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  • 1
    Language: English
    In: Theory and Decision, 2010, Vol.69(1), pp.17-26
    Description: This paper uses duality to elaborate Slutzky equations of risks in quasi-linear decision models extended by independent background risks. Wealth, substitution and total effects are characterized in terms of mean-variance preferences. It is shown that both Pratt and Zeckhauser’s proper risk aversion and Kimball’s standard risk aversion are sufficient for negative substitution effects.
    Subject(s): Mean ; Variance ; Slutzky equation ; Substitution effect
    ISSN: 0040-5833
    E-ISSN: 1573-7187
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  • 2
    Language: English
    In: American Economic Review, 2012, Vol.102(5), pp.2349-2357
    Description: This paper points to the important role that the elasticity of aggregate capital supply with respect to the net rate of return to capital plays for the efficiency of policymaking in a decentralized economy with mobile capital and spillovers among jurisdictions. In accordance with previous studies, we show that under the assumption of a fixed capital supply (zero capital supply elasticity) the decentralized policy choice is optimal. If the capital supply elasticity is strictly positive, however, capital tax rates are inefficiently low in the decentralized equilibrium. ( JEL E22, E61, H25, H77)
    Subject(s): Studies ; Federalism ; Elasticity of Demand ; Economics ; Decentralization ; Experimental/Theoretical ; Economic Theory ; Politics & Political Behavior;
    ISSN: 0002-8282
    E-ISSN: 19447981
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  • 3
    In: The American economic review, 2012, Vol.102(5), p.2349
    ISSN: 0002-8282
    Source: wiso Wirtschaftswissenschaften (GBI-Genios Deutsche Wirtschaftsdatenbank GmbH) 〈img src="http://exlibris-pub.s3.amazonaws.com/wiso_logo.jpg" style="vertical-align:middle;margin-left:7px"〉
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  • 4
    Article
    Article
    2008
    ISSN: 00251909 
    Language: English
    In: Management Science, Mar 2008, Vol.54(3), pp.586-593
    Description: This paper transfers the concept of Gollier and Pratt's (Gollier, C., J. W. Pratt. 1996. Risk vulnerability and the tempering effect of background risk. Econometrica 64 1109-1123) risk vulnerability into mean variance preferences. Risk vulnerability is shown to be equivalent to the slope of the mean...
    Subject(s): Decision Analysis ; Risk Assessment ; Variance Analysis ; Studies ; Experiment/Theoretical Treatment ; Management Science/Operations Research
    ISSN: 00251909
    E-ISSN: 15265501
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  • 5
    In: Resource and Energy Economics, 2013
    Description: We examine strategic incentives to subsidize green energy in a group of countries that operates an international carbon emissions trading scheme. In our model, green subsidies of either sign on top of emissions cap regulation reduce the welfare of the group of countries, but this may not hold for individual countries. The cases of small and large countries turn out to exhibit significant differences. While small countries refrain from subsidizing green energy and thus implement the efficient allocation, large permit-importing countries may subsidize green energy in order to influence the permit price in their favor. © 2013.
    Subject(s): Brown Energy ; Emissions Trading ; Energy Subsidies ; Green Energy
    ISSN: 09287655
    Source: Scopus (Elsevier B.V)〈img src="http://exlibris-pub.s3.amazonaws.com/Scopus.jpg" style="vertical-align:middle;margin-left:7px"〉
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  • 6
    Language: English
    In: Journal of Environmental Economics and Management, September 2013, Vol.66(2), pp.185-201
    Description: Internalizing the global negative externality of carbon emissions requires the flattening of the extraction path of world fossil energy resources (=world carbon emissions). We consider governments with sign-unconstrained emission taxes at their disposal and seeking to prevent world emissions from exceeding some binding aggregate emission ceiling in the medium term. Such a ceiling policy can be carried out either in full cooperation or by a sub-global climate coalition. Unilateral action has to cope with carbon leakage and high costs, which makes a strong case for choosing a policy that implements the ceiling in a cost-effective way. In a two-country, two-period general equilibrium model with a non-renewable fossil-energy resource, we characterize the unilateral cost-effective ceiling policy and compare it with its fully cooperative counterpart. We show that with full cooperation there exists a cost-effective ceiling policy in which only first-period emissions are taxed at a rate...
