Countries where social and political institutions stimulate interpersonal trust, civic cooperation, and social cohesiveness tend to have more efficient governments, better governance systems, and faster growth. This paper provides cross-country evidence, based on a sample of developing and...

This paper studies the relationship between fiscal decentralization and electoral accountability, by analyzing how decentralization impacts upon incentive and selection effects, and thus on voter welfare. The model abstracts from features such as public good spillovers or economies of scale, so...

One of the challenges for multi-agent reinforcement learning (MARL) is designing efficient learning algorithms for a large system in which each agent has only limited or partial information of the entire system. In this system, it is desirable to learn policies of a decentralized type. A recent...

Most contemporary decentralization has occurred at the local (district) rather than regional (provincial) level. Why? We advance a theory highlighting the political incentives of central authorities to bypass the regional tier of government in favor decentralizing to smaller, more fragmented...

This paper aims to analyze the relation between the proposal for a Regulation on Markets in Crypto-assets (MiCA), an element of the Digital Finance Package of the European Commission presented on the 24th of September of 2020, and DeFi (Decentralised Finance), an ecosystem of decentralised...

We study a simple model of a decentralized market game in which firms make directed offers to workers. We focus on markets in which agents have aligned preferences. When agents have complete information or when there are no frictions in the economy, there exists an equilibrium that yields the...

The object of this research is budget expenditures. The limited financial resources are typical for most countries of the world, therefore, it is important to find and improve the ways of forming and implementing the budgetary policy of the state at every stage of the budgetary process. The...

Does the proof-of-work protocol serve its intended purpose of supporting decentralized cryptocurrency mining? To address this question, we develop a game-theoretical model where miners first invest in hardware to improve the efficiency of their operations, and then compete for mining rewards in...