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We study the structure of optimal wedges and capital taxes in a Mirrlees economy with endogenous skills. Human capital is a private state variable that drives the skill process of each individual. Building on the findings of the labor literature, we assume that human capital investment is a)...
Persistent link: https://www.econbiz.de/10004993946
We study the structure of optimal wealth and labor income taxes in a Mirrlees economy in which the productivity of labor (i.e., skill) is private, stochastic, and endogenous. Individual agents' skills are determined by their level of human capital. Human capital is not publicly observable and...
Persistent link: https://www.econbiz.de/10004994022
We study the structure of optimal wedges and wealth taxes in a Mirrleesian economy with endogenous skills. Human capital is a private state variable that drives the skill process of each individual. Building on the findings of the labor literature, we assume that human capital investment is a)...
Persistent link: https://www.econbiz.de/10005069250
We study the structure of optimal wedges and capital taxes in a dynamic Mirrlees economy with endogenous distribution of skills. Human capital is a private, stochastic state variable that drives the skill process of each individual. Building on the findings of the labor literature, we construct...
Persistent link: https://www.econbiz.de/10008507098
Persistent link: https://www.econbiz.de/10005429792
Persistent link: https://www.econbiz.de/10005397322
We study optimal incentives in a principal-agent problem in which the agent's outside option is determined endogenously in a competitive labor market. In equilibrium, strong performance increases the agent's market value. When this value becomes sufficiently high, the threat of the agent's...
Persistent link: https://www.econbiz.de/10011108859
In this paper, we show that a simple, linear capital tax---the kind used in the Ramsey analysis---can be optimal in a Mirrlees economy with private information. We extend the Mirrlees approach to optimal taxation by studying taxes side-by-side with another institution, rather than in isolation....
Persistent link: https://www.econbiz.de/10011081319
We study optimal incentives in a principal-agent problem in which the agent's outside option is determined endogenously in a competitive labor market. In equilibrium, strong performance increases the agent's market value. When this value becomes sufficiently high, the threat of the agent's...
Persistent link: https://www.econbiz.de/10011081843
In this paper, we propose a theory of unsecured consumer credit and personal bankruptcy based on the optimal trade-off between incentives and insurance. We solve a fairly standard dynamic moral hazard problem, in which agents’ private effort decisions influence the life-cycle profiles of their...
Persistent link: https://www.econbiz.de/10011082113