The heavy reliance of Chinese local governments on land-leasing revenues in recent decades has attracted widespread criticism due to its potential risks and problems. This research, using a panel dataset of 280 prefecture-level cities in China from 1999-2009, explores what factors affect Chinese...

This study is the first attempt to examine the determinants of expenditure decentralization at sub-provincial levels in China. The Chinese central government gives detailed guidelines to local governments on public finance, but, ironically, their expenditure assignment