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The Transition to Investment-Based Social Security when Portfolio Returns and Capital Profitability are Uncertain
Feldstein, Martin - 1999
In this paper we study the transition from a pay-as-you-go system of Social Security pensions to an investment-based system in an economy in which portfolio returns and capital profitability are both uncertain. The paper extends earlier studies by Feldstein and Samwick that modeled the...
Persistent link: https://www.econbiz.de/10012471784
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The Effective Tax Rate and the Pretax Rate of Return
Feldstein, Martin - 1981
This paper presents new estimates of the taxes paid on nonfinancial corporate capital, on the pretax rate of return to capital, and on the effective tax rate. The basic time series show that both the pretax rate of return and the effective tax rate have varied substantially in the past quarter...
Persistent link: https://www.econbiz.de/10012478375
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The Effects of Taxation on the Selling of Corporate Stock and the Realization of Capital Gains
Feldstein, Martin - 1981
This study provides the first econometric analysis of the effect of taxation on the realization of capital gains. The analysis thus extends and complements the earlier study by Feldstein and Yitzhaki [1978] of the effect of taxation on the selling of corporate stock. The present analysis, using...
Persistent link: https://www.econbiz.de/10012478484
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The Distributional Effects of an Investment-Based Social Security System
Feldstein, Martin - 2000
In this paper we study the distributional impact of a change from the existing pay-as-you-go Social Security system to one that combines both pay-as-you-go and investment-based elements. Critics of investment-based plans have been concerned that such plans might reduce the retirement income of...
Persistent link: https://www.econbiz.de/10012471284
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Reconsidering Contractual Liability and the Incentive to Reveal Information
Bebchuk, Lucian Arye - 1999
In an earlier work, we analyzed how the legal rules governing contractual liability affect the transfer of information between the parties to the contract. In particular, we showed how limitations on contractual liability might lead high valuation buyers to reveal their valuation of performance,...
Persistent link: https://www.econbiz.de/10012471688
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Any Non-Individualistic Social Welfare Function Violates the Pareto Principle
Kaplow, Louis - 1999
The public at large, many policymakers, and some economists hold views of social welfare that attach some importance to factors other than individuals' utilities. This note shows that any such non-individualistic notion of social welfare conflicts with the Pareto principle
Persistent link: https://www.econbiz.de/10012471750
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The Economic Theory of Public Enforcement of Law
Polinsky, A. Mitchell - 1999
This article surveys the theory of the public enforcement of law -- the use of public agents (inspectors, tax auditors …, police, prosecutors) to detect and to sanction violators of legal rules. We first present the basic elements of the theory … examine a variety of extensions of the central theory, concerning accidental harms, costs of imposing fines, errors, general …
Persistent link: https://www.econbiz.de/10012471807
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Economic Analysis of Law
Kaplow, Louis - 1999
This is a survey of the field of economic analysis of law, focusing on the work of economists. The survey covers the three central areas of civil law liability for accidents (tort law), property law, and contracts as well as the litigation process and public enforcement of law
Persistent link: https://www.econbiz.de/10012471847
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Rewards versus Intellectual Property Rights
Shavell, Steven - 1999
This paper compares reward systems to intellectual property rights (patents and copyrights). Under a reward system, innovators are paid for innovations directly by government (possibly on the basis of sales), and innovations pass immediately into the public domain. Thus, reward systems engender...
Persistent link: https://www.econbiz.de/10012471851
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International Debt Service and Economic Growth : Some Simple Analytics
Feldstein, Martin - 1986
Any arrangement that is to serve as a long-term framework for international debt management must permit a politically acceptable rate of economic growth in the debtor countries while gradually improving the financial positions of the creditor banks. In addition, a realistic debt management...
Persistent link: https://www.econbiz.de/10012476994