This paper studies banks' competitive behavior on the deposit side of the Italian retail banking industry. We use a structural model to estimate demand for deposit services and test several supply models. We find that both the competitive, differentiated product Bertrand and the perfectly...

The paper employs a rank-dependent formulation of the social welfare function with time-separable utilities to evaluate the economic consequences of the mobility process underlying the transformation of the income distribution over time. The resultant class of measures can be decomposed either...

The rights to use publicly-managed natural resources are sometimes distributed by lottery, and typically these rights are nontransferable. Prohibition of post-lottery permit transfers discourages applicants from entering the lottery solely for profitable permit sale, so only those who personally...

Local buses in Britain, outside London, were ‘deregulated’ as a result of the 1985 Transport Act, with most of the organisational changes implemented in 1986 but many of the ownership changes occurring over a longer period. By contrast, in London, the 1984 London Regional Transport Act...

When defining and estimating the cost of children and equivalent incomes, children's consumption is normally defined as the household's cash expenditure on consumption goods for children. In fact, a heavy item in the cost of children under school age is time. This paper examines the cost of...

A benchmark result in the political economy of taxation is that majority voting over a linear income tax schedule will result in an ine±ciently high tax rate whenever the median voter has a below average income. The present paper examines the role of tax avoidance for this welfare assessment....

Samuelson's (1938) weak (generalized) axiom of revealed preference- WGARP-is a minimal and appealing consistency condition of choice. We offer a rationalization of WGARP in general settings. Our main result is an exact analog of the celebrated Afriat's theorem, but for WGARP. Its ordinal...