Essays in Public Economic Theory公共经济学理论

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1、EssaysinPublicEconomicTheoryInaugural-DissertationzurErlangungdesGradesDoctoroeconomiaepublicae(Dr.oec.publ.)imJahr2005anderVolkswirtschaftlichenFakult¨atderLudwig-Maximilians-Universit¨atM¨unchenvorgelegtvonMarcoSahmReferent:Prof.Dr.BerndHuberKorreferent:Prof.Dr.Klaus

2、SchmidtPromotionsabschlussberatung:8.Februar2006F¨urEvaContentsPrefaceixIMethodsofcapitalgainstaxation11Imitatingaccrualtaxation51.1Thebasicproblem........................51.1.1Accrualvs.realizationtaxation.............51.1.2Theoptimalliquidationpolicy..............71.

3、1.3Theimpactonportfoliochoice..............81.1.4Theroleoffinancialinnovations.............91.2Formulaictaxation........................111.2.1Thedifferentsolutionconcepts.............111.2.2Thestatusquo:realizationtaxation...........141.2.3Thereferencecase:fullequivale

4、nce...........151.2.4Retrospectivetaxationattheactualrate(Vickrey,1939)......................161.2.5Retrospectivetaxationattheconstantrate(Meade,1978).......................181.2.6Continuousyieldtomaturity(Land,1996).......191.2.7Expectedvaluetaxation(Shuldiner,1992)..

5、.....201.2.8Imputinginterestonbasis(CunninghamandSchenk,1992)............231.2.9Retrospectivetaxationattherisklessrate(Auerbach,1991).....................241.2.10Arbitrarygainreferencedate(Bradford,1995).....261.2.11Generalizedcash-flowtaxation(AuerbachandBradford,2002)

6、.............281.2.12Schematiccomparisonandevaluation..........301.3Concludingremarks........................31vviCONTENTS2Theimpactonassetpricesandwelfare332.1Thebasicproblemrevisited...................332.2Reviewoftheliterature.....................362.3Asimplegeneral

7、equilibriummodel...............382.3.1Basicassumptions....................382.3.2Specificassumptions...................392.3.3Theproblemunderdifferenttaxregimes........402.4Priceandwelfareeffects.....................452.4.1Theimpactonassetprices................452.4.2Thei

8、mpactonwelfare..................462.4.3Distributionalaspects..................492.4.4Concernsofoptimaltaxation.......