储蓄决策对资本税的过度反应

Kelin Lu
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引用次数: 2

摘要

本文研究了储蓄决策对财富税和资本所得税两种资本税的反应。我用Amazon Mechanical Turk做了一个生命周期实验,在这个实验中,受试者做出动态的储蓄决定。研究对象对财富税表现出过度反应,但对资本所得税却没有:与资本回报在财务上相当的减少相比,他们在征收财富税时的储蓄要少得多。此外,我建立了一个个人优化的简约行为模型来描述这种错误反应。最后,我在一个具有家庭错误反应偏差的重叠代模型中定量说明了错误反应偏差对最优资本税收分析的含义。结果表明,家庭的反应不足(反应过度)偏差会给经济带来福利收益(损失)。当家庭表现出更大的过度反应偏差时,最优资本税率会降低,反之亦然。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
Overreaction to Capital Taxation in Saving Decisions
This paper studies the response of saving decisions to two alternative types of capital taxation, i.e., wealth tax and capital income tax. I conduct a lifecycle experiment using Amazon Mechanical Turk, where subjects make dynamic saving decisions. The subjects exhibit an overreaction to wealth taxes but not to capital income taxes: they save significantly less with introducing a wealth tax than with a financially equivalent decrease in capital returns. Furthermore, I build a parsimonious behavioral model of individual optimization to characterize this misreaction. Finally, I quantitatively illustrate the implication of misreaction bias for optimal capital taxation analysis in an overlapping generations model with the household’s misreaction bias. The results show that a household’s underreaction (overreaction) bias generates a welfare gain (loss) for the economy. The optimal capital tax rate decreases as households exhibit greater overreaction bias and vice versa.
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