The Tobin Tax - a Game-Theoretical and an Experimental Approach
نویسندگان
چکیده
In the nineteenseventies, James Tobin suggested the introduction of a transaction tax on the currency market to cope with exchange rate volatility. We investigate the consequences of the introduction of such a tax on an asset market model from a game-theoretic and an experimental point of view. Our main results include in respect to our model that contrary to the situation in game-theoretic equilibrium, the Tobin tax i) reduces trade volume, ii) reduces volatility, iii) increases market efficiency, and iv) decreases earnings inequality. JEL classification: C91, D44, E44, E58, F31, G15
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