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Dynamic Optimal Income Taxation with Government Commitment

Brito, Dagobert L. - 1990

The optimal income taxation problem has been extensively studied in one-period models. This paper analyzes optimal income taxation when consumers work for many periods. We also analyze what information, if any, that the government learns about abilities in one period can be used in later periods...

Persistent link: https://www.econbiz.de/10012475772

Incentives, Information, and Organizational Design

Stiglitz, Joseph E. - 1989

This paper explores the interaction between incentives, information, and organizational design. It argues that the virtues of the market economy do not lie so much in the vision of competition and decentralization embodied in the Arrow-Debreu model, or the Lange-Lerner-Taylor analysis of market...

Persistent link: https://www.econbiz.de/10012476069

Financial Market Imperfections and Productivity Growth

Greenwald, Bruce C. - 1989

This paper examines the impact of financial market imperfections on long-term productivity growth. It focuses on failures in markets for the sale of equity securities and hence on the failure of markets which help firms diversify the risks of real investment. The paper examines separately...

Persistent link: https://www.econbiz.de/10012476108

Banks as Social Accountants and Screening Devices for the Allocation of Credit

Stiglitz, Joseph E. - 1988

which they induce in society's accounting system and in the mechanisms by which it is ascertained who is credit worthy … virtually absent. The paper provides a critique of the transactions based approach to monetary theory, and sketches a general … equilibrium formulation of the theory. The paper traces out some of the policy implications of the theory. We show that certain …

Persistent link: https://www.econbiz.de/10012476351

Pareto Inefficiency of Market Economies : Search and Efficiency Wage Models

Greenwald, Bruce - 1988

This paper shows that market economies with search and in which wages are affected by efficiency wage considerations are not constrained Pareto efficient. Wages are not set at Pareto efficient levels, nor is the level of employment (unemployment) Pareto efficient. We identify the nature of the...

Persistent link: https://www.econbiz.de/10012476413

Vertical Restraints and Producers' Competition

Rey, Patrick - 1988

This paper examines the rationale for vertical restraints. It shows that there are important circumstances under which these restrictions have significant anti-competitive effects. The paper focuses on the consequences of exclusive territorial arrangements among the retailers of two products...

Persistent link: https://www.econbiz.de/10012476471

Randomization with Asymmetric Information

Arnott, Richard J. - 1988

; and v) considers why randomization appears to occur less often in practice than the theory suggests it should …

Persistent link: https://www.econbiz.de/10012476559

The Basic Analytics of Moral Hazard

Arnott, Richard J. - 1988

This paper develops the basic analytics of moral hazard, for the two-outcome case where either a fixed damage accident occurs or it does not. The analysis focuses on the relationship between the insurance premium paid and the insurance benefits received in the event of an accident, and is...

Persistent link: https://www.econbiz.de/10012476583

Information and Multi-Period Optimal Income Taxation with Government Commitment

Brito, Dagobert L. - 1987

The optimal income taxation problem has been extensively studied in one- period models. When consumers work for many periods, this paper analyzes what information, if any, that the government learns about abilities in one period can be used in later periods to attain more redistribution than in...

Persistent link: https://www.econbiz.de/10012476609

Privatization, Information and Incentives

Sappington, David E. M. - 1987

In this paper, the choice between public and private provision of goods and services is considered. In practice, both modes of operation involve significant delegation of authority, and thus appear quite similar in some respects. The argument here is that the main difference between the two mod-...

Persistent link: https://www.econbiz.de/10012476874