Testable restrictions of Pareto optimal public good provision

Article Abstract:

A theoretical study of the testable restrictions of Pareto optimal behavior in an economy with public goods is presented. The testable restrictions are evaluated over a finite series of aggregate-level data, production data and individual after-tax income. The tests are used to evaluate the efficiency of public goods provision in the context of informational mechanisms and preference. The techniques presented could offer an efficient theoretical stand point for nonparametric hypothesis and specification tests in situations where private goods, public goods and goods which a mixture of both are present.

Information theory, Information theory in economics

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Do consumers respond to future income shocks? Evidence from social security reform in Taiwan

Article Abstract:

Consumption among employees granted a windfall retirement/severance benefit under Taiwan's 1985 Labor Standards Law did not rise immediately, compared to those who did not receive the windfall. Consumption for those receiving a bigger windfall also did not increase compared to those who received less. These were gleaned from the results of an examination of a prediction of the basic permanent income hypothesis/life cycle model, wherein an unexpected increase in future income leads to an immediate increase in current consumption.

Taiwan, Income

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Global behaviour of a system with imperfect private-public substitutability

Article Abstract:

A growth model which combines the relations between the differences in private and public consumption among countries was created to account for substitutability and complementarity. Findings show the dynamic path to differ from an interior equilibrium in increasing oscillations when increasing returns are present. The interior equilibrium transforms into a saddle point during decreasing returns and suggests that the differences in complementarity and substitutability affect the immobile state.

Economics, Research and Development in the Social Sciences and Humanities, Supply and demand, Economies of scale

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