Financial Market Frictions Ramon P. DeGennaro and Cesare Robotti
Market frictions, which exist even in efficient markets and change over time, impede trade but also offer profit opportunities. To provide a framework for understanding market frictions, the authors classify frictions into five categories.
Smoking: Taxing Health and Social Security Brian S. Armour and M. Melinda Pitts
Because they have shorter life expectancies, smokers incur a higher net marginal Social Security tax rate than nonsmokers. This higher tax rate could affect both labor supply behavior and the Social Security System's funding.