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Sovereign debt assistance and democratic decision-making 主权债务援助与民主决策
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-06-29 DOI: 10.1111/jpet.12656
Ruth Ben-Yashar, Miriam Krausz, Shmuel Nitzan
{"title":"Sovereign debt assistance and democratic decision-making","authors":"Ruth Ben-Yashar,&nbsp;Miriam Krausz,&nbsp;Shmuel Nitzan","doi":"10.1111/jpet.12656","DOIUrl":"10.1111/jpet.12656","url":null,"abstract":"<p>Organizational reforms stimulating democratic decision-making play a role in the economic effectiveness of concessional debt and debt relief. Effectiveness is defined as the increase in project approval produced by debt assistance. This claim is supported by a theoretic model illustrating the role of democratic decision-making in increasing lending as well as in determining the effectiveness of debt assistance. Using the framework of group decision-making in a fixed-size committee, we suggest a novel explanation to the advantage of conditioning debt assistance on organizational reforms that target the decision-making structure in organizations. The results imply that if the aid organization can affect the level of democratization in organizations, it can exploit its advantage and set the debt assistance that induces the maximal increase in project approval. We derive conditions under which organizational reforms that impose various forms of democratic norms in decision-making are important for increasing the effectiveness of debt assistance. We also point to the case where replacing an autocratic decision maker can cause debt assistance effectiveness to decline.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 5","pages":"930-943"},"PeriodicalIF":1.1,"publicationDate":"2023-06-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42596905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Equity-settled share-based payments and their (strategic) use under asymmetric information 股权结算的股份支付及其在不对称信息下的（战略）使用
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-06-27 DOI: 10.1111/jpet.12657
Stefano Bolatto, Giuseppe Pignataro
{"title":"Equity-settled share-based payments and their (strategic) use under asymmetric information","authors":"Stefano Bolatto,&nbsp;Giuseppe Pignataro","doi":"10.1111/jpet.12657","DOIUrl":"10.1111/jpet.12657","url":null,"abstract":"<p>Share-based payments are of widespread use in today's economy. Consulting firms are increasingly accepting equity compensation for their services (particularly from startups) and many governments provide fiscal incentives to support this choice. Likewise, profit-sharing licensing is an on-trend business practice by innovative firms and patent holders when transferring their technology to interested adopters. This paper unveils strategic considerations according to which an agent/seller designs its optimal policy in regard to the equity share to request in exchange for its service, technology, or trademark. The model assumes a fringe of interested users/customers differentiated by both the support they need from the seller and the value of the underlying relationship; and also holding an informational disadvantage on their own type. Given the seller's cost configuration, equilibrium outcomes entail entering a profit-sharing relationship either with the high-type customers only or with all customers. Yet, in this case, equity-based payment claims are —for rent extraction purposes— common (i.e., <i>not</i> differentiated) across types.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 5","pages":"1012-1042"},"PeriodicalIF":1.1,"publicationDate":"2023-06-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46020680","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
Pricing energy consumption and residential energy-efficiency investment: An optimal tax approach 能源消费和住宅能源效率投资定价:一种最优税收方法
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-06-06 DOI: 10.1111/jpet.12655
Claude Crampes, Norbert Ladoux, Jean-Marie Lozachmeur
{"title":"Pricing energy consumption and residential energy-efficiency investment: An optimal tax approach","authors":"Claude Crampes,&nbsp;Norbert Ladoux,&nbsp;Jean-Marie Lozachmeur","doi":"10.1111/jpet.12655","DOIUrl":"10.1111/jpet.12655","url":null,"abstract":"<p>We analyze a Pareto optimal income tax problem à la Mirrlees in which households consume three types of goods: energy goods, energy-efficient investments, and nonenergy goods. The two main ingredients of our normative analysis are: (i) an indirect relationship between energy and the satisfaction of energy needs, as energy-efficient investments transform energy into services, such as light, heating, and air conditioning; and (ii) imperfect information of the policy designer as regards the level of energy efficiency of households' housing and their labor market productivity. Each household differs with respect to these two latter characteristics, and the government designs a nonlinear income tax combined with energy and energy-efficient investment nonlinear pricing that maximizes a weighted sum of households' utilities. We show that a benevolent social planner should distort energy prices in a way that depends on the difference between the saturation of energy needs and the complementarity between energy and the level of energy efficiency in the provision of energy services. A sufficient condition for energy consumption to be subsidized is that the rebound effect is small. Second, when individuals can invest in energy efficiency on top of energy consumption, these investments should always be subsidized and the marginal subsidy should always be higher than the one on energy consumption.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"26 1","pages":""},"PeriodicalIF":1.1,"publicationDate":"2023-06-06","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42611825","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Twin peaks: Expressive externality in group participation 双峰：群体参与的表现外部性
