opportunism and collective values. Shadow markets may, however, enhance consumer welfare by limiting the pricing power of firms …

opportunism and collective values. Shadow markets may, however, enhance consumer welfare by limiting the pricing power of firms …

opportunism and collective values. Shadow markets may, however, enhance consumer welfare by limiting the pricing power of firms …

(b) the weights in the social welfare function given to consumers and firms are different. We assume quasilinear utility … less elastic. When the weights given to consumers and firms are not identical, social welfare is not necessarily concave … and profits might be negative at the unrestricted optimum. We characterize social welfare optimum with a bound on maximum …

the excessive entry prediction. Tax evasion raises the number of firms in market equilibrium and can alter their welfare … the direct welfare consequences of tax evasion and the relationship between evasion and the tax base. We also determine … conditions which imply that overall welfare declines with tax evasion. …

determined by the direct welfare consequences of tax evasion and the relationship between evasion and the tax base. We also … determine conditions which imply that overall welfare declines with tax evasion. …

the excessive entry prediction. Tax evasion raises the number of firms in market equilibrium and can alter their welfare … the direct welfare consequences of tax evasion and the relationship between evasion and the tax base. We also determine … conditions which imply that overall welfare declines with tax evasion. …

determined by the direct welfare consequences of tax evasion and the relationship between evasion and the tax base. We also … determine conditions which imply that overall welfare declines with tax evasion. …