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Using Consumption Data to Derive Optimal Income and Capital Tax Rates
Full text linkWe study optimal tax design based on the idea that policy-makers face trade-offs between multiple margins of redistribution. Within a Mirrleesian economy with earnings, consumption and retirement savings, we derive a novel formula for optimal income and savings distortions based on redistributional arbitrage. We establish a sufficient statistics representation of the labor income and capital tax rates on top income earners in dynamic environments, which relies on the observed distributions of both income and consumption. Because consumption has a thinner Pareto tail than income, our quantitative results suggest that it is optimal to shift a substantial fraction of the top earners' tax burden from income to savings
Analyse fiscale : des obligations déclaratives des prestataires de services sur crypto-actifs
No full textCapital Sunk, Emissions Locked: The Economics of Energy Transitions under Carbon Constraints
No full textDéfinir le groupement catégoriel : de la qualification aux enjeux
No full textEn l’absence de définition légale, la notion de syndicat catégoriel demeure incertaine et largement façonnée par le contentieux de la représentativité. Longtemps appréhendée à travers le seul prisme des règles d’audience électorale, elle renvoie pourtant, plus fondamentalement, à l’identification statutaire d’une communauté d’intérêts professionnels fondée sur l’appartenance à une catégorie déterminée, au premier rang desquelles figurent, du côté des salariés, les cadres. Mais plus largement, la notion de syndicat catégoriel invite à étendre la réflexion au champ patronal, où elle pourrait bousculer les frontières de l’interprofession
Using Advice Without Considering Its Quality: A Laboratory Experiment of Demand for Advice
No full textWe experimentally test how the content of advice, namely, its alignment with common priors, influences beliefs about its quality and future demand for it. We reject the theoretical hypothesis that demand for advice can be increased by giving advice in alignment with common priors. We find, furthermore, that such alignment has hardly any impact on the participants’ beliefs about quality of advice. Nevertheless, advice influences participants’ guesses in an incentivized task, regardless of their beliefs about the quality of advice itself
Stress discounting
No full textStandard evaluations of public policies involve discounting the flow of expected net benefits at a unique discount rate. Consequently, they systematically ignore the insurance benefits of policies that hedge the aggregate risk, and the social cost of projects that raise the aggregate risk. Normative asset pricing theory recommends adjusting the discount
rate to the project’s risk, but few countries have attempted to implement this complex solution. We explore the equivalent "stochastic discount factor" approach based on the expected value of its state-contingent NPV, using the relevant state-contingent Ramsey discount rate. Under our "stress discounting" approach, projects are evaluated under two polar risk-free economic scenarios, one business-as-usual scenario, and one low-probability
catastrophic scenario. Inspired by the recent asset pricing literature on macro catastrophes, we show that this approach adequately values assets’ risk premia under a minimal, intuitive, and operationally simple departure from the standard risk-free approach with a unique discount rate. We carry out benchmarks to check the accuracy of this approach, then apply it to value a nuclear waste disposal
"Horizontal Mergers and Incremental Innovation"
No full textWe study the impact of horizontal mergers on the incentives of merging firms to invest in incremental innovation. We provide a decomposition of this impact that clarifies the various forces at work and the differences between demand-enhancing and cost-reducing innovation. Moreover, we derive sufficient conditions for a merger to either reduce or raise the merging firms’ incentives to innovate, and show that the comparison of the price diversion ratio and the innovation diversion ratio can help screen mergers. We also uncover a useful connection between the level of production synergies induced by a merger and its impact on innovation
Invariant Coordinate Selection and Fisher discriminant subspace beyond the case of two group
No full textInvariant Coordinate Selection (ICS) is a multivariate technique that relies on the simultaneous diagonalization of two scatter matrices. It serves various purposes, including its use as a dimension reduction tool prior to clustering or outlier detection. ICS’s theoretical foundation establishes why and when the identified subspace should contain relevant information by demonstrating its connection with the Fisher discriminant subspace (FDS). These general results have been examined in detail primarily for specific scatter combinations within a two-cluster framework. In this study, we expand these investigations to include more clusters and scatter combinations. Our analysis reveals the importance of distinguishing whether the group centers matrix has full rank. In the full-rank case, we establish deeper connections between ICS and FDS. We provide a detailed study of these relationships for three clusters when the group centers matrix has full rank and when it does not. Based on these expanded theoretical insights and supported by numerical studies, we conclude that ICS is indeed suitable for recovering the FDS under very general settings and cases of failure seem rare
