How does the trading activity on the centralized exchanges (CEXs) and decentralized exchanges (DEXs) change the information transmission patterns between digital and traditional investment assets? Using a quantile connectedness approach, we investigate the relationships between DEX tokens, CEX...

Decentralized insurance can be used to describe risk sharing mechanisms under which participants trade risks among each other as opposed to passing risks mostly to an insurer in traditional centralized insurance. There are a wide range of decentralized practices in all kinds of forms developed...

In a model with two regions, one rich and one poor, the allocation of net public spending is studied whereby the initial political process by which taxation and government expenditures are determined is centralized and not democratic. In stable autocracy, decentralization reforms depend on a...

We consider two modes of organizing a firm and we compare them with regard tosocial welfare. In the Centralized mode, worker-control techniques, together with adequate compensation, insure that the worker chooses a welfare-maximizing effort. In the Decentralized mode the worker is not...

Although millions of hectares of public land are transferred to private parties each year, often with unsatisfactory results, evidence on mechanisms to achieve better outcomes is scant. This paper analyzes the impact of a 2021 reform in Ukraine that -after earlier digitization efforts did not...