In this paper we study whether majority voting equilibria exist when preferences over public policies are not single-peaked. The government levies a proportional income tax. Tax revennues is used to finance a uniform lump-sum transfer and public education. Individuals vote on the composition of...

In this paper we have developed a general equilibrium model in which the social welfare effects of the two major govenment health care programs, Medicare and Medicaid, and the special tax treatment of employer provided medical benefits can be simultaneously evaluated.

We develop a model of an overlapping generations economy characterized by provate pensions where risk averse agents face both longetivity and investment risks.