This paper was the basis of the paper entitled "Risk and the Rate of Return on Financial Assets: Some Old Wine in New Bottles," which was published in the Journal of Financial and Quantitative Analysis in December 1975. Differences between the two papers result from the refereeing process. This...

This article uses traditional excess burden analysis to make comparative welfare judgments about the three general types of poverty programs noted in the title. Its central conclusions are: (1) a given welfare increase can be achieved at lower cost with head grants than with either of the other...

This article points up a fundamental conflict between the horizontal and vertical equity of a progressive income tax when prices vary spatially. A model is developed to show that progressive taxes on nominal income—designed to further vertical equity in taxation—create inequalities...