This paper highlights the arbitrage by firms in Miller's (1977) equilibrium when consumers face (short) selling constraints to restrict tax arbitrage. In this competitive equilibrium firms create risky tax-preferred securities that divide investors into strict tax clienteles; any changes in...

Using detail Australian wool auction data we test for further evidence of pricing anomalies at sequential auctions.

This paper uses the geometric analysis in Cornes and Sandler to demonstrate the Lindahl equilibrium when private contributions are subsidised in a non-cooperative setting i.e., in a setting where consumers take as constant the contributions by all others when making their own.