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Feedback Nash equilibria in optimal taxation problems

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EN
Abstrakty
EN
A well-known result in public economics is that capital income should not be taxed in the long run. This result has been derived using necessary optimality conditions for an appropriate dynamic Stackelberg game. In this paper we consider three models of dynamic taxation in continuous time and suggest a method for calculating their feedback Nash equilibria based on a sufficient condition for optimality. We show that the optimal tax on capital income is generally different from zero.
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Twórcy
  • Institute of Mathematics and Informatics, Bulgarian Academy of Sciences, Sofia, Bulgaria, krast@math.bas.bg
Bibliografia
  • [1] Basar T., Olsder G.J., Dynamic noncooperative game theory, SIAM, 1999
  • [2] Chamley C., Optimal taxation of capital income in general equilibrium with infinite lives, Econometrica, 1986, 54(3), 607–622 http://dx.doi.org/10.2307/1911310[Crossref]
  • [3] Cohen D., Michel P., How should control theory be used to calculate a time-consistent government policy?, Review of Economic Studies, 1988, 55(2), 263–274 http://dx.doi.org/10.2307/2297581[Crossref]
  • [4] Dockner E., Jorgensen S., Van Long N., Sorger G., Differential games in economics and management science, Cambridge University Press, 2000
  • [5] Frankel D., Transitional dynamics of optimal capital taxation, Macroeconomic Dynamics, 1998, 2, 492–503 http://dx.doi.org/10.1017/S1365100598009055[Crossref]
  • [6] Judd D., Redistributive taxation in a simple perfect foresight model, Journal of Public Economics, 1985, 28, 59–83 http://dx.doi.org/10.1016/0047-2727(85)90020-9[Crossref]
  • [7] Kemp L., van Long N., Shimomura K., Cyclical and noncyclical redistributive taxation, International Economic Review, 1993, 34(2), 415–429 http://dx.doi.org/10.2307/2526922[Crossref]
  • [8] Krastanov M., Rozenov R., On Chamley’s problem of optimal taxation, Proceedings of the 37th Spring Conference of the Union of Bulgarian Mathematicians, 2008, 216–220
  • [9] Lansing K., Optimal redistributive capital taxation in a neoclassical growth model, Journal of Public Economics, 1999, 73, 423–453 http://dx.doi.org/10.1016/S0047-2727(99)00016-X[Crossref]
  • [10] Rubio S.J., On coincidence of feedback Nash equilibria and Stackelberg equilibria in economic applications of differential games, Journal of Optimization Theory and Applications, 2006, 128(1), 203–221 http://dx.doi.org/10.1007/s10957-005-7565-y[Crossref]
  • [11] Seierstad A., Sydsaeter K., Sufficient conditions in optimal control theory, International Economic Review, 1977, 18(2), 367–391 http://dx.doi.org/10.2307/2525753[Crossref]
  • [12] Xie D., On time inconsistency: a technical issue in Stackelberg differential games, Journal of Economic Theory, 1997, 76(2), 412–430 http://dx.doi.org/10.1006/jeth.1997.2308[Crossref]
Typ dokumentu
Bibliografia
Identyfikatory
Identyfikator YADDA
bwmeta1.element.doi-10_2478_s11533-009-0040-5
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