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We construct series of post-tax income for France over the 1900-2018 period and compare them with U.S. Redistribution:Evidence from France and the U.S.Īntoine Bozio, Bertrand Garbinti, Jonathan Goupille-Lebret, Malka Guillot, Thomas Piketty, Working paper GATE 2022-09
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Our results point to the critical importance of endogenous saving decisions in response to exogenous shocks as a key driver of wealth inequality. Wealth inequality dynamics result mostly from changes in saving rate inequality but only in response to the exogenous changes in taxation and markups. Rising markups account for the bulk of rising income inequality. Using France as an illustration, the model fits the level and dynamics of wealth and income inequalities, the aggregate and distributional tax structure, the composition of wealth along the distribution as well as key macroeconomic aggregates over the 1984-2018 period. We build an original heterogeneous-agent model with three assets (deposits, housing and equity), labor-income risk, entrepreneurs, and a rich and realistic set of flat and progressive taxes and transfers. Stéphane Auray, Aurélien Eyquem, Bertrand Garbinti, Jonathan Goupille-Lebret, Working paper GATE 2022-10 Explaining Income and Wealth Inequality over the Long Run : The Case of France However, preferences for the source of uncertainty are distributed around zero. Under strategic complementarity, the majority of participants tend to be pessimistic regarding the desired outcome. We document systematic attitudes towards strategic uncertainty that vary across contexts. We provide a structural model of uncertainty attitudes that allows us to measure a preference for or an aversion against the source of uncertainty, as well as optimism or pessimism regarding the desired outcome. We elicit certainty equivalents of participating in two strategic 2x2 games (a stag-hunt and a market-entry game) as well as certainty equivalents of related lotteries that yield the same possible payoffs with exogenously given probabilities (risk) and lotteries with unknown probabilities (ambiguity). We vary the source of uncertainty (whether strategic or not) across conditions in a ceteris paribus manner. Our paper develops a new method for measuring strategic-uncertainty attitudes and distinguishing them from risk and ambiguity attitudes. Strategic uncertainty is the uncertainty that players face with respect to the purposeful behavior of other players in an interactive decision situation. Lisa Bruttel, Muhammed Bulutay, Camille Cornand, Frank Heinemann, Adam Zylbersztejn, Working paper GATE 2022-11 Measuring strategic-uncertainty attitudes Second, different sources of uncertainty where the events are not equally likely lead to an increase in likelihood insensitivity, which indicates that the beliefs formation process of unknown events is cognitively demanding. This result indicates that comparing different sources of uncertainty requires a complete measurement of the utility and weighting functions. First, for equal sources of uncertainty, our method successfully reveals that subjects have context-independent beliefs on events, but context-dependent utility and weighting functions. We implement our method experimentally to both equal and different sources of uncertainty in two contexts : trust and coordination games. Our method increases robustness to misspecification and allows flexibility in parametric choices compared to previous methods. This paper proposes a new method to measure beliefs and ambiguity attitudes towards events that are not necessarily equally likely and belong to a discrete set (i.e., discrete sources of uncertainty). Yao Thibaut Kpegli, Maria Alejandra Erazo Diaz, Working paper GATE 2022-12 2022 Measuring Beliefs and Ambiguity Attitudes Towards Discrete Sources of Uncertainty
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