: MULTIPLE PURPOSE RIVER DEVELOPMENT 



Gains from Sales by Preference Customers 239 



Gains from Sales by Private Utilities 243 



Gains from Sales to Federal Agencies 246 



Gains from Sales to Electro-Process Industries 247 



Successive Rounds of Gains under Local Development 257 



Gains from Local Public Development 257 



Gains from Local Private Development 260 



Income Redistributive Consequences of Difference in 



Incidence of Costs and Gains 262 



IX. CONCLUSIONS AND POLICY IMPLICATIONS 265 



INDEX 279 



LIST OF TABLES 



1. Technological External Economies of Hungry Horse 

 Project 62 



2. TVA-Alcoa Hydroelectric Projects: Relative Contribution 



of Each to System Hydro Primary Power facing p. 66 



3. Gross Capital Formation in the United States, 1955 80 



4. Incidence by Income Classes of an Increase in the 

 Personal Exemption 93 



5. Asset-Debt Position of Consumer 94 



6. Interest Rates Faced by Households in Their Saving- 

 Spending Decisions 97 



7. The Average Interest Rate Applicable to the Distribution 

 of Tax Savings From Increasing Personal Exemption 

 Based on Distribution of Spending Units by Income Class, 

 Asset-Debt Position, and Marginal Borrowing or Lending 

 Rates of Interest 98 



8. Excise Taxes and Income Elasticities for Selected Goods 



and Services 100 



9. Reduction of Selected Excise Taxes: Distribution of 

 Income and Applicable Interest Rates, 1955 101 



10. Incidence by Income Classes of a Proportionate Reduc- 

 tion of Income Tax Payments, 1954 103 



