less favourable business conditions have a strong incentive to appear more successful.

Persistent link: https://www.econbiz.de/10005077052

Should Central Banks Burst Bubbles?

Conlon, John - EconWPA - 2005

Policy towards speculative bubbles is examined in a model of a finite horizon 'greater fool' bubble, with rational agents, asymmetric information and short-sales constraints. This model permits the use of standard tools of comparative dynamics and welfare economics to analyze bubble policies....

Persistent link: https://www.econbiz.de/10005550948

Credit Merchandising in the Postbellum American South: Information and Barriers to Entry

Molinari, M. Cristina - EconWPA - 2005

Roger Ransom and Richard Sutch's research on the social and institutional changes in the postbellum American South, summarized in their One Kind of Freedom, raised many controversies. One of them concerns the degree of competition among the advancing merchants of the rural South. Ransom and...

Persistent link: https://www.econbiz.de/10005556878

Ex Ante Versus Ex Post Regulation of Bank Capital

Daripa, Arup; Varotto, Simone - EconWPA - 2005

The current debate on the new Basel Accord gives rise to a natural question about the appropriate form of capital regulation.We construct a simple framework to analyze this issue. In our model the risk carried by a bank as well as managerial risk preference are a bank's private information. We...

Persistent link: https://www.econbiz.de/10005561710