Separability and public finance |
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Authors: | Stéphane Gauthier Guy Laroque |
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Institution: | 1. CREST-INSEE, France;2. University College London and Institute for Fiscal Studies, United Kingdom |
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Abstract: | In a second best environment, the optimal policy choice sometimes follows first best rules. This paper presents a formal general argument which allows to unify much of the literature. It lays down the information structure and separability assumptions under which the results hold in a variety of setups, with extensions to preference heterogeneity and individual production sets. |
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