4 edition of Optimal policy with heterogeneous preferences found in the catalog.
Optimal policy with heterogeneous preferences
|Series||NBER working paper series -- working paper 14170, Working paper series (National Bureau of Economic Research : Online) -- working paper no. 14170.|
|Contributions||National Bureau of Economic Research.|
|The Physical Object|
|LC Control Number||2008610987|
an optimal limiting government policy under an assumption that the economy converges to a steady state. The optimal limiting government policy is a long-run optimal outcome that takes into account intertemporal discounting and the convergence to the steady state. In a related paper, Davila, Hong, Krusell, and Rios-Rull () consider a social. This is a great paper that shows how to compute optimal monetary policy in a Huggett type framework — both under discretion and under commitment. The authors find an interesting inflationary bias of discretionary policy in order to redistribute wealth to borrowing agents with high marginal utility of wealth. Tax systems raise large amounts of revenue for funding public sector's activities, and tax/transfer policy, together with public provision of education, health care, and social services, play a crucial role in treating the symptoms and the causes of poverty. The normative analysis is crucial for tax/transfer design because it makes it possible to assess separately how changes in the. Optimal capital income taxation is a subarea of optimal tax theory which refers to the study of designing a tax on capital income such that a given economic criterion like utility is optimized. Starting from the conceptualization of capital income as future consumption, the taxation of capital income corresponds to a differentiated consumption tax on present and future consumption.
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Optimal policy rules--including those regarding income taxation, commodity taxation, public goods, and externalities--are typically derived in models with homogeneous : Louis Kaplow. Get this from a library. Optimal policy with heterogeneous preferences. [Louis Kaplow; National Bureau of Economic Research.] -- Optimal policy rules--including those regarding income taxation, commodity taxation, public goods, and externalities--are typically derived in models with homogeneous preferences.
This article. Optimal Policy with Heterogeneous Preferences Louis Kaplow. NBER Working Paper No. Issued in July NBER Program(s):Environment and Energy Economics, Law and Economics, Public Economics Optimal policy rules--including those regarding income taxation, commodity taxation, public goods, and externalities--are typically derived in models with homogeneous.
Optimal policy rules--including those regarding income taxation, commodity taxation, public goods, and externalities--are typically derived in models with homogeneous preferences.
This article reconsiders many central results for the case in which preferences for commodities, public goods, and externalities are heterogeneous. Downloadable (with restrictions).
Optimal policy rulesincluding those regarding income taxation, commodity taxation, public goods, and externalitiesare typically derived in models with homogeneous preferences. This article reconsiders many central results for the case in which preferences for commodities, public goods, and externalities are heterogeneous.
Optimal Redistribution with Heterogeneous Preferences for Leisure Article in Journal of Public Economic Theory 4(4) October with 33 Reads How we measure 'reads'. Optimal policy rules including those regarding income taxation, commodity taxation, public goods, and externalities are typically derived in models with homogeneous preferences.
This article reconsiders many central results for the case in which preferences for commodities, public goods, and externalities are by: We discuss how to construct optimal targeting policies and document the difference in profits from alternative targeting policies by using estimation approaches that are based on recent advances in causal inference and machine learning.
We introduce an approach to evaluate the profit of any targeting policy using only one single randomized by: 3. Incomplete-markets models with heterogeneous agents are increasingly used for policy analysis.
We propose a novel methodology for solving fully dynamic optimal policy problems in models of this kind, both under discretion and com-mitment, based on optimization techniques in function spaces.
We illustrate our. be greedy policy based on U 0. Evaluate π 1 and let U 1 be the resulting value function.
Let π t+1 be greedy policy for U t Let U t+1 be value of π t+1. Each policy is an improvement until optimal policy is reached (another fixed point). Since finite set of policies, convergence in finite time. Lesser; CS, F10 Policy IterationFile Size: KB. ernment.
As tax policy distorts the willingness of workers to ﬁnd employment, it provides a simple rule which identiﬁes the link between optimal social security beneﬁts paid and the tax system. Speciﬁcally in the case of a universal, linear income tax scheme, optimal social security beneﬁts should be paid at a ﬂat rate;File Size: KB.
