This paper examines the migration response to a millionaire tax in New Jersey, which raised its income tax rate on top earners by 2.6 percentage points to 8.97 percent, one of the highest tax rates in the country. Drawing on unique state tax micro-data, we estimate the migration response of millionaires to the rate increase, using a difference-in-differences estimation strategy. The results ind...

Conley and Wilkie (1993) introduced and axiomatized the Nash extension bargaining solution, defined on a domain of comprehensive but not necessarily convex problems. In this paper we present a non-cooperative game that implements the Nash extension solution in subgame perfect equilibria in the limit as the discount rate applied between rounds of play vanishes. Journal of Economic Literature Cla...

I am delighted to be here today to offer my thoughts on an issue that I believe is important to all of us: the long-standing decline in household saving. Since the early 1980s, the personal saving rate has fallen steadily; on average, a household today saves only about 1-1/2 percent of its disposable income, compared with about 11 percent in 1984. The fall in the personal saving rate could have...

This paper provides a comprehensive analysis of the annual and of the long-term performance of personal pension funds relative to their Primary Prospectus Benchmarks (PPBs) and T-bills. The study covers 9,659 personal pension funds from across all 30 ABI investment sectors that operated in the UK in the 1980-2009 period. Of these, 4,531 pension funds are compared against their PPBs. We find con...

People often face outcomes of important events that are beyond their personal control, such as when they wait for an acceptance letter, job offer, or medical test results. We suggest that when wanting and uncertainty are high and personal control is lacking, people may be more likely to help others, as if they can encourage fate's favor by doing good deeds proactively. Four experiments support ...

Recent investigations emphasized the role of communication features on behavioral trust and reciprocity in economic decision making but no studies have been focused on the effect of communication on affective states in such a context. Thanks to advanced methods of computational psychometrics, in this study, affective states were deeply examined using simultaneous and synchronized recordings of ...

• Since Wilkie’s result [9] (which established that the elementary theory Texp of (R, exp) is model complete and o-minimal), many o-minimal expansions of the reals have been investigated. The problem of constructing nonarchimedean models of Texp (and more generally, of an ominimal expansion of the reals) gained much interest. • In [2] it was shown that fields of generalized power series cannot ...