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The marginal cost of public funds is one at the optimal tax system

This paper develops a Mirrlees framework with skill and preference heterogeneity to analyze optimal linear and nonlinear redistributive taxes, optimal provision of public goods, and the marginal cost of public funds (MCF). It is shown that the MCF equals one at the optimal tax system, for both lump-sum and distortionary taxes, for linear and nonlinear taxes, and for both income...

Optimal redistributive tax and education policies in general equilibrium

This paper studies optimal linear and non-linear income taxes and education subsidies in two-type models with endogenous human capital formation, endogenous labor supply, and endogenous wage rates. Assuming constant human capital elasticities, human capital investment should be efficient under optimal linear policies, whether general equilibrium effects are present or not. Hence...

Is Prescott right? Welfare state policies and the incentives to work, learn, and retire

Bas Jacobs 0 0 B. Jacobs ( ) Erasmus School of Economics, Tinbergen Institute , Netspar and CESifo, Erasmus University Rotterdam , P.O. Box 1738, 3000 DR Rotterdam, The Netherlands This paper

Human capital and optimal positive taxation of capital income

area conference on Public Economics , May 7-9, 2004, Mnchen for useful comments and suggestions. Bas Jacobs gratefully acknowledges financial support from the NWO Priority Program 'Scholar' and for

Self-selection bias in estimated wage premiums for earnings risk

This note develops a simple occupational choice model to examine three types of selection biases that may occur in empirically estimating the premium for uncertain wages. Individuals may select themselves into risky (wage-uncertain) jobs because they have (1) lower risk aversion, or (2) lower income risks, or (3) higher individual ability. We show that (1) gives no bias, (2...