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Erscheinungsjahr: 
2022
Schriftenreihe/Nr.: 
Working Papers in Economics and Statistics No. 2022-08
Verlag: 
University of Innsbruck, Research Platform Empirical and Experimental Economics (eeecon), Innsbruck
Zusammenfassung: 
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.
Schlagwörter: 
Bargaining
information acquisition
taxation
transaction tax
capital gains tax
tax incidence
decentralized markets
housing markets
policy experiment
information sensitivity
JEL: 
C78
D82
D83
G18
H20
Dokumentart: 
Working Paper

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