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On the Budget-Constrained IRS: Equilibrium and Equilibrium and efficiency

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Figure

Figure 1a    α * = q Figure 1c    α * = α1 ββα q α•• ββ1 αq α0 Figure 1b   α*=α,αˆ,or q • ••β1 βααˆq α0 0
Figure 3  Shift of β ( α ) due to an increase in I • • • β1 βααˆq  α0
Figure 4-1    A typical profit function

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