    Subject(s): Unilateral Climate Policy ; Intertemporal Climate Policy ; Non-Renewable Energy Resources ; Emission Taxes ; Unilateral Climate Policy ; Intertemporal Climate Policy ; Non-Renewable Energy Resources ; Emission Taxes ; Environmental Sciences ; Economics
    ISSN: 0095-0696
    E-ISSN: 1096-0449
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  • 7
    Article
    Article
    2015
    ISSN: 0176-1714 
    Language: English
    In: Social Choice and Welfare, 2015, Vol.44(2), pp.319-348
    Description: The welfare state provides social insurance for lifetime risks. In that framework welfare stigma in form of a social norm against living off (net-)transfers is introduced, and the impact of welfare stigma on self-insurance and social insurance that works through redistributive taxation is analyzed. It turns out that introducing welfare stigma reduces the socially optimal self-insurance and raises the socially optimal social insurance. It may be efficient for the society to operate at a point on its opportunity frontier where an increase in risk taking decreases mean post-tax income and welfare stigma. In the presence of moral hazard self-insurance efforts are invariant with respect to welfare stigma whereas social insurance increases upon introducing welfare stigma. Furthermore, it is shown that self-insurance and social insurance are inefficiently low or high depending on the preference intensity of the social norm. Fig. 1 Efficient risk taking in dependence of the social norm
    Subject(s): Welfare State ; Risk Theory ; Social Norms ; Social Security ; Taxation ; Stigma ; Sociology;
    ISSN: 0176-1714
    E-ISSN: 1432-217X
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  • 8
    Article
    Article
    2012
    ISSN: 09275940 
    Language: English
    In: International Tax and Public Finance, Apr 2012, Vol.19(2), pp.203-215
    Description: Ogawa et al. (J. Urban Econ. 60:350, 2006) analyze capital tax competition in a fixed-wage approach and show that the original results of Zodrow and Mieszkowski (J. Urban Econ. 19:356, 1986) are not preserved in the presence of unemployment. In the present paper, we challenge this view and investigate...
    Subject(s): Studies ; Economic Theory ; Economic Models ; Public Finance ; Labor Market ; Unemployment ; Capital Gains ; Tax Revenues ; Labor Economics ; Experimental/Theoretical ; Economic Theory ; Taxation
    ISSN: 09275940
    E-ISSN: 1573-6970
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  • 9
    Article
    Article
    2014
    ISSN: 0047-2727 
    Language: English
    In: Journal of Public Economics, September 2014, Vol.117, pp.50-59
    Description: This paper provides a rationale for subsidizing green (renewable) energy production. Within a multi-country model where energy is produced with mobile capital in green and dirty production, we investigate the countries' decentralized choice of emissions taxes and green energy subsidies. Without green subsidies, the emissions tax is set inefficiently low, since each country ignores the environmental externality inflicted on other countries and since the emissions tax leads to a capital outflow to other countries. When the green subsidy is available, countries choose a positive subsidy rate since this reduces the overall distortion of the tax–subsidy system. In doing so, each country internalizes a larger part of the environmental externality. As a consequence capital is relocated from the dirty into the clean sectors and reduces global pollution. Hence, the subsidy is not only beneficial for the country which imposes it but also for all countries. •We analyze...
    Subject(s): Renewable Energy ; Capital Mobility ; Green Subsidy ; Emissions Regulation ; H71 ; Q42 ; Q58 ; Renewable Energy ; Capital Mobility ; Green Subsidy ; Emissions Regulation ; Political Science ; Economics ; Mathematics
    ISSN: 0047-2727
    E-ISSN: 1879-2316
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  • 10
    Language: English
    In: Journal of Public Economics, 2011, Vol.95(7), pp.723-733
    Description: This paper contributes to the discussion on Separate Accounting versus Formula Apportionment in the corporate income taxation of multinational enterprises. The innovation is that we consider a general equilibrium tax competition model with an endogenous interest rate. In contrast to previous studies, we show that tax rates are inefficiently low not only under Separate Accounting, but also under Formula Apportionment. Moreover, we identify a wide range of empirically relevant cases where Formula Apportionment is superior to Separate Accounting, independent of the magnitude of the concealment cost of profit shifting. The reason for the change in results is that one country's tax rate affects other countries additionally via changes in the interest rate. ► Compares Separate Accounting and Formula Apportionment in general equilibrium model. ► Shows that tax rates are inefficiently low under both tax principles. ► Shows that Formula Apportionment is superior independent...
    Subject(s): Corporate Income Tax ; Separate Accounting ; Formula Apportionment ; H7 ; H73 ; Corporate Income Tax ; Separate Accounting ; Formula Apportionment ; Political Science ; Economics ; Mathematics
    ISSN: 0047-2727
    E-ISSN: 1879-2316
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