English, Article, Journal or magazine article edition: Optimal Money Burning B. Douglas Bernheim; Lee Redding

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Bookmark: http://trove.nla.gov.au/version/143026
Physical Description
  • preprint
Language
  • English

Edition details

Title
  • Optimal Money Burning
Author
  • B. Douglas Bernheim
  • Lee Redding
Physical Description
  • preprint
Notes
  • December 1995 We explore signaling behavior in settings with a discriminating signal and several costly nondiscriminating ("money burning") activities. In settings where informed parties have many options for burning money, existing theory provides no basis for selecting one nondiscriminating activity over another. When senders have private information about the costs of these activities, each sender's indifference is resolved, the taxation of a nondiscriminating signal is Pareto improving, and the use of the taxed activity becomes more widespread as the tax rate rises. We apply this analysis to the theory of dividend signaling. The central testable implication of the model is verified empirically.
  • RePEc:wop:stanec:96010
Language
  • English
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