We show that for a broad class of technologies the relationship between policy stringency and the rate of technology adoption is inverted U-shaped. This happens when the marginal abatement cost (MAC) curves of conventional and new technologies intersect, which invariably occurs when emissions are proportional to output and technological progress reduces emissions per output. This outcome does n...

We compare the effects of taxes and quotas for an environmental problem where the regulator and polluter have asymmetric information about abatement costs, and environmental damage depends on pollution stock. An increase in the slope of the marginal abatement cost curve, or a decrease in the slope of the marginal damage curve, favors taxes. An increase in the discount rate or the stock decay ra...

In a discounted one-sector convex model of optimal economic growth where utility may depend on both consumption and capital stock, I derive necessary and sufficient conditions for sustained growth (unbounded expansion of capital and consumption). Conditions for bounded growth and extinction are also outlined. Optimal paths may be non-monotone. Sustained growth may occur even though the asymptot...

Unlike the standard assumption that the degree of impatience, measured by the rate of time preference, is increasing in wealth, empirical studies support that impatience is marginally decreasing. By introducing decreasing marginal impatience into the neoclassical monetary growth model á la Sidrauski, we show that (i) consistently with empirical results, an increase in the core rate of inflation...

The optimal inflation tax is reexamined in the framework of dynamic second best economy populated by individuals with inflation aversion. A simple formula for the optimal inflation rate is derived. Different from the literature, it is shown that if the marginal excess burden of other distorting taxes approaches zero, Friedman’s rule for optimum quantity of money is not optimal, and the optimal ...

We study a controlled corporate experiment in which loan officers was altered from fixed salary to volume-based pay. The incentives increased aggressiveness of origination: higher origination rates (+31%), loan sizes (+15%), and default rate (+28%). The effects are partly driven by moral hazard: approval decision is driven by loan officers’ discretion; however, default is uncorrelated with disc...

Marginal tax rate changes have the ability to affect fertility decisions by altering the opportunity cost of time through a change in the after-tax wage. Using a natural experiments framework developed to examine women’s labor force participation we investigate the effect of the Tax Reform Act of 1986 on marital fertility. The data were from the March Current Population Survey. We find the wome...

OBJECTIVES The objective of this randomized controlled clinical trial was to evaluate the 8-year clinical performance of a mild 2-step self-etch adhesive in non-carious Class-V lesions with and without prior selective phosphoric acid-etching of the enamel cavity margins. METHODS A total of 100 non-carious Class-V lesions in 29 patients were restored with Clearfil AP-X (Kuraray). The composite...

Abstract In this paper, we introduce the notion of a marginal tube, which is hypersurface foliated by surfaces. It generalises marginally trapped tube and several notions black hole horizons, for example trapping isolated dynamical etc. We prove that if every spacelike section surface, then null. There no assumption on topology tube. To it, study geometry surfaces in four-dimensional spacetime ...