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- Arvaniti, Maria, et al.
(författare)
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Risk externalities : when financial imperfections are not the problem, but part of the solution
- 2018
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Ingår i: Journal of Mathematical Economics. - : Elsevier. - 0304-4068 .- 1873-1538. ; 77, s. 87-100
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Tidskriftsartikel (refereegranskat)abstract
- We model an economy with complete financial markets where one agent's actions impose an externality on other agents by altering the probability distribution of their risks, and show that limiting the ability of that agent to diversify his risks creates incentives for him to internalize the welfare effects of his decisions, leading to a welfare improvement. Hence, in the presence of risk externalities, disturbing the functioning of perfect financial markets can be socially beneficial. An important implication is, for instance, that allowing oil companies to diversify their exploration risks may result in an inefficiently high risk of environmental catastrophes.
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- Arvaniti, Maria, et al.
(författare)
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Temptation in consumption and optimal taxation
- 2023
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier. - 0167-2681 .- 1879-1751. ; 205, s. 687-707
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Tidskriftsartikel (refereegranskat)abstract
- This article aims to integrate temptation preferences into the theory of optimal taxation with heterogenous agents and asymmetric information. Consumers are tempted to over-consume a commodity which may lead to an over-supply of labor. Resisting this temptation implies a utility cost and any policy that reduces this cost is welfare improving. We uncover novel channels for government intervention and the interaction between the welfare improving and redistributive roles of public policy. We also identify a commitment mechanism that works through the endogenous labor choice and affects the design and effectiveness of the optimal tax policy.
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- Arvaniti, Maria, et al.
(författare)
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Time-consistent renewable resource management with present bias and regime shifts
- 2023
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Ingår i: Journal of Economic Behavior and Organization. - : Elsevier. - 0167-2681 .- 1879-1751. ; 207, s. 479-495
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Tidskriftsartikel (refereegranskat)abstract
- We investigate the extraction plan of present-biased decision makers managing a renew-able resource stock whose growth is uncertain and which could undergo a rapid and sig-nificant change when stock falls below a threshold. We show that the Markov-Nash equi-librium extraction policy is unique, time consistent, and increasing in resource stock. An increase in the threshold leads to increased resource extraction, rather than the precau-tionary reduction in extraction often observed with exponential discounting. An increase in the degree of present bias also leads to an increase in resource extraction. Our analy-sis suggests that accounting for and appropriately dealing with resource managers' present bias may be important to understand resource use sustainability.
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