Optimal Policy with Heterogeneous Preferences. 8 B.E. Journal of Economic Analysis and Policy: Advances, Optimal policy with heterogeneous preferences book 1, Arti () [ NBER ] [ Olin Center WP ] Income Taxation and Optimal Government Policy, in The New Palgrave Dictionary of Economics, 2nd Optimal policy with heterogeneous preferences book (Durlauf & Blume, eds., Macmillan, ).
Tax systems raise large amounts of revenue for funding public sector's activities, and tax/transfer policy, together with public provision of education, health care, and social services, play a crucial role in treating the symptoms and the causes of poverty.
Optimal Fiscal Policy with Heterogeneous Agents Diﬀerent groups of agents in the economy have diﬀerent preferences over these policies, and research is instead aimed at characterizing the optimal policy and studying the economic forces that drive it.
The optimal policy with no discretion, the expected Ramsey policy, by definition yields higher welfare. We prove (ii) by contradiction. Assume that but that the optimal policy has no discretion.
The variation used in Proposition 2 immediately implies that such a policy cannot be optimal. Thus, the optimal policy must have bounded discretion.
Heterogeneous Preferences and the Efficacy of Public School Choice by The project is funded by grants from the Institution for Social and Policy Studies at Yale University and the U.S. Department of Education.
in preferences and school choices may generate both heterogeneous short-run effects of attending a first choice school on. In this paper we develop a new approach for finding optimal government policies in economies with heterogeneous agents.
Using the calculus of variations, we present three classes of equilibrium conditions from government's and individual agent's optimization problems: 1) the first order conditions: the government's Lagrange–Euler equation and the individual agent's Euler Cited by: 2.
It comments on some policy recommendations of the Mirrlees Review, and builds on the authors work on public economics, optimal tax theory, behavioural public economics, and income inequality.
The book explains in depth the Mirrlees model and presents various extensions of by: 8. Testing Eﬃcient Risk Sharing with Heterogeneous Risk Preferences∗ Maurizio Mazzocco Shiv Saini UCLA Cornerstone Research Current Draft, October First Draft, October Abstract Previous papers have tested eﬃcient risk sharing under the assumption of identical risk Size: KB.
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timal government policies in models with heterogeneous agents. We illustrate it on a steady state Ramsey problem with heterogeneous agents, ﬁnding the optimal tax schedule.
JEL Keywords: Optimal macroeconomic policy, optimal taxation, computational techniques, heterogeneous agents, distribution of wealth and income. This paper considers optimal output synchronization of heterogeneous linear multi-agent systems.
Standard approaches to output synchronization of heterogeneous systems require either the solution of the output regulator equations or the incorporation of a p-copy of the leader’s dynamics in the controller of each by: Financial market prices contain valuable information about investors’ views regarding future interest rates, inflation, and other economic variables.
However, such market-based expectations can be hard to interpret because changes in risk and liquidity premiums also affect asset prices. In practice, policymakers should be cautious in relying on the expectations. heterogeneity of policy preferences, as heterogeneous preferences provide committee members incentives to gather information.
JEL Codes: D71, D82, C72 1 An early version of the paper was circulated under the title: Optimal Committee Design With Heterogeneous Preferences. I would like to thank Dirk Bergemann, Larry Blume, eon-YKoo Che, Estelle Cited by: The book explains in depth the Mirrlees model and presents various extensions of it.
The first set of extensions considers changing the preferences for consumption and work: behavioural-economic modifications (such as positional externalities, prospect theory, paternalism, myopic behaviour and habit formation) but also heterogeneous work.
Downloadable. This paper examines optimal redistribution in a model with high- and low-skilled individuals with heterogeneous tastes for labor. We compare the extent to which optimal policies based on different normative criteria obey the principles of compensation (for differential skills) and responsibility (for preferences for labor) when labor supply is along the extensive margin.
Therefore the only logical alternative of politically induced changes in the money supply, namely, laissez-faire, is the optimal monetary policy. It might be objected from the very outset that this approach cannot possibly warrant the conclusion it is supposed to yield, because the focus on the production of money is far too narrow to do.
Optimal ﬁscal policy with heterogeneous agents Third, we simulate the model using standard values for preferences, household income pro-cess, and public spending.
