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The Social Evaluation of Intergenerational Policies and its Application to Integrated Assessment Models of Climate Change
Kaplow, Louis; Moyer, Elisabeth J.; Weisbach, David A. - 2011
process ordinarily done through discounting. Choosing the correct discount rate has proved controversial and highly … consequential. To clarify past analysis and guide future work, we decompose discounting along two dimensions. First, we distinguish … discounting by individuals, an empirical matter that determines their behavior in models, and discounting by an outside evaluator …
Persistent link: https://www.econbiz.de/10014179562
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Discount Rates, Social Judgments, Individuals’ Risk Preferences, and Uncertainty
Kaplow, Louis; Weisbach, David A. - 2011
The choice of the proper discount rate is important in the analysis of projects whose costs and benefits extend into the future, a particularly striking feature of policies directed at climate change. Much of the literature, including prominent work by Arrow et al. (1996), Stern (2007, 2008),...
Persistent link: https://www.econbiz.de/10014179557
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The Optimal Supply of Public Goods and the Distortionary Cost of Taxation
Kaplow, Louis - 1998
The conventional view of economists is that the optimal supply of public goods must directly take into account the cost of financing them with distortionary taxes, notably the income tax. However, this article demonstrates, under standard simplifying assumptions, that it is possible to finance a...
Persistent link: https://www.econbiz.de/10014075950
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A Note on the Optimal Supply of Public Goods and the Distortionary Cost of Taxation
Kaplow, Louis - 1998
In a recent article, I demonstrated that, under standard simplifying assumptions, it is possible to finance a public good in a manner such that a Pareto improvement results whenever the simple cost-benefit test is satisfied -- that is, without any adjustment for the "marginal cost of funds." In...
Persistent link: https://www.econbiz.de/10014216296
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A Note on the Optimal Supply of Public Goods and the Distortionary Cost of Taxation
Kaplow, Louis - 1998
In a recent article, I demonstrated that, under standard simplifying assumptions, it is possible to finance a public good in a manner such that a Pareto improvement results whenever the simple cost-benefit test is satisfied -- that is, without any adjustment for the "marginal cost of funds." In...
Persistent link: https://www.econbiz.de/10014216298
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Discounting Dollars, Discounting Lives : Intergenerational Distributive Justice and Efficiency
Kaplow, Louis - 2010
distributive justice and efficiency, the choice of interest rate for discounting dollars, and how the present approach relates to …
Persistent link: https://www.econbiz.de/10012760791
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Chapter 10 Taxation
Kaplow, Louis - In: Handbook of law and economics : volume 1, (pp. 647-755). 2007
This Handbook entry presents a conceptual, normative overview of the subject of taxation. It emphasizes the relationships among the main functions of taxation—notably, raising revenue, redistributing income, and correcting externalities—and the mapping between these functions and various...
Persistent link: https://www.econbiz.de/10014023506
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A unified perspective on efficiency, redistribution, and public policy
Kaplow, Louis - 2020
Specialized theoretical and empirical research should in principle be embedded in a unified framework that identifies the relevant interactions among different phenomena, enables an appropriate matching of policy instruments to objectives, and grounds normative analysis in individuals' utilities...
Persistent link: https://www.econbiz.de/10012174286
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Any Non-Welfarist Method of Policy Assessment Violates the Pareto Principle
Kaplow, Louis; Shavell, Steven - 2001
The public at large, many policymakers, and a number of economists hold views of social welfare that are non-welfarist, which is to say that some importance is attached to factors other than individuals' utilities. We show, however, that any non-welfarist method of policy assessment violates the...
Persistent link: https://www.econbiz.de/10014196694
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Public Goods and the Distribution of Income
Kaplow, Louis - 2003
This article addresses conceptual issues concerning the distributive incidence of public goods. Solutions depend on the specific purposes for asking the question of distributive incidence - notably, assessing the extent to which various public goods should be provided, determining how the...
Persistent link: https://www.econbiz.de/10014075748