Optimal Indirect and Capital Taxation
证明，在个体技能为私人信息且随机变化的环境中，对资本收入征收正税是帕累托最优的，而同期消费品应统一征税。
We consider an environment in which agents' skills are private information and follow arbitrary stochastic processes. We prove that it is typically Pareto optimal for an individual's marginal benefit of investing in capital to exceed his marginal cost of doing so. This wedge is consistent with a positive tax on capital income. We also prove that it is Pareto optimal for the marginal rate of substitution between any two consumption goods to equal the marginal rate of transformation. This lack of a wedge is consistent with uniform taxation of consumption goods within a period. Copyright 2003, Wiley-Blackwell.