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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

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

Can Markets Learn to Avoid Bubbles?

Miller, Ross M. - EconWPA - 2002

One of the most striking results in experimental economics is the ease with which market bubbles form in a laboratory setting and the difficulty of preventing them. This article re-examines bubble experiments in light of the results of an earlier series of market experiments that examine how...

Persistent link: https://www.econbiz.de/10005125589

Buyer feedback as a filtering mechanism for reputable sellers

Laureti, Paolo; Slanina, Frantisek; Yu, Yi-Kuo; Zhang, … - EconWPA - 2003

We propose a continuum model for the description of buyer and seller dynamics in an Internet market. The relevant variables are the research effort of buyers and the sellers' reputation building process. We show that, if a commercial website gives consumers the possibility to rate credibly...

Persistent link: https://www.econbiz.de/10005407517

Missing Contracts: On the Rationality of not Signing a Prenuptial Agreement

Nicolo', Antonio; Tedeschi, Piero - EconWPA - 2004

Many couples do not sign prenuptial agreements, even though this often leads to costly and inefficient litigation in case of divorce. In this paper we show that strategic reasons may prevent agents from signing a prenuptial agreement. Partners which have high productivity in marital activities...

Persistent link: https://www.econbiz.de/10005407538

A Dynamic Analysis of Bid-Ask Spreads with Multiple Trade Sizes

Takayama, Shino; Ozsoylev, Han - EconWPA - 2005

This paper studies how the trade size and the historical sequence of trades affect bid-ask spreads, investors’ trading strategies, and the market maker’s learning process in a multi-period economy. First, we show that there is a nonzero cut-off size below which informed traders never buy or...

Persistent link: https://www.econbiz.de/10005413239

Inventory Signals

Lai, Richard Kum-yew - EconWPA - 2005

Among practitioners, inventory is often thought to be the root of all evil in operations management. The stock market hates it, the media abhors it, and managers have come to fear it. But high inventory levels can also be the result of strategic buying and high-availability strategies. The...

Persistent link: https://www.econbiz.de/10005413245

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