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Consumption adaptation, anticipation-bias, and optimal income taxation
Umeå universitet, Samhällsvetenskapliga fakulteten, Handelshögskolan vid Umeå universitet, Nationalekonomi.
Freie Universität, Berlin.
2017 (Engelska)Ingår i: Journal of Public Economic Theory, ISSN 1097-3923, E-ISSN 1467-9779, Vol. 19, nr 3, s. 713-731Artikel i tidskrift (Refereegranskat) Published
Abstract [en]

Adaptation is omnipresent but people systematically fail to correctly anticipate the degree to which they adapt, leading them to make irrational intertemporal decisions. This paper concerns optimal income taxation to correct for such anticipation-biases in a framework where consumers adapt to earlier consumption levels. The analysis is based on a general equilibrium OLG model with endogenous labor supply and savings where each consumer lives for three periods. The results show how a paternalistic government may correct for the effects of anticipation-bias through a combination of time-variant-marginal labor income taxes and savings subsidies/taxes. The optimal policy mix remains the same, irrespective of whether consumers commit to their original life time plan for work hours and consumption or reoptimize later on when realizing that they have already adapted more than expected.

Ort, förlag, år, upplaga, sidor
Hoboken: Wiley-Blackwell, 2017. Vol. 19, nr 3, s. 713-731
Nyckelord [en]
optimal paternalism, relative income, public goods, sin taxes, utility, happiness, economists, disability, provision, jealousy
Nationell ämneskategori
Nationalekonomi
Forskningsämne
nationalekonomi
Identifikatorer
URN: urn:nbn:se:umu:diva-124570DOI: 10.1111/jpet.12227ISI: 000404443300008OAI: oai:DiVA.org:umu-124570DiVA, id: diva2:953022
Forskningsfinansiär
Riksbankens Jubileumsfond, RS10-1319:1Tillgänglig från: 2016-08-16 Skapad: 2016-08-16 Senast uppdaterad: 2018-06-07Bibliografiskt granskad

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Aronsson, Thomas

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