Extending a multi-set relational algebra to a parallel environment

Parallel database systems will very probably be the future for high-performance data-intensive applications. In the past decade, many parallel database systems have been developed, together with many languages and approaches to specify operations in these systems. A common background is still missing, however. This paper proposes an extended relational algebra for this purpose, based on the well-known standard relational algebra. The extended algebra provides both complete database manipulation language features, and data distribution and process allocation primitives to describe parallelism. It is defined in terms of multi-sets of tuples to allow handling of duplicates and to obtain a close connection to the world of high-performance data processing. Due to its algebraic nature, the language is well suited for optimization and parallelization through expression rewriting. The proposed language can be used as a database manipulation language on its own, as has been done in the PRISMA parallel database project, or as a formal basis for other languages, like SQL

New evidence on taxes and portfolio choice

Identifying the effect of differential taxation on portfolio allocation requires exogenous variation in marginal tax rates. Marginal tax rates vary with income, but income surely affects portfolio choice directly. In systems of individual taxation – like Canada’s – couples with the same household income can face different effective tax rates on capital income when labor income is distributed differently within households. Using this source of variation we find statistically significant but economically modest responses to taxation. In a “placebo” test, using data from the U.S. (which has joint taxation), we find no effect of the intra-household distribution of labor income on portfolios