Both the annual and lifetime marginal costs of redistribution in England, Sweden, and the United States are calculated. The annual marginal cost of redistribution is $2.90 in the United States, $3.53 in England, and $6.77 in Sweden. The lifetime marginal cost of redistribution is $4.46 in the United States and $7.96 in England. The lifetime marginal cost of redistribution in Sweden indicates that additional redistribution reduces the incomes of both the poor and nonpoor. This study also shows that when there is greater income equality, the marginal tax rate at which the incomes of the poor and nonpoor begin to be reduced will be at lower and lower levels. Copyright 1993 by MIT Press.

The Impact of Global Warming on Agriculture: A Ricardian Analysis: Comment by John Quiggin and John K. Horowitz. Published in volume 89, issue 4, pages 1044-1045 of American Economic Review, September 1999

We conduct an experiment to determine whether market structure affects financial intermediary behavior. The intermediaries (Agents) are perfectly informed regarding project types and can recommend that their clients (Principals) either proceed or discontinue a project. Intermediaries earn revenues only when they recommend proceeding with the transaction. Thus, our design captures some of the incentives faced by financial advisers in commercial banks, where compensation depends on sales performance, and also by money-managers, whose income depends on the size of their portfolios. We find that a monopolist intermediary protects the interest of clients better than when intermediaries compete. Our results are robust to a significant fee increase and provide additional evidence on the impact of market structure on individual incentives and equilibrium outcomes.