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Optimum Taxation of Life Annuities
Brunner, Johann K. - 2006
The market for private life annuities is characterised by adverse selection, that is, contracts offer lower than fair payoffs to individuals with low life expectancy. Moreover, life expectancy and income have been found to be positively correlated. The paper shows that a linear tax on annuity...
Persistent link: https://www.econbiz.de/10012781543
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Morbidity, Mortality, Health Expenditures and Annuitization
Tang, Kam Ki - 2010
In this paper we explore the implication of a morbidity risk for the relationship between longevity and annuitization. We divide old-age life into two periods with uncertain survival from the end of the first to the end of the second. We show that a rise in the survival rate causes different...
Persistent link: https://www.econbiz.de/10012759851
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Economic Growth and Longevity Risk with Adverse Selection
Heijdra, Ben J. - 2010
We study a closed economy featuring heterogeneous agents and exhibiting endogenous economic growth due to interfirm external effects. Individual agents differ in terms of their mortality profile. At birth, nature assigns a health status to each agent. Health type is private information and...
Persistent link: https://www.econbiz.de/10013148997
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Guaranteed Renewable Life Insurance Under Demand Uncertainty
Hoy, Michael - 2018
Guaranteed renewability is a prominent feature in many health and life insurance markets. It is well established in the literature that, when there is (only) risk type uncertainty, the optimal GR contract with renewal price set at the actuarially fair price for low risk types provides full...
Persistent link: https://www.econbiz.de/10012913273
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Has the EMU Reduced Wage Growth and Unemployment? Testing a Model of Trade Union Behaviour
Mikosch, Heiner - 2013
By using a model of trade union behaviour Grüner (2010) argues that the introduction of the European Monetary Union (EMU) led to lower wage growth and lower unemployment in participating countries. Following Grüner's model, monetary centralization lets the central bank react less flexibly to...
Persistent link: https://www.econbiz.de/10013093430
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The Elasticity of Derived Demand, Factor Substitution and Product Demand : Corrections to Hicks' Formula and Marshall's Four Rules
Chirinko, Robert S. - 2006
Nearly 75 years ago, John Hicks introduced and formalized the concept of the elasticity of substitution between capital and labour and its relation to derived demand. The resulting formula has proven very useful in understanding the derived demand for productive factors, the distribution of...
Persistent link: https://www.econbiz.de/10012779812
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Heterogeneity in Needs and Negative Marginal Tax Rates
Bastani, Spencer - 2017
This paper highlights the possibility that negative marginal tax rates arise in an intensive-margin optimal income tax model where wages are exogenous and preferences are homogeneous, but where agents differ both in skills (labor market productivity) and their needs for a work-related...
Persistent link: https://www.econbiz.de/10012942345
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Noblesse Oblige? Determinants of Survival in a Life and Death Situation
Frey, Bruno S. - 2008
This paper explores the determinants of survival in a life-and-death situation created by an external and unpredictable shock. We are interested in seeing whether pro-social behaviour matters in such extreme situations. We therefore focus on the sinking of the RMS Titanic as a quasi-natural...
Persistent link: https://www.econbiz.de/10012769705
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VAT Notches
Liu, Li - 2015
taxable income to an indirect tax setting. We bring the theory to the data, using linked administrative VAT and corporation … tax records in the UK from 2004-2009. Consistently with the theory, voluntary registration is positively related to the … transactions, again consistently with the theory. We provide an estimate of the elasticity of the VAT tax base in the range of 0 …
Persistent link: https://www.econbiz.de/10013021432
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How Will Brexit Affect Tax Competition and Tax Harmonization? The Role of Discriminatory Taxation
Fuest, Clemens - 2018
This paper develops a model of tax competition with three countries, which initially form a union where countries refrain from using different tax rates in different sectors of the economy. We study the impact of one country leaving the union. We show that the introduction of discriminatory...
Persistent link: https://www.econbiz.de/10012927512