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The Role of Leasing Under Adverse Selection

Hendel, Igal - 2008

Leasing contracts specify a rental rate and an option price at which the used good can be bought at the termination of … prices. In contrast, under adverse selection, leasing contracts affect equilibrium allocations in a way that matches observed … behavior in the car market. We show that a social planner can use leasing contracts to improve welfare but they are imperfect …

Persistent link: https://www.econbiz.de/10012774893

Liquidation Values and the Credibility of Financial Contract Renegotiation : Evidence from U.S. Airlines

Benmelech, Efraim - 2008

How do liquidation values affect financial contract renegotiation? While the amp;apos;incomplete contractingamp;apos; theory of financial contracting predicts that liquidation values determine the allocation of bargaining power between creditors and debtors, there is little empirical evidence on...

Persistent link: https://www.econbiz.de/10012771713

Owning, Using and Renting : Some Simple Economics of the "Sharing Economy"

Horton, John J. - 2016

New Internet-based markets enable consumer/owners to rent out their durable goods when not using them. Such markets are modeled to determine ownership, rental rates, quantities, and surplus generated. Both the short run, before consumers can revise their ownership decisions, and the long run, in...

Persistent link: https://www.econbiz.de/10012997898

The Economics of Time-Limited Development Options : The Case of Oil and Gas Leases

Herrnstadt, Evan; Kellogg, Ryan; Lewis, Eric - 2022

Oil and gas leases between mineral owners and extraction firms ubiquitously include royalty and primary term clauses. The royalty denotes the share of revenue that is paid to the mineral owner, and the primary term specifies the date by which the firm must complete a well, lest it lose the...

Persistent link: https://www.econbiz.de/10013296175

Socioeconomic Differences in the Impact of Smoking Tobacco and Alcohol Prices on Smoking in India

Guindon, G. Emmanuel - 2011

The threat posed by smoking to health in India is severe. Already 1 in 5 of all adult male deaths and 1 in 20 of all adult female deaths at ages 30-69 are due to smoking and India will soon have 1 million smoking deaths a year. Increasing tobacco prices has been found to be the single most...

Persistent link: https://www.econbiz.de/10013118833

An Optimal Tax System

Kaplow, Louis - 2011

A notable feature and principal virtue of Tax by Design is its system-wide perspective on different elements of the tax system. This review essay builds on this trait and offers a more explicit foundation for the report's general approach, drawing on a distribution-neutral methodology that is...

Persistent link: https://www.econbiz.de/10013122469

Taxing Consumption and Other Sins

Hines Jr., James R. - 2007

story, since even controlling for total tax collections, levels of national income, government decentralization, and …

Persistent link: https://www.econbiz.de/10012778164

Comparing Average and Marginal Tax Rates Under the Fairtax and the Current System of Federal Taxation

Kotlikoff, Laurence J. - 2007

This paper compares marginal and average tax rates on working and saving under our current federal tax system with those that would arise under a federal retail sales tax, specifically the FairTax. The FairTax would replace the personal income, corporate income, payroll, and estate and gift...

Persistent link: https://www.econbiz.de/10012778621

Tax Simplicity and Heterogeneous Learning

Aghion, Philippe - 2017

We study how strongly individuals respond to tax simplicity and how they learn about the complexities of the tax system. We focus on the self-employed, who can more easily adjust to tax incentives and whose responses directly stem from their own understanding of the tax system. We use new French...

Persistent link: https://www.econbiz.de/10012942708

How Globalization Affects Tax Design

Hines Jr., James R. - 2010

The economic changes associated with globalization tighten financial pressures on governments of high-income countries by increasing the demand for government spending while making it more costly to raise tax revenue. Greater international mobility of economic activity, and associated...

Persistent link: https://www.econbiz.de/10012757962