When incomes are exogenously given, a progressive tax structure reduces inequality in the sense that the Lorenz curve of after tax incomes is nowhere below that of before tax incomes whatever the circumstances as it was shown by U. Jakobsson (Journal of Public Economics 5 (1976), 161-168) The...

Discounted-cash-flow (DCF) techniques form the basis of most corporate-investment decisions. Many practitioners, however, claim to be dissatisfied with traditional methods of appraisal. In this paper, we survey DCF and more recent methods of evaluating cyclical projects.

Cet article etudie la question des permis de pollution dans le cadre d'un modele a generations imbriquees: la pollution resulte de l'utilisation de l'environnement dans le processus de production et constitue un externalite negative qui vient diminuer l'utilite des agents.

The debate about whether culture should be subsidized or not is far from being recent, and though problems and approaches vary across countries, most governments are in favour of supporting the arts in one way or the other. The literature considers several arguments in favour of such subsidies....

We study time-consistent labor and capital income linear taxation using an infinite-horizon overlapping generations model of a small open economy. In dividuals have different productivities and the government intervenes for purely redistributive purposes. The study of time-consistent taxation...

This paper examines the normative properties of an empirically implementable dominance criterion for comparing alternative distributions of two attributes, one of which being cardinally measurable, between an arbitrary number of individuals. The criterion, which generalizes the one proposed by...

inequality decreases and welfare increases as a result of a progressive transfer. We explore the implications for welfare and inequality measurement of substituting the weaker absolute differentials and deprivation quasi-orderings for the Lorenz quasi-ordering. Restricting attention to...

The universal moral public good of fighting poverty is provided by both public and private transfers. Efficient public transfers do not crowd out giving because of the particular motives for it. Understanding these effects is necessary for both explaining aid and choosing policy. This analysis...