In a deregulated market, independent system operators meet power balance based on supply and demand bids to maximize social welfare. Since electricity markets are typically oligopolies, players with market power may withhold capacity to maximize profit. Such exercise of market power can lead to...

The paper studies optimal income taxation in a model with labor supply responses at the intensive and the extensive margin. It is shown that a utilitarian desire for redistribution does not pin down the sign of the optimal marginal tax rate: labor supply may be downward distorted, undistorted,...

A utilitarian social planner who maximizes social welfare assigns the available income to those who are most efficient in converting income into utility. However, when individuals are concerned about their income falling behind the incomes of others, the optimal income distribution under...

A utilitarian social planner who maximizes social welfare assigns the available income to those who are most efficient in converting income into utility. However, when individuals are concerned about their income falling behind the incomes of others, the optimal income distribution under...

A utilitarian social planner who maximizes social welfare assigns the available income to those who are most efficient in converting income into utility. However, when individuals are concerned about their income falling behind the incomes of others, the optimal income distribution under...

A utilitarian social planner who maximizes social welfare assigns the available income to those who are most efficient in converting income into utility. However, when individuals are concerned about their income falling behind the incomes of others, the optimal income distribution under...

Der Gebrauch von Pestiziden in der Landwirtschaft hat nachteilige Auswirkungen auf die Umwelt und die menschliche Gesundheit. Diese Auswirkungen sind abhängig vom Klima, weil Schädlingsbelastung und optimaler Pestizideinsatz sich mit den Wetter- und Klimabedingungen verändern. Diese...