Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
957804 | Journal of Economic Theory | 2006 | 15 Pages |
Abstract
When the asset market is incomplete, there typically exist taxes on trades in assets that are Pareto improving. This fiscal policy is anonymous, it is fully and correctly anticipated by traders, and it results in ex post Pareto optimal allocations; as such, it improves over previously proposed constrained interventions.
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
A. Citanna, H.M. Polemarchakis, M. Tirelli,