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-05-31 DOI: 10.1111/jpet.12654
David K. Levine, Salvatore Modica, Junze Sun
{"title":"Twin peaks: Expressive externality in group participation","authors":"David K. Levine,&nbsp;Salvatore Modica,&nbsp;Junze Sun","doi":"10.1111/jpet.12654","DOIUrl":"10.1111/jpet.12654","url":null,"abstract":"<p>We introduce a model of group behavior that combines expressive participation with strategic participation. Building on the idea that expressive voting in elections is much like rooting for a sports team, we give applications to both sporting events and elections. In our model there is an expressive externality: an individual enjoys an event more when more of her peers come out to support her preferred party or team. We show that this results in the possibility of “tipping”—that participation may jump up discontinuously when the externality becomes strong enough. We examine the implications for pricing by sports teams and for voter turnout.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 5","pages":"897-929"},"PeriodicalIF":1.1,"publicationDate":"2023-05-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jpet.12654","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47717687","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Taxes, risk taking, and financial stability 税收、风险承担和金融稳定
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-05-22 DOI: 10.1111/jpet.12647
Michael Kogler
{"title":"Taxes, risk taking, and financial stability","authors":"Michael Kogler","doi":"10.1111/jpet.12647","DOIUrl":"10.1111/jpet.12647","url":null,"abstract":"<p>After the global financial crisis, the use of taxes to enhance financial stability received new attention. This paper analyzes the corrective role of taxes in banking and compares two instruments, namely, an allowance for corporate equity (ACE), which mitigates the debt bias in corporate taxation, and a Pigovian tax on bank debt (bank levy). We emphasize financial stability gains driven by lower bank asset risk and develop a principal-agent model, in which risk taking depends on the bank's capital structure and, by extension, on the tax treatment of debt and equity. We find that (i) the ACE unambiguously reduces risk taking, (ii) bank levies reduce risk taking if they are independent of bank performance but may be counterproductive otherwise, and (iii) taxes are especially effective if regulatory capital requirements are constrained to low levels.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 5","pages":"1043-1068"},"PeriodicalIF":1.1,"publicationDate":"2023-05-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42303522","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Effects of subsidies on growth and welfare in a quality-ladder model with elastic labor 弹性劳动力质量阶梯模型中补贴对增长和福利的影响
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-04-24 DOI: 10.1111/jpet.12645
Ruiyang Hu, Yibai Yang, Zhijie Zheng
{"title":"Effects of subsidies on growth and welfare in a quality-ladder model with elastic labor","authors":"Ruiyang Hu,&nbsp;Yibai Yang,&nbsp;Zhijie Zheng","doi":"10.1111/jpet.12645","DOIUrl":"https://doi.org/10.1111/jpet.12645","url":null,"abstract":"<p>This paper develops a quality-ladder growth model with elastic labor supply and distortionary taxes to analyze the effects of different subsidy instruments: subsidies to the production of final goods, subsidies to the purchase of intermediate goods, and subsidies to research and development (R&amp;D). Moreover, the model is calibrated to the US data to compare the growth and welfare implications of these subsidies. The main results are as follows. First, we analytically show that an optimal coordination of all instruments attains the first-best outcome. Second, in the calibrated economy, we numerically find that for the use of a single instrument, R&amp;D subsidy is less growth-enhancing and welfare-improving than the other subsidies, whereas for the use of a mix of two instruments, subsidizing the production of final goods and the purchase of intermediate goods is most effective in promoting growth but least effective in raising welfare.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 5","pages":"1096-1137"},"PeriodicalIF":1.1,"publicationDate":"2023-04-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50118685","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
Opacity in bargaining over public good provision 公共产品供应谈判不透明
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-04-19 DOI: 10.1111/jpet.12646
Julian Lamprecht, Marcel Thum
