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Transition Policy: A Conceptual Framework

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Author Info
Louis Kaplow

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Abstract

Legal change, whether through legislation, regulation, or court decision, is a common phenomenon, and virtually all reform creates both gains and losses for those who under the prior regime took actions that would have lasting effects. This article offers a conceptual framework for assessing the desirability of different transition policies, ranging from compensation of losses and taxation of gains, grandfathering of pre-enactment investments, and delayed or partial implementation to complete and immediate implementation or even retroactive application. Emphasis is placed on how transitions and various mitigation strategies affect the incentives of and risk borne by private actors as well as on the behavior of government and how it may be affected by transition policy.

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Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 9596.

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Date of creation: Apr 2003
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Handle: RePEc:nbr:nberwo:9596

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Find related papers by JEL classification:
H20 - Public Economics - - Taxation, Subsidies, and Revenue - - - General
K11 - Law and Economics - - Basic Areas of Law - - - Property Law

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References listed on IDEAS
Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  1. Mervyn A. King, 1983. "An Index of Inequality: With Applications to Horizontal Equity and Social Mobility," NBER Working Papers 0468, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  2. Zodrow, George R., 1985. "Optimal tax reform in the presence of adjustment costs," Journal of Public Economics, Elsevier, vol. 27(2), pages 211-230, July. [Downloadable!] (restricted)
  3. Kaplow, Louis, 1992. "Income Tax Deductions for Losses as Insurance," American Economic Review, American Economic Association, vol. 82(4), pages 1013-17, September. [Downloadable!] (restricted)
  4. Joel Slemrod & Shlomo Yitzhaki, 2001. "Integrating Expenditure and Tax Decisions: The Marginal Cost of Funds and the Marginal Benefit of Projects," NBER Working Papers 8196, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  5. Robert Innes, 2000. "The Economics of Takings and Compensation When Land and Its Public Use Value Are in Private Hands," Land Economics, University of Wisconsin Press, vol. 76(2), pages 195-212. [Downloadable!] (restricted)
  6. Louis Kaplow, 1996. "A Fundamental Objection to Tax Equity Norms: A Call for Utilitarianism," NBER Working Papers 4961, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  7. Louis Kaplow, 1989. "Horizontal Equity: Measures in Search of a Principle," NBER Working Papers 1679, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  8. William P. Rogerson, 1984. "Efficient Reliance and Damage Measures for Breach of Contract," RAND Journal of Economics, The RAND Corporation, vol. 15(1), pages 39-53, Spring. [Downloadable!] (restricted)
  9. Kaplow, Louis & Shavell, Steven, 2002. "Economic analysis of law," Handbook of Public Economics, in: A. J. Auerbach & M. Feldstein (ed.), Handbook of Public Economics, edition 1, volume 3, chapter 25, pages 1661-1784 Elsevier. [Downloadable!] (restricted)
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  10. Louis Kaplow, 1991. "Incentives and Government Relief for Risk," NBER Working Papers 3007, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  11. Steven Shavell, 2003. "Economic Analysis of Accident Law," NBER Working Papers 9694, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  12. Glazer, Amihai, 1989. "Politics and the Choice of Durability," American Economic Review, American Economic Association, vol. 79(5), pages 1207-13, December. [Downloadable!] (restricted)
  13. Levmore, Saul, 1993. "The Case for Retroactive Taxation," Journal of Legal Studies, University of Chicago Press, vol. 22(2), pages 265-307, June.
  14. Fischel, Daniel R & Sykes, Alan O, 1999. "Governmental Liability for Breach of Contract," American Law and Economics Review, Oxford University Press, vol. 1(1-2), pages 313-85, Fall.
  15. Akerlof, George A, 1970. "The Market for 'Lemons': Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, MIT Press, vol. 84(3), pages 488-500, August. [Downloadable!] (restricted)
  16. Louis Kaplow, 1992. "The Income Tax as Insurance: The Casualty Loss and Medical Expense Deductions and the Exclusion of the Medical Insurance Premiums," NBER Working Papers 3723, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
  17. Blume, Lawrence & Rubinfeld, Daniel L & Shapiro, Perry, 1984. "The Taking of Land: When Should Compensation Be Paid?," The Quarterly Journal of Economics, MIT Press, vol. 99(1), pages 71-92, February. [Downloadable!] (restricted)
  18. Kaplow, Louis, 1992. " Government Relief for Risk Associated with Government Action," Scandinavian Journal of Economics, Blackwell Publishing, vol. 94(4), pages 525-41.
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  19. Hermalin, Benjamin E, 1995. "An Economic Analysis of Takings," Journal of Law, Economics and Organization, Oxford University Press, vol. 11(1), pages 64-86, April.
  20. Feldstein, Martin, 1976. "On the theory of tax reform," Journal of Public Economics, Elsevier, vol. 6(1-2), pages 77-104. [Downloadable!] (restricted)
  21. King, Mervyn A, 1983. "An Index of Inequality: With Applications to Horizontal Equity and Social Mobility," Econometrica, Econometric Society, vol. 51(1), pages 99-115, January. [Downloadable!] (restricted)
  22. Arnott, Richard & Stiglitz, Joseph E, 1991. "Moral Hazard and Nonmarket Institutions: Dysfunctional Crowding Out or Peer Monitoring?," American Economic Review, American Economic Association, vol. 81(1), pages 179-90, March. [Downloadable!] (restricted)
  23. Usher, Dan, 1995. " Victimization, Rent-Seeking and Just Compensation," Public Choice, Springer, vol. 83(1-2), pages 1-20, April.
  24. Steven Shavell, 1980. "Damage Measures for Breach of Contract," Bell Journal of Economics, The RAND Corporation, vol. 11(2), pages 466-490, Autumn. [Downloadable!] (restricted)
  25. David F. Bradford, 1996. "Consumption Taxes: Some Fundamental Transition Issues," NBER Working Papers 5290, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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  26. Cordes, Joseph J. & Weisbrod, Burton A., 1979. "Governmental behavior in response to compensation requirements," Journal of Public Economics, Elsevier, vol. 11(1), pages 47-58, February. [Downloadable!] (restricted)
  27. Kaplow, Louis, 1993. "An ex ante perspective on deregulation, viewed ex post," Resource and Energy Economics, Elsevier, vol. 15(2), pages 153-173, June. [Downloadable!] (restricted)
  28. Fischel, William A. & Shapiro, Perry, 1989. "A constitutional choice model of compensation for takings," International Review of Law and Economics, Elsevier, vol. 9(2), pages 115-128, December. [Downloadable!] (restricted)
  29. Farber, Daniel A., 1992. "Economic analysis and just compensation," International Review of Law and Economics, Elsevier, vol. 12(2), pages 125-138, June. [Downloadable!] (restricted)
  30. Baxter, William F & Altree, Lillian R, 1972. "Legal Aspects of Airport Noise," Journal of Law & Economics, University of Chicago Press, vol. 15(1), pages 1-113, April.
  31. Wickelgren, Abraham L, 2001. "Damages for Breach of Contract: Should the Government Get Special Treatment?," Journal of Law, Economics and Organization, Oxford University Press, vol. 17(1), pages 121-48, April.
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  1. Louis Kaplow, 2006. "Capital Levies and Transition to a Consumption Tax," NBER Working Papers 12259, National Bureau of Economic Research, Inc. [Downloadable!] (restricted)
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