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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...

The case is studied where several small countries, wanting to set second-best tariffs to maximize objective functions, move from the situation where they can set their most appropriate tariffs to the situation where they form a customs union. By dividing the overall effect of forming customs...

In this paper we consider social preferences over intergenerational consumption paths for a continuum of generations. We prove that equal treatment of all generations is incompatible with Mackey continuity of social preferences under mild axioms such as nontriviality and asymmetry. We also show...