{"title":"Opacity in bargaining over public good provision","authors":"Julian Lamprecht,&nbsp;Marcel Thum","doi":"10.1111/jpet.12646","DOIUrl":"https://doi.org/10.1111/jpet.12646","url":null,"abstract":"<p>We consider ultimatum bargaining over the provision of a public good. Offer-maker and responder can delegate their decisions to agents whose actual decision rules are opaque. We show that the responder will benefit from strategic opacity, even with bilateral delegation. The incomplete information created by strategic opacity choices does not lead to inefficient negotiation failure in equilibrium. Inefficiencies arise from an inefficient provision level. While an agreement will always be reached, the public good provision will fall short of the socially desirable level. Compared with unilateral delegation, bilateral delegation is never worse from a welfare perspective.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 5","pages":"1069-1095"},"PeriodicalIF":1.1,"publicationDate":"2023-04-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jpet.12646","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"50152242","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"OA","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
The role of vaccine effectiveness on individual vaccination decisions and welfare 疫苗有效性对个人疫苗接种决策和福利的作用
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-04-10 DOI: 10.1111/jpet.12644
Andrea Sorensen
{"title":"The role of vaccine effectiveness on individual vaccination decisions and welfare","authors":"Andrea Sorensen","doi":"10.1111/jpet.12644","DOIUrl":"10.1111/jpet.12644","url":null,"abstract":"<p>This paper examines a theoretical model designed to characterize a static, individual vaccination decision environment. I identify and characterize both equilibrium and socially optimal vaccination behavior and determine how this behavior changes as the effectiveness of the vaccine changes. I also evaluate the individual and social welfare implications of a change in vaccine effectiveness. I find that under certain conditions, an increase in vaccine effectiveness can decrease the number of agents vaccinating in equilibrium due to the positive external effects of vaccination. Notably, it is also possible for individual and total welfare to decrease. This is an undesirable, and perhaps unexpected, consequence of better vaccines. Fortunately, welfare at the social optimum always increases as vaccine effectiveness increases. However, equilibrium behavior often falls short of the social optimum due to the positive externalities created by vaccinating.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 6","pages":"1212-1228"},"PeriodicalIF":1.1,"publicationDate":"2023-04-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"42878905","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 4
More competition to alleviate poverty? A general equilibrium model and an empirical study 增加竞争以减轻贫困?一般均衡模型及实证研究
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-04-07 DOI: 10.1111/jpet.12642
Hend Ghazzai, Wided Hemissi, Rim Lahmandi-Ayed, Sana Mami Kefi
{"title":"More competition to alleviate poverty? A general equilibrium model and an empirical study","authors":"Hend Ghazzai,&nbsp;Wided Hemissi,&nbsp;Rim Lahmandi-Ayed,&nbsp;Sana Mami Kefi","doi":"10.1111/jpet.12642","DOIUrl":"10.1111/jpet.12642","url":null,"abstract":"<p>In this paper, we theoretically and empirically analyze the impact of competition on poverty. We consider a general equilibrium framework with vertical preferences and compare poverty in a Monopoly setting versus a Duopoly setting considering explicitly the ownership structure. Poverty is measured by the size of the population living below an absolute poverty line. Theoretical results show that the impact of competition on poverty is contingent to the ownership structure, the poverty line and the relative dispersion of the individuals with respect to their intensity of preference for quality and sensitivity to effort: competition can improve or worsen poverty depending on the model's parameters. Empirical findings for the three existing poverty lines ($1.9, $3.2, and $5.5) are consistent to a large extent with our theoretical results.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 5","pages":"985-1011"},"PeriodicalIF":1.1,"publicationDate":"2023-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"44612952","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
A spatial theory of urban segregation 城市隔离的空间理论
IF 1.1 4区 经济学
Journal of Public Economic Theory Pub Date : 2023-04-02 DOI: 10.1111/jpet.12641
Gian Luca Carniglia, Juan F. Escobar
{"title":"A spatial theory of urban segregation","authors":"Gian Luca Carniglia,&nbsp;Juan F. Escobar","doi":"10.1111/jpet.12641","DOIUrl":"10.1111/jpet.12641","url":null,"abstract":"<p>We provide a competitive equilibrium theory of urban segregation in a linear city. Households demand consumption and housing along the city and are exposed to neighborhood externalities. We show that equilibria that are robust to small coalitional deviations are segregated. Our results explain urban segregation in a standard neoclassical framework and shed new light on the difficulties faced by authorities to integrate cities.</p>","PeriodicalId":47024,"journal":{"name":"Journal of Public Economic Theory","volume":"25 4","pages":"653-678"},"PeriodicalIF":1.1,"publicationDate":"2023-04-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"43835294","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
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