The paper examines the payout policy of UK firms listed on the London Stock Exchange during the 1990s.We complement the existing payout literature studies by analyzing jointly the trends in dividends and share repurchases.Unlike in the US, we find that, in the UK, firms do not demonstrate a...

Economic research overwhelmingly shows that the utility individuals derive from their income depends on the incomes of others. Theoretical literature has proven that these status effects imply a more egalitarian income policy than in the conventional case, in which people value their income...

This paper explores the optimal interaction between the tax system and unemployment compensation in insuring people against the risks of involuntary unemployment and low ability.To that end, we introduce search unemployment in a model of optimal non-linear income taxation.We find that the...

We study an experimental market in which the structure of the information flows is endogenized. When making an offer, traders choose not only the price at which they are prepared to trade, but also the subset of traders they want to inform about the offer. This design allows for two extreme...

Limit core allocations are the ones that remain in the core of a replicated economy.An equivalent notion for economies with public goods is Schweizer s concept of club e ciency under a variable number of economic agents.We extend this notion to economies with goods that have a semi-public...