Yair Listokin
Taxation and Liquidity
120 Yale L.J. 1682 (2011). One of the principal determinants of an asset’s return is its liquidity—the ease with which the asset can be bought and sold. Liquid assets yield a lower return than do otherwise comparable illiquid assets. This Article demonstrates that an income tax alters the tradeoff between asset liquidity and yield because: (1) high yields from illiquid...
Learning Through Policy Variation
118 Yale L.J. 480 (2008). Rationalist analysis of policymaking, exemplified by cost-benefit analysis, ignores the variance in outcomes associated with policies and seeks to maximize expected outcomes. Burkeans, by contrast, view policy outcome uncertainty negatively. The Burkean approach is echoed in the precautionary principle, which argues that policies with hard-to-determine or high-variance outcomes should be avoided. Both approaches are the...