To finance expenditures on goods and services and government programs, governments levy taxes on many different economic activities. Large countries tend to raise much of their revenue by taxing income. For example, in the United States, taxes are levied on capital income, such as profits and interest, and also on labor income, such as wages and salaries. Taxes on income affect economic activit...

We compare taxes and quotas where a regulator and a non-strategic firm have asymmetric information about a pollution-producing activity. In previous studies, optimal quotas are generally assumed to bind with probability one. We analyze the conditions under which a quota that binds with probability less than one is optimal. A quota that may be slack can be targeted towards some firms whilst allo...

hear a new example of how universities “have voluntarily abandoned race restrictions” [as a criterion] (Schmidt, 2006) in undergraduate programs. Currently, race-conscious policies have spiraled into the graduate and professional school admissions processes as well. Also, funds that were once earmarked for minority programs are now the subject of legal challenge as well. As a result, we provide...

Apart from a handful of proteins encoded by the mitochondrial genome, most proteins residing in this organelle are nuclear-encoded and synthesised in the cytosol. Thus, delivery of proteins to their final destination depends on a network of specialised import components that form at least four main translocation complexes. The import machinery ensures that proteins earmarked for the mitochondri...

This paper studies the effects of a tax on energy use in a growth model where market structure is endogenous and jointly determined with the rate of technological change. Because this economy does not exhibit the scale effect (a positive relation between TFP growth and aggregate R&D), the tax has no effect on the steady-state growth rate. It has, however, important transitional effects that giv...