How should we measure economic efficiency? The canonical measure is an unweighted sum of willingnesses to pay. In … contrast, this paper provides efficient welfare weights that implement the Kaldor-Hicks tests for efficiency but account for ….5-2x more than surplus to the rich. I illustrate how to use these weights to evaluate the efficiency of government policy …

parameterized model, and determine the consequences of various tax reforms. Reductions in housing tax benefits generally reduce …

In many countries, bankruptcy is associated with low recovery by creditors. We develop a model of corporate credit … borrowers will use bank loans anywhere, but also bonds when bankruptcy is efficient. The model matches empirical debt mix …-standard-deviation increase in the efficiency of bankruptcy is associated with an increase in the stock of corporate bonds equal to 5% of firm …

efficiency of collaboration and the credit allocation that arises after the completion of collaborative work. In this paper, we … explore this tradeoff by developing a model to structure our understanding of the factors shaping researcher collaborative …

-best allocation and show efficiency can be implemented with decentralization using head taxes. We calibrate the model and compare …-community model with mobile and heterogeneous households, and with flexible housing supplies. We characterize the first … choice underlies the failure to achieve efficiency with decentralization and property taxes: Poorer households crowd richer …

This paper infers the terms of trade effects of Free Trade Agreements (FTA's) with the structural gravity model. Using … measure of the change in iceberg melting, global efficiency rises 0.62% …