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Fullerton, Don - 2021

When government needs more revenue than is available from a pollution tax rate equal to marginal environmental damage, our intuition tells us to raise the tax on the clean good above zero and to raise the tax on the dirty good above that first-best Pigouvian rate. Yet new results suggest that...

Persistent link: https://www.econbiz.de/10013218414

Empirical Estimates for Environmental Policy Making in a Second-Best Setting

West, Sarah E.; Williams, Roberton C. - 2021

This study estimates parameters necessary to calculate the optimal second-best gasoline tax, most notably the cross-price elasticity between gasoline and leisure. Prior work indicates that in a second-best setting with distortionary income taxes, both the cost of environmental regulation and the...

Persistent link: https://www.econbiz.de/10013237599

Optimal Control of Externalities in the Presence of Income Taxation

Kaplow, Louis - 2010

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/10012761266

Are Invisible Hands Good Hands? Moral Hazard, Competition, and the Second Best in Health Care Markets

Gaynor, Martin; Haas-Wilson, Deborah; Vogt, William B. - 2021

The nature, and normative properties, of competition in health care markets has long been the subject of much debate. In particular, policymakers have exhibited a great deal of reservation toward competition in health care markets, as demonstrated by the plethora of regulations governing the...

Persistent link: https://www.econbiz.de/10013235279

Intertemporal Distortions in the Second Best

Albanesi, Stefania - 2010

This paper studies the long run properties of intertemporal distortions in a broad class of second best economies. Our unified framework encompasses and extends many well known models, such as variants of the Ramsey taxation model with aggregate or idiosyncratic risk, and economies with...

Persistent link: https://www.econbiz.de/10012759663

Rational Addiction, Peer Externalities and Long Run Effects of Public Policy

Kenkel, Donald Scott; Reed III, Robert R.; Wang, Ping - 2021

addiction. In contrast to prior research, we allow individuals to make their consumption decisions simultaneous with savings and … labor supply. When addictive goods have a stronger habit formation effect (an addiction effect'), individuals choose to save … less due to the anticipated adverse health consequences of addiction (a detrimental health effect'). This is particularly …

Persistent link: https://www.econbiz.de/10013233845

Pareto Efficient Taxation and Expenditures : Pre- and Re-Distribution

Stiglitz, Joseph E. - 2017

This paper shows that there is a presumption that Pareto efficient taxation entails a positive tax on capital. When tax and expenditure policies can affect the market distribution of income in ways that cannot be directly offset, those effects need to be taken into account, reducing the burden...

Persistent link: https://www.econbiz.de/10012946480

Pareto Efficient and Optimal Taxation and the New New Welfare Economics

Stiglitz, Joseph E. - 2021

This paper surveys recent developments in the theory of pareto efficient taxation. This literature attempts to …

Persistent link: https://www.econbiz.de/10013221977

What is the Optimal Immigration Policy? Migration, Jobs and Welfare

Guerreiro, João; Rebelo, Sérgio; Teles, Pedro - 2021

We study the immigration policy that maximizes the welfare of the native population in an economy where the government designs an optimal redistributive welfare system and supplies public goods. We show that when the government can design different tax systems for immigrants and natives, free...

Persistent link: https://www.econbiz.de/10013223074

Taxes and Employment Subsidies in Optimal Redistribution Programs

Beaudry, Paul; Blackorby, Charles - 2021

This paper characterizes an optimal redistribution program when taxation authorities: (1)" are uninformed about individuals' value of time in both market and non-market activities observe both market-income and time allocated to market employment, and (3) are utilitarian. " Formally, the problem...

Persistent link: https://www.econbiz.de/10013228016

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