The object of this paper is to reexamine possible non-existence of Cournet-Nash equilibrium using the war of attrition, when there are increasing returns to rent-seeking expenditures. In our multi-person, multi-period model based on the war of attrition, each player, in addition to determining...

This paper investigates dynamic properties of fiscal reconstruction by analyzing the infinite duration dynamic game among various interest groups with a framework of voluntary acceptance of tax burden. By comparing the first best solution, the open-loop solution under enforceable commitments,...

Feldstein (1977) questioned the classical proposition which attributed to Ricard (call the Ricardian Classical Proposition), that an increase in the land rent tax lowers the price of land by the capitalized value of the tax and thus the landowners bear the entire burden of the tax, in an...

This paper reexamines the problem of long-run tax incidence by using a two-sector growth model in which finitely-lived individuals undertake intertemporal optimizing decisions in the presence of annuity markets. Under a constant relative risk aversion utility function, none of the selective...

This paper investigates dynamic properties of environmental externalities with a framework of voluntary provision of a public good by analyzing the infinite duration dynamic game. We compare the first best solution, the open-loop solution under enforceable commitments, and the closed-loop...

This paper investigates dynamic properties of fiscal reconstruction process by analyzing the infinite duration dynamic game among various interest groups with a framework of voluntary acceptance of tax burden. By comparing the first best solution, the open-loop solution under enforceable...

This paper considers the effects of a proportional consumption tax with the same rate over time on the real growth path of a monetary economy. The analysis uses a variety of stylized monetary growth models in which individual's consumption-saving decision is based on intertemporal utility...