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Kaplow, Louis - 2009

The possibility that individuals may derive utility from the mere fact of holding wealth has long been recognized. A … simple intertemporal model featuring utility from accumulation is used here to examine consumption and savings, the choice … utility from accumulation helps to explain a number of empirical regularities that otherwise seem inconsistent with optimizing …

Persistent link: https://www.econbiz.de/10013153038

Share Repurchases, Equity Issuances, and the Optimal Design of Executive Pay

Fried, Jesse M. - 2011

This Article identifies a cost to public investors of tying executive pay to the future value of a firm's stock - even its long-term value. In particular, such an arrangement can incentivize executives to engage in share repurchases (when the current stock price is low) and equity issuances...

Persistent link: https://www.econbiz.de/10013123251

Should Consumers Be Permitted to Waive Products Liability? Product Safety, Private Contracts, and Adverse Selection

Choi, Albert H. - 2015

A potentially dangerous product is supplied by a competitive market. The likelihood of a product-related accident depends on the unobservable precautions taken by the manufacturer and on the type of the consumer. Contracts include the price to be paid by the consumer ex ante and stipulated...

Persistent link: https://www.econbiz.de/10013038569

Optimal Control of Externalities in the Presence of Income Taxation

Kaplow, Louis - 2007

A substantial literature examines second-best environmental policy, focusing particularly on how the Pigouvian directive that marginal taxes should equal marginal external harms needs to be modified in light of the preexisting distortion due to labor income taxation. Additional literature is...

Persistent link: https://www.econbiz.de/10012731608

A New Method of Random Sampling to Reduce the Cost of Regulatory Monitoring

Jackson, Jr., Robert J. - 2006

This Article proposes a new method of reducing the costs administrative agencies incur in monitoring regulatory compliance by a firm that operates multiple sources of risk, such as air-polluting smokestacks. The expense of individually monitoring such sources directly may consume a large share...

Persistent link: https://www.econbiz.de/10012732649

Do Excessive Legal Standards Discourage Desirable Activity?

Shavell, Steven - 2006

Overly strict legal standards are commonly thought to discourage parties from engaging in socially desirable activities. It is explained here, however, that excessive legal standards cannot lead to undesirable curtailment of activities when legal standards are enforced by liability for...

Persistent link: https://www.econbiz.de/10012733164

Bureaucratic Decision Costs and Endogenous Agency Expertise

Stephenson, Matthew - 2006

This paper analyzes the impact of bureaucratic decision costs on agency expertise. The analysis shows that the effect of the cost associated with adopting a new regulation (the enactment cost) on agency expertise depends on what the agency would do if it remains uninformed. If an uninformed...

Persistent link: https://www.econbiz.de/10012733175

Optimal Income Transfers

Kaplow, Louis - 2006

A substantial literature addresses the design of transfer programs and policies, including the negative income tax, other means-tested transfers, the earned income tax credit, categorical assistance, and work inducements. This work is largely independent of that on the optimal nonlinear income...

Persistent link: https://www.econbiz.de/10012733176

Capital Levies and Transition to a Consumption Tax

Kaplow, Louis - 2012

The merits of capital levies depend on the likelihood of repetition, the extent of anticipation, and its effects on distribution. The relevance of these features, which in varying degrees is underdeveloped or underappreciated in pertinent literatures, is elaborated and then considered with...

Persistent link: https://www.econbiz.de/10012713229

Hyperbolic Discounting of Public Goods

Viscusi, W. Kip - 2012

, yielding 14,570 decisions. Both the conditional fixed effect logit estimates of the random utility model and mixed logit …

Persistent link: https://www.econbiz.de/10012713232