schemes affect liquidity provision and asset prices. Investors face a trade-off between risk and return. At the benefit of a … liquidity provision to force traders to trade at a lower price. By contrast, bonus caps make traders value the asset less than … investors. This should encourage liquidity provision and decrease prices. In contrast to these predictions, we find that under …

, in line with economic theory, that firms with no market power are able to shift a high share of a tax burden on to …

We develop a competitive equilibrium theory of a market for votes. Before voting on a binary issue, individuals may buy …