The taxation of trades in assets

DOI10.1016/J.JET.2004.11.003MaRDI QIDQ2490133zbMATH OpenOpenAlexFDO

Authors Alessandro Citanna, Herakles M. Polemarchakis, Mario Tirelli

Publication date 28 April 2006

Published in Journal of Economic Theory (Search for Journal in Brave)

Full work available at URL https://doi.org/10.1016/j.jet.2004.11.003

zbMATH Keywords

Competitive equilibriumIncomplete asset marketsPareto improvement

Mathematics Subject Classification ID

Auctions, bargaining, bidding and selling, and other market models (91B26) Macroeconomic theory (monetary models, models of taxation) (91B64)

Review text

The paper proves that taxes on trades in assets are Pareto improving when asset markets are incomplete.

Recommendations

• Taxes and money in incomplete financial markets
• Income taxation when markets are incomplete
• Efficiency in trading markets with multi-dimensional signals
• Pareto improving taxes
• A market game for assets and taxed investors.

Cites work

• A Classical Tax-Subsidy Problem
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• General statements on second best Pareto optimality
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• Le "Revenu Distribuable" et les Pertes Economiques
• On the optimality of equilibrium when the market structure is incomplete
• Pareto improving financial innovation in incomplete markets
• Pareto improving price regulation when the asset market is incomplete
• The Coefficient of Resource Utilization
• The identification of preferences from equilibrium prices under uncertainty
• Welfare effects of financial innovation in incomplete markets economies with several consumption goods
• Welfare-improving financial innovation with a single good

Cited in

(15)

• A market game for assets and taxed investors.
• Income taxation when markets are incomplete
• Identification of Pareto-improving policies: Information as the real invisible hand
• Endowment redistribution and Pareto improvements in GEI economies
• Redistribution and Small Coalitions of Friends
• Markets and contracts
• Transaction costs and planner intervention
• On the regularity of smooth production economies with externalities: competitive equilibrium à la Nash
• Pareto Improving Price Regulation when the Asset Market is Incomplete
• Idiosyncratic risk and financial policy
• The identification of preferences from equilibrium prices under uncertainty
• Pareto improving taxes with non-separable externalities: a differentiable approach
• Taxes and money in incomplete financial markets
• Pareto improving taxes
• Externalities, consumption constraints and regular economies

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