Uncertainty and the Theory of Tax Incidence in a Stock Market Economy

[Introduction] Commencing with Harberger's (1962) classic paper, a number of studies have analyzed the incidence of taxation in the context of a deterministic, two-sector, two-factor general equilibrium model. Recently, R. N. Batra (1975) and R. A. Ratti and P. Shame (1977a, 1977b) have reexamined the robustness of these deterministic results for the case in which production uncertainty is incorporated into the model. By using "entrepreneurial" models in which the firm is assumed to maximize the expected utility of profits, they find that the incidence of taxes depends on the preferences and probability assessments of the entrepreneur, and in general, the deterministic results no longer obtain

Models of the firm and international trade under uncertainty

One of the significant advances in economic theory has been the incorporation of uncertainty into the models used to investigate economic behavior. The explicit treatment of uncertainty has permitted economists to predict the behavior of economic agents operating in an uncertain environment and to explain, for example, the existence of insurance, stock markets, and forward exchange markets that have no necessary role in a deterministic world. One natural application of the economics of uncertainty has been to the study of international trade and exchange in which uncertainty regarding exchange rates and relative prices is a prominent feature of the environment of economic agents. The purpose of this paper is to frame the international trade results developed in the recent works of Wolfgang Mayer and Raveendra Batra in light of the current state of the theory of the firm under uncertainty. Before analyzing the effect of uncertainty on international trade, a perspective on the application of the economics of uncertainty to neoclassical theory will be presented with an emphasis on the theory of the firm

Saturation of the Raman amplification by self-phase modulation in silicon nanowaveguides

We experimentally show that the self-phase modulation of picosecond pump pulses, induced by both the optical Kerr effect and free-carrier refraction, has a detrimental effect on the maximum on-off Raman gain achievable in silicon on insulator nanowaveguides, causing it to saturate. A simple calculation of the Raman gain coefficient from the measured broadened output pump spectra perfectly matches the saturated behavior of the amplified Raman signal observed experimentally at different input pump powers.Comment: Accepted for publications in Applied Physics Letter

Nickel Mixing in the Outer Layers of SN 1987A

Supernova 1987A remains the most well-observed and well-studied supernova to date. Observations produced excellent broad-band photometric and spectroscopic coverage over a wide wavelength range at all epochs. Here, we focus on the very early spectroscopic observations. Only recently have numerical models been of sufficient detail to accurately explain the observed spectra. In SN 1987A, good agreement has been found between observed and synthetic spectra for day one, but by day four, the predicted Balmer lines become much weaker than the observed lines. We present the results of work based on a radiation-hydrodynamic model by Blinnikov and collaborators. Synthetic non-LTE spectra generated from this model by the general radiation transfer code PHOENIX strongly support the theory that significant mixing of nickel into the outer envelope is required to maintain strong Balmer lines. Preliminary results suggest a lower limit to the average nickel mass of 1.0 \times 10^{-5} solar masses is required above 5000 \kmps by day four. PHOENIX models thus have the potential to be a sensitive probe for nickel mixing in the outer layers of a supernova.Comment: 16 pages, 7 figures, ApJ, v556 2001 (in press

Uncertainty and the Theory of Tax Incidence in a Stock Market Economy

[Introduction] Commencing with Harberger's [1962] classic paper, a number of studies have analyzed the incidence of taxation in the context of a deterministic, two-sector, two-factor general equilibrium model. Recently, R. N. Batra [1975] and R. A. Ratti and P. Shome [1977a, 1977b] have reexamined the robustness of these deterministic results for the case in which production uncertainty is incorporated into the model. By using "entrepreneurial" models in which the firm is assumed to maximize the expected utility of profits, they find that the incidence of taxes depends on the preferences and probability assessments of the entrepreneur, and in general, the deterministic results no longer obtain

Models of the firm and international trade under uncertainty

One of the significant advances in economic theory has been the incorporation of uncertainty into the models used to investigate economic behavior. The explicit treatment of uncertainty has permitted economists to predict the behavior of economic agents operating in an uncertain environment and to explain, for example, the existence of insurance, stock markets, and forward exchange markets that have no necessary role in a deterministic world. One natural application of the economics of uncertainty has been to the study of international trade and exchange in which uncertainty regarding exchange rates and relative prices is a prominent feature of the environment of economic agents. The purpose of this paper is to frame the international trade results developed in the recent works of Wolfgang Mayer and Raveendra Batra in light of the current state of the theory of the firm under uncertainty. Before analyzing the effect of uncertainty on international trade, a perspective on the application of the economics of uncertainty to neoclassical theory will be presented with an emphasis on the theory of the firm

Uncertainty and the Theory of Tax Incidence in a Stock Market Economy

[Introduction] Commencing with Harberger's (1962) classic paper, a number of studies have analyzed the incidence of taxation in the context of a deterministic, two-sector, two-factor general equilibrium model. Recently, R. N. Batra (1975) and R. A. Ratti and P. Shame (1977a, 1977b) have reexamined the robustness of these deterministic results for the case in which production uncertainty is incorporated into the model. By using "entrepreneurial" models in which the firm is assumed to maximize the expected utility of profits, they find that the incidence of taxes depends on the preferences and probability assessments of the entrepreneur, and in general, the deterministic results no longer obtain