if this message does not display correctly, click here | Table of Contents Federico Boffa, Free University of Bolzano
Alessandro Fedele, Free University of Bozen-Bolzano - Faculty of Economics and Management
Alberto Iozzi, Universita degli Studi di Roma Barbara Annicchiarico, University of Rome, Tor Vergata - Department of Economics and Finance, University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS)
Valentina Antonaroli, Economic Analysis Department, Central Bank of Malta
Alessandra Pelloni, affiliation not provided to SSRN Enrico Lupi, Scuola Superiore Sant'Anna, University of Rome Tor Vergata - Department of Economics and Finance | |
CEIS: CENTRE FOR ECONOMIC & INTERNATIONAL STUDIES
Furio Camillo Rosati - Director "Congestion and Incentives in the Age of Driverless Cars" 
CEIS Working Paper No. 484 FEDERICO BOFFA, Free University of Bolzano
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ALESSANDRO FEDELE, Free University of Bozen-Bolzano - Faculty of Economics and Management
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ALBERTO IOZZI, Universita degli Studi di Roma
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Following the development of autonomous vehicles (AVs) and GPS systems, fleets will gain prominence over private vehicles. We analyze the welfare effects of the transition from a fully decentralized regime, in which all travelers are atomistic and do not internalize the congestion externality, to a centralized regime, where all travelers are supplied by a fleet of AVs controlled by a monopolist. In our model, heterogeneous individuals differing in the disutility from congestion may travel on one of two lanes, which may endogenously differ in the level of congestion, or they may not travel. We show that the monopolist sorts travelers across the two lanes differently than the decentralized regime. Moreover, depending on the severity of congestion costs, it may also exclude some travelers. We find that centralization is always welfare detrimental when the monopolist does not ration travel. If instead rationing occurs, centralization may be welfare beneficial, provided that congestion costs are sufficiently high. We then analyze how to restore first best with road taxes. While congestion charges are optimal under decentralization, taxes differ markedly in a centralized regime, where restoring first best may require subsidizing the monopolist. "Optimal Factor Taxation in a Scale Free Model of Vertical Innovation"
CEIS Working Paper No. 485 BARBARA ANNICCHIARICO, University of Rome, Tor Vergata - Department of Economics and Finance, University of Rome Tor Vergata - Centre for International Studies on Economic Growth (CEIS)
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VALENTINA ANTONAROLI, Economic Analysis Department, Central Bank of Malta
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ALESSANDRA PELLONI, affiliation not provided to SSRN
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The objective of the paper is to study how the tax burden arising from an exogenous stream of public expenditures and transfers should be distributed between labor and capital in a scale-less endogenous growth model, where the engine of growth are successful innovations. Our laboratory is a prototypical quality ladder model with a labor/leisure choice where R&D productivity is decreasing in the size of the economy. This decreasing productivity removes scale effects, which are a controversial prediction of first-generation endogenous growth models. Our contribution is to show that even when labor supply has no effects on growth in the long run, it will still be optimal to tax capital, for reasonable parametrizations of the model. This is true even if the long-run growth rate decreases, with respect to the initial situation in which capital income is not taxed. "Competition Between Infinitely Many Fund Managers and Investor's Welfare"
CEIS Working Paper No. 486 ENRICO LUPI, Scuola Superiore Sant'Anna, University of Rome Tor Vergata - Department of Economics and Finance
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This work analyzes the dynamic competition among an infinite number of managers acting in a financial market with a riskless bond and a risky asset. Each player competes against infinitely many competitors for receiving money flows that depend on her relative performances. We assume that each manager attempts to overperform the industry average performance. We find the closed formula for the optimal policy. We show that when all the agents are identical (homogenous case) the competition induced by the convex incentive affects both the risk aversion of the manager and her optimal policy. The change in the risk aversion and the shift in the risk taking behavior have opposite effects on manager's optimal policy. In the homogenous case the two effects perfectly offset and the optimal policy coincide with the usual Merton policy. We characterize the optimal solution of the problem also in the extended framework allowing for heterogenous groups of managers. In this case the two opposite forces acting on the manager's choice do not balance each other and there is room for the analysis of the change in the risk-taking optimal behavior of managers and in the whole industry as function of the parameters of the utility function of the managers as well as the relative weight of the groups in the population. We study the welfare loss of investors, who let their money being managed by managers, relating to the level of competition in the market. | | ^top
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