Our simulated equilibrium features, at the steady-state equilibrium, and optimal ﬁscal policy adds some endogenous persistence to the one of the exogenous shock. Figure 5: A heterogeneous landscape with a. the optimal control solution when heterogeneity is recognized, and b.
the sub-optimal solution when homogeneity is assumed. (Alpha = 1, Gamma >= 35) Figure 6: A heterogeneous landscape with spatially varying baseline patch values.
In panel. Optimal Pricing and Admission Control for Heterogeneous Secondary Users Changkun Jiang, Student Member, IEEE, Lingjie Duan, Member, IEEE, and Jianwei Huang, Fellow, IEEE Abstract—This paper studies how to maximize a spectrum database operator’s expected revenue in sharing spectrum to secondary users, through joint pricing and admission.
Ignorance Is Strength: Improving the Performance of Matching Markets by Limiting Information Gleb Romanyuky February 9, I ﬁnd that the optimal policy perfectly reveals low-cost buyers and pools the Instant Book feature commit.
Optimal Asset Allocation with Heterogeneous Persistent Shocks and Myopic and Intertemporal Hedging Demand the optimal policy prescribes an increasing allocation on more persistent securities when the investor’s relative risk aversion rises. optimal portfolio, Epstein-Zin preferences, multiple horizons, persistence of returns, shocks.
Arlotto, Chick, and Gans: Hiring and Retention Policies for Workers Who Learn Management Science 60(1), pp. –, © INFORMS these decisions has a cost for the employer. A quitting cost is incurred when a worker quits, a switching cost is incurred when a worker is terminated, and a train-ing cost is incurred for each newly hired.
preferences and parameter values, the steady state in⁄ation rate under the optimal commitment is zero; 7 that is, in the long run the redistributive motive to in⁄ate exactly cancels out with the incentive to reduce in⁄ation expectations and nominal yields for an economy that is a net debtor.
The book explains in depth the Mirrlees model itself and presents various extensions of it. The first set of extensions considers changing the preferences for consumption and work: behavioural–economic modifications (such as positional externalities, prospect theory, paternalism, myopic behaviour and habit formation) but also heterogeneous work preferences.
I demonstrate that the optimal tax rate on asset income is indeed positive, but that given the prevailing rates of taxation in the United States, the maximal welfare benefit that can be obtained from adopting an optimal policy is much smaller than what usually emerges when government consumption expenditure is assumed to be exogenously determined.
for analyzing policy in environments with heterogeneous agents, thanks to their rigorous micro-foundations and realistic description of household heterogeneity. But solving for fully optimal policy is a hard endeavor, because the policy-maker faces an inﬁnite-dimensional, endogenously-evolving wealth and income distribution.
Heterogeneous risk and time preferences the optimal precautionary measures to prevent climate change, a long term hazard, ing, as well as for public policy, the correlation between risk aversion and discount rate has received relatively little Cited by: The optimal policy consists of providing liquidity, which insures the constrained, and in⁄ating away some of its value, in order to give the unconstrained the right intertemporal incentives to hold this liquidity for precautionary purposes.
Since the optimal policy consists of providing liquidity to insure in face of aggregate shocks, it is. Risk selection and heterogeneous preferences in health insurance markets with a public option Maria Polyakova J Abstract Conventional wisdom suggests that if private health insurance plans compete along-side a public option, they may endanger the latter’s nancial stability by cream-skimming good risks.
Please answer the following questions in your blue book, one question per blue book. nario? ∗Deﬁne the ∗optimal policy are three types of households (A,B,C) with heterogeneous preferences over the level of spending on E. There are equal number of each household. (a) (4 Points) Why might an economist classify public education as an File Size: 94KB.Optimal Monetary Policy with Heterogeneous Agents Galo Nuæo Banco de Espaæa Carlos Thomas Banco de Espaæa October 3, preferences and parameter values, the steady state in⁄ation rate under the optimal commitment ours is the –rst paper to solve for a fully dynamic optimal policy problem, both under commitment.recommends horizontally ﬀtiated products to agents with heterogeneous preferences.
In this setting, the optimal policy determines the breadth of agent types receiving spam on either product. For each of these settings, the optimal recommender policy involves hump-shaped dy-namics. In particular, the optimal recommendation must \start small."File Size: KB.