This paper tests whether the Ricardian Equivalence proposition holds in a life cycle consumption laboratory experiment. This proposition is a fundamental assumption underlying numerous studies on intertemporal choice and has important implications for tax policy. Using nonparametric and panel...

In a model where individuals differ in both their health care needs and their lifestyle preferences, we study the fair provision of health care with fresh starts. Grounded on basic ethical principles, we axiomatically derive social preferences that allow us to make welfare assessments when...

The institutional setting of the modern state is characterized by tax- ation, parliament, central banking and public debt. This work models war as a contest, where expenditures are funded in the financial market, and explores the complementary effects of these four institutions. If there is free...