Incomplete markets do not provide accurate information about people's subjective valuations of goods. Knowledge of these subjective valuations is often important, however, for example when compensation payments for damaged or destroyed property are required. We argue that in such cases, an...

The excess burden of taxes can be reduced by shifting taxes from labor and capital onto land and by replacing progressive taxes with proportional taxes. This article uses a dynamic general equilibrium model to develop estimates of the magnitudes of reduction in excess burden that can be achieved...