Matches in SemOpenAlex for { <https://semopenalex.org/work/W2144006286> ?p ?o ?g. }
Showing items 1 to 60 of
60
with 100 items per page.
- W2144006286 abstract "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 the returns to human capital investment are subject to idiosyncratic shocks. Preferences are not assumed to be additively separable in consumption and human capital investment and, thus, the intertemporal marginal rates of substitution of consumption are private information. We characterize the optimal allocation and a tax system that implements this allocation in equilibrium. The optimal allocation does not satisfy the reciprocal Euler equation of Rogerson (Econometrica, 1985), which holds in Mirrlees economies with exogenous skills. The tax system we use in our decentralization of the optimum consists of a wealth tax that is linear in wealth and a labor income tax that depends solely on labor income. The result of Kocherlakota (Econometrica, 2005), establishing the optimality of zero expected marginal wealth tax rate, holds in our model. We show that endogenous skill determination affects the volatility of marginal wealth taxes rather than their expectation. Relative to economies with exogenous skills, the optimal marginal wealth tax rate is more volatile in our endogenous skill economy. Also, we demonstrate the optimality of a wedge in the returns on the two assets present in our economy: At the optimum, the marginal return on human capital investment is strictly larger than the marginal return on physical capital investment." @default.
- W2144006286 created "2016-06-24" @default.
- W2144006286 creator A5024126693 @default.
- W2144006286 creator A5068438381 @default.
- W2144006286 date "2005-01-01" @default.
- W2144006286 modified "2023-09-23" @default.
- W2144006286 title "Optimal Wealth Taxes with Risky Human Capital" @default.
- W2144006286 cites W1979047878 @default.
- W2144006286 cites W1986997326 @default.
- W2144006286 cites W2011583789 @default.
- W2144006286 cites W2036230917 @default.
- W2144006286 cites W2038681420 @default.
- W2144006286 cites W2056393422 @default.
- W2144006286 cites W2072695909 @default.
- W2144006286 cites W2108891523 @default.
- W2144006286 cites W2127238399 @default.
- W2144006286 cites W3124869892 @default.
- W2144006286 doi "https://doi.org/10.2139/ssrn.2185595" @default.
- W2144006286 hasPublicationYear "2005" @default.
- W2144006286 type Work @default.
- W2144006286 sameAs 2144006286 @default.
- W2144006286 citedByCount "4" @default.
- W2144006286 crossrefType "journal-article" @default.
- W2144006286 hasAuthorship W2144006286A5024126693 @default.
- W2144006286 hasAuthorship W2144006286A5068438381 @default.
- W2144006286 hasBestOaLocation W21440062862 @default.
- W2144006286 hasConcept C144133560 @default.
- W2144006286 hasConcept C145236788 @default.
- W2144006286 hasConcept C162324750 @default.
- W2144006286 hasConcept C166957645 @default.
- W2144006286 hasConcept C175605778 @default.
- W2144006286 hasConcept C556758197 @default.
- W2144006286 hasConcept C83646750 @default.
- W2144006286 hasConcept C95457728 @default.
- W2144006286 hasConceptScore W2144006286C144133560 @default.
- W2144006286 hasConceptScore W2144006286C145236788 @default.
- W2144006286 hasConceptScore W2144006286C162324750 @default.
- W2144006286 hasConceptScore W2144006286C166957645 @default.
- W2144006286 hasConceptScore W2144006286C175605778 @default.
- W2144006286 hasConceptScore W2144006286C556758197 @default.
- W2144006286 hasConceptScore W2144006286C83646750 @default.
- W2144006286 hasConceptScore W2144006286C95457728 @default.
- W2144006286 hasLocation W21440062861 @default.
- W2144006286 hasLocation W21440062862 @default.
- W2144006286 hasOpenAccess W2144006286 @default.
- W2144006286 hasPrimaryLocation W21440062861 @default.
- W2144006286 hasRelatedWork W1976721483 @default.
- W2144006286 hasRelatedWork W2008748559 @default.
- W2144006286 hasRelatedWork W2018961084 @default.
- W2144006286 hasRelatedWork W2046031455 @default.
- W2144006286 hasRelatedWork W2053429409 @default.
- W2144006286 hasRelatedWork W2090629165 @default.
- W2144006286 hasRelatedWork W2103975691 @default.
- W2144006286 hasRelatedWork W2131368333 @default.
- W2144006286 hasRelatedWork W2164388168 @default.
- W2144006286 hasRelatedWork W3121515329 @default.
- W2144006286 isParatext "false" @default.
- W2144006286 isRetracted "false" @default.
- W2144006286 magId "2144006286" @default.
- W2144006286 workType "article" @default.