English, Article, Journal or magazine article edition: Government Relief for Risk Associated with Government Action Louis Kaplow

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Bookmark: http://trove.nla.gov.au/version/139883
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Government Relief for Risk Associated with Government Action
Author
  • Louis Kaplow
Physical Description
  • preprint
Notes
  • A significant source of risk arises from uncertainty concerning future government policy. Government action - - tax reform, deregulation, judicial decisions, budgetary shifts - - produces gains and losses for those who invested under preexisting rules. The effects of government relief - - compensation, grandfathering, phase-ins - - on ex ante incentives and risk bearing are examined in a model in which private insurance is taken into account. It is demonstrated that government relief is inefficient, even when private insurance is subject to moral hazard, because relief shields individuals from some of the effects of their actions.
  • RePEc:nbr:nberwo:3006
Language
  • English
Contributed by
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