Uncertainty Welfare Cost, and the "Adaptibility" of U.S. Corporate Texas.
比较了三种美国公司税制下，给定资本存量时预期通胀率下的福利成本与考虑通胀不确定性后的预期福利成本，发现经济折旧加完全指数化是避免投资扭曲福利损失的唯一途径。
Abstract The article presents information on the working paper, Uncertainty, Welfare Cost and the Adaptability of U.S. Corporate Taxes, by Don Fullerton, Andrew B. Lyon and Richard J. Rosen. The authors compare the welfare cost of a tax system at an expected inflation rate with the expected welfare cost given possible inflation outcomes for a given capital stock under three alternative tax systems. The tax systems used include a system which uses the depreciation allowances that existed in 1980, an accelerated cost recovery system with the changes adopted in 1982, and the Auerbach-Jorgenson proposal for single, first-year writeoffs equal to the present value of economic depreciation. In conclusion, the authors state that the use of economic depreciation and full indexing is the only way to avoid welfare losses from distorting investment decisions.