The option value of tax delinquency: Theory
提出税收拖欠具有期权价值，即纳税人可能因未来没收财产价值不确定而延迟缴税，导致过度放弃财产，并探讨改革方案。
How taxes are enforced matters. Current enforcement of real property taxes does not consider the option value of delinquency: the ultimate penalty is confiscation of property sometime in the future, but the value of the property to be confiscated is not known with certainty. If redemption fees are sufficiently small, it can be optimal to wait and see what the size of the penalty will be before paying taxes. We show how this can lead to excessive abandonment, and examine proposals for reform.