This paper describes the positive effect that corporate income tax has on capital formation in the presence of liquidity constraints and uninsurable risk. The author uses a dynamic generalequilibrium model in which individuals choose whether to become entrepreneurs or workers. Workers save by holding corporate equity and therefore are subject to double taxation, as the return on their savings i...

Almost all U.S. hospitals procure their equipment through group purchasing organizations ("GPOs"). Some hospitals subject the prices secured by GPOs to a second round of competition in an "aftermarket," in which vendors both on and off the GPO contract compete for the hospital's business. To measure the extent of the potential benefit to hospitals from another round of competition, we analyzed ...

Federal college financial aid imposes an implicit tax on asset accumulation, which reduces the incentive for families to save. Prior literature has found evidence of large reductions in asset accumulation as a result. This paper finds that these conclusions are over-estimated and are sensitive to the assumptions used in estimating the implicit tax rate. Additionally, the 1992 exemption of home ...

Proponents of health savings accounts (HSAs) contend that they will reduce medical expenditures. In practice, however, the effect of HSAs, and the high-deductible health plans that must accompany them, will depend on the actual provisions of those plans and of the plans they replace. We show that typical plans in the market today already contain substantial cost sharing. We find that many HSA/h...

In a national online survey, 505 participants reported their perceptions of energy consumption and savings for a variety of household, transportation, and recycling activities. When asked for the most effective strategy they could implement to conserve energy, most participants mentioned curtailment (e.g., turning off lights, driving less) rather than efficiency improvements (e.g., installing m...

This paper examines option to defer an investment in thermal rehabilitation of building. Heat savings generated by energy efficiency investment in two distinctive areas connected to district heating in Prague are studied. Despite substantial difference of heat price over several years no significant difference in heat savings between the two areas is found. It is shown that different volatility...

Remanufactured products that can substitute for new products are generally claimed to save energy. These claims are made from studies that look mainly at the differences in materials production and manufacturing. However, when the use phase is included, the situation can change radically. In this Article, 25 case studies for eight different product categories were studied, including: (1) furnit...

This paper is one of the rst to analyse political in uence on state-owned savings banks in a developed country with an established nancial market: Germany. Combining a large dataset with nancial and operating gures of all 457 German savings banks from 1994 to 2006 and information on over 1,250 local elections during this period we investigate the change in business behavior around elections. We...

1. I n t r o d u c t i o n 382 2. P e r s o n a l s av ings 383 2_1. A simple model of individual saving 384 2.2. Evidence on the simple model 385 2.3. Uncertainty and saving 390 2.4. Borrowing constraints 392 2.5. Education and asset choice 394 2.6. Health, nutrition and savings 396 2.7. Bequests and savings 400 2.8. The family and savings 401 3. Savings at the national level 403 3.1. Aggregat...

This article serves as the first part of a two-part series that will provide an overview of the reverse auction concept, building on the best research in the field of supply chain management. In this instalment, we examine the growth of reverse auctions in both private and public sector procurement. We then provide a differentiation between the more readily understood forward auction concept an...