Measuring the Efficiency Cost of Taxing Risky Capital Income

In this paper, we derive a measure of the efficiency cost of taxing risky capital income in an infinite horizon stochastic model. The resulting measure differs from all those that have been proposed in the existing literature. It can be represented by the expression -sigma(s) T(s)c(deltaX(s)), where T(s) measures the present value of the taxes that would be paid on a unit of investment in a riskless project with the same expected depreciation rate and tax treatment as capital invested in period s, X(s), while c(X(s)) represents the certainty equivalent to the representative individual of the lottery where measures the ex post change in investment in period s due to the tax change. The paper then compares this measure with others that have appeared in the literature. We were unable to find support for the argument in Bulow-Suinmers(1984) that the efficiency cost of taxing risky capital income is much larger than that implied by the measure -sigma(s)T(s)E(deltaX(s)). In fact, we show in special cases that our measure implies a smaller efficiency cost than does the measure -sigma(s)T(s)E(deltaX(s)).

Tax Structure and Government Behavior: Implications for Tax Policy

Changes in tax policy can affect all aspects of the economy. Not only do firms and individuals change behavior, creating efficiency costs, but government expenditure choices can also change. Unless these expenditure choices had been optimal' previously, changes in response to a tax reform affect welfare and should be taken into account when designing tax policy. This paper develops a specific model of government behavior and then explores the implications of government, as well as private, behavioral responses for tax policy. In particular, we assume that government officials favor expenditure (or regulatory) choices that increase the government's budget. As a result, higher tax rates on a particular activity encourage government behavior that aids the growth of this activity. This response enables tax policy to redirect government activity in desirable directions, but it also makes Pigovian taxes on negative externalities less effective.

Bitter taste stimuli induce differential neural codes in mouse brain.

A growing literature suggests taste stimuli commonly classified as "bitter" induce heterogeneous neural and perceptual responses. Here, the central processing of bitter stimuli was studied in mice with genetically controlled bitter taste profiles. Using these mice removed genetic heterogeneity as a factor influencing gustatory neural codes for bitter stimuli. Electrophysiological activity (spikes) was recorded from single neurons in the nucleus tractus solitarius during oral delivery of taste solutions (26 total), including concentration series of the bitter tastants quinine, denatonium benzoate, cycloheximide, and sucrose octaacetate (SOA), presented to the whole mouth for 5 s. Seventy-nine neurons were sampled; in many cases multiple cells (2 to 5) were recorded from a mouse. Results showed bitter stimuli induced variable gustatory activity. For example, although some neurons responded robustly to quinine and cycloheximide, others displayed concentration-dependent activity (p<0.05) to quinine but not cycloheximide. Differential activity to bitter stimuli was observed across multiple neurons recorded from one animal in several mice. Across all cells, quinine and denatonium induced correlated spatial responses that differed (p<0.05) from those to cycloheximide and SOA. Modeling spatiotemporal neural ensemble activity revealed responses to quinine/denatonium and cycloheximide/SOA diverged during only an early, at least 1 s wide period of the taste response. Our findings highlight how temporal features of sensory processing contribute differences among bitter taste codes and build on data suggesting heterogeneity among "bitter" stimuli, data that challenge a strict monoguesia model for the bitter quality

Elastic Foundations as Heterogeneous Adventitial Boundary Condition for the Assessment of Aortic Wall and Peri-Aortic Stiffness from Dense-MRI Data Using Inverse FEM Approach

Background: The establishment of in vivo, patient-specific, and regionally resolved techniques to quantify aortic properties is key for improving risk assessment in clinical practice and scientific understanding of cardiovascular growth and remodeling. Many in vivo studies quantify vascular stiffness using Pulse Wave Velocity. This method provides an averaged measure of stiffness for the entire aorta, ignoring variations in wall stiffness and boundary conditions. Previous studies using Displacement Encoding with Stimulated Echoes Magnetic Resonance Imaging (DENSE-MRI) suggested that the infrarenal abdominal aorta (IAA) deforms heterogeneously throughout the cardiac cycle. Method: Herein, we hypothesize that the aortic wall strain heterogeneity is driven in healthy aortas by adventitial tethering to perivascular tissues that can be modeled with elastic foundation boundary conditions (EFBC) using a collection of linear-springs with a circumferential distribution of stiffness. Nine healthy-human IAAs were modeled using patient-specific imaging and displacement fields from SSFP and DENSE MRI, followed by assessment of aortic wall properties and heterogeneous EFBC parameters using inverse Finite Element Method (FEM). Results: In contrast to traction-free boundary condition, prescription of EFBC reduced the nodal displacement error by 60% and reproduced the DENSE-derived strain distribution. Estimated aortic stiffness was in agreement with previously reported experimental test data. The distribution of normalized EFBC stiffness was consistent among all patients and spatially correlated to standard peri-aortic anatomical features. Conclusion: Results suggest that EFBCs can be generalized for human adults with normal anatomy. This approach is computationally inexpensive, making it ideal for large-population clinical research and incorporation into computational cardiovascular fluid-structure analyses.https://scholarscompass.vcu.edu/gradposters/1113/thumbnail.jp

When Are the People Ready? The Interplay Between Facial Sufficiency and Readiness Under CPL Section 30.30

In this article, we will explore the intersecting concepts of conversion, facial sufficiency, and readiness. As we shall see, readiness for trial does not necessarily follow from the conversion of a complaint and dismissal on CPL section 30.30 grounds does not necessarily follow from a finding of facial insufficiency

Grazing Alfalfa — A Reality

Alfalfa offers an excellent opportunity to beef producers for receiving excellent performance. Exciting results have been seen for the past two years on the Thomas Farm (Registered Polled Hereford). A total of 1063 pounds of beef per acre produced this year, with similar results seen in 1986 - a total of 874 pounds of beef produced in 1986

Alien Registration- Wilson, John H. (Presque Isle, Aroostook County)

https://digitalmaine.com/alien_docs/33565/thumbnail.jp