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Ramsey Asset Taxation under Asymmetric Information

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  • University of Venice
  • Nicola Pavoni
  • Piero Gottardi

Abstract

3.Finally we consider the case where the government's information is even more limited, as not only the linear taxes on trades but also the lump-sum tax cannot depend on the ex-post realization of the individual income shocks. In this case the second best cannot typically be attained, but we show that still some partial insurance and some effort level (higher than the minimum) can be sustained, unlike what happens at the competitive equilibrium with no taxes or with only taxes and no trades in he market. Thus the interaction between markets and government intervention proves to be beneficial and enhances the efficiency properties of allocations. Also, at the optimum there may be nonzero trade in assets and in that case the expected tax rate is positive.

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Bibliographic Info

Paper provided by Society for Economic Dynamics in its series 2008 Meeting Papers with number 309.

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Date of creation: 2008
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Handle: RePEc:red:sed008:309

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Cited by:
  1. Sebastian Koehne & Nicola Pavoni & Arpad Abraham, 2011. "Optimal Income Taxation with Asset Accumulation," 2011 Meeting Papers 1161, Society for Economic Dynamics.
  2. Ábrahám, Árpád & Koehne, Sebastian & Pavoni, Nicola, 2011. "On the first-order approach in principal-agent models with hidden borrowing and lending," Journal of Economic Theory, Elsevier, vol. 146(4), pages 1331-1361, July.
  3. Bertola, Giuseppe & Koeniger, Winfried, 2010. "Public and Private Insurance with Costly Transactions," CEPR Discussion Papers 8062, C.E.P.R. Discussion Papers.

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