An individual with known preferences over lotteries can be led to accept random wealth distributions different from his initi al endowment by a sequential process in which some uncertainty is res olved and he is offered a new lottery in place of the remaining uncer tainty. This paper examines...

This paper shows that previous analyses of IRA-type plans that seek to encourage household saving have miscalculated their effect on tax revenue and, therefore, on national saving by ignoring their favorable impact on corporate tax payments. Recognizing the important effects of IRA plans on...