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dirty technology can be unlocked and move towards the clean technology. The main extension involves the inclusion of the … effect of recombinant innovation of the two technologies. A mechanism of endogenous competition is described involving a … positive externality of increasing returns to investment which are counterbalanced by recombinant innovation. We determine …
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This paper analyzes optimal linear taxes on capital and labor incomes in a life-cyclemodel of human capital investment, financial savings, and labor supply with heteroge-nous individuals. A dual income tax with a positive marginal tax rate on not onlylabor income but also capital income is...
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knowledge of technologies becomesobsolete. After a shock in technology, the worker depreciates on hishuman capital. The lower …
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This paper analyses the market transformations in heritage tourism destinations when excessivetourism demand determines the emergence of a class of excursionists among visitors. Building onthe approach of Keane (1997) and Shapiro (1983), our model highlights some importantdimensions of...
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When the financial positions of pension funds worsen, regulations prescribe that pension funds reduce the gap between their assets (invested contributions) and their liabilities (accumulated pension promises). This paper quantifies the business cycle effects and distributional implications of...
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