Economic disruptions (techonological change, trade liberalization, immigration flows) generally create winners and losers, i.e., wage gains for some individuals losses others. The compensation problem consists of designing a reform the existing income tax system that offsets wefare by redistributing winners. We derive closed-form formula compensating its impact on government budget when only di...

“abstraction principle” means separation between two obligations incommercial instruments: underlying obligation and documentary obligationthat created by drawing these documents. the main effect of this principle isthat objections related to first obligation, cannot be claim in second; wherethere is a third party. to obtain a real and comprehensive perspective of thisprinciple in iranian law, ...