In a survey of tax reform in recent years, Richard Bird and Michael Smart explore the relationship between tax policy and tax research. They conclude that there have been important examples of apparent influences of research on policy. For instance, they are encouraged that the downward pressure...

We study the consequences of the introduction of widespread limited liability for corporations. In the traditional view, limited liability reduces transactions costs and enhances investment incentives for individuals and firms. But this view does not explain several important stylized facts of...

I study a screening game in a competitive insurance market in which insurance customers differ with respect to both accident probability and degree of risk aversion. It is shown that indifference curves of customers may cross twice; thus the single crossing property does not hold. When differences...

We investigate the political and economic factors influencing the allocation of regional development grants for a panel of Canadian electoral districts in the 1988-2001 period. In a strong party system such as Canada’s, models of political competition predict little role for individual...

Investors frequently hold equity in tax-exempt savings vehicles such as pension plans, despite the prediction of the standard model that they hold only bonds. We provide a new explanation for this empirical puzzle based on differences between pensions and taxable assets in the tax treatment of...

Over a decade ago, several Canadian provinces replaced their retail sales taxes by value-added taxes. This paper estimates the effects of this tax substitution on business investment in the reforming provinces. Consistent with theory, we find that the reform led to significant increases in...

Today’s teens are members of the first generation to have never known a world without instantaneous and nearly ubiquitous mobile phone access. They also must surmount greater hurdles to driver’s licensing than any previous generation faced. And they are struggling to transition...

Many urban planners promote mixed-use developments as one component of a broader sustainable development strategy. Scholars and advocates argue that these neighborhoods have the potential to reduce traffic congestion by promoting fewer trips, shorter travel distances, and alternative modes of...