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Taxation, Information Acquisition, and Trade in Decentralized Markets

其他書名	Theory and Test
出版	Research platform Empirical and Experimental Economics, University of Innsbruck, 2022
URL	http://books.google.com.hk/books?id=EE5EzwEACAAJ&hl=&source=gbs_api

註釋This paper shows that a transaction tax makes trades in decentralized markets more information sensitive and enlarges the range of information costs for which the equilibrium exhibits private information acquisition and endogenous adverse selection. A transaction tax reduces the probability of trade. The opposite implications hold for a tax on capital gains. The theoretical implications of a transaction tax are tested using a tax policy change in one segment of Singapore's housing market. Using various proxies for information sensitivity, the triple difference-in-difference analysis shows that a higher transaction tax reduces turnover more strongly when trades are more information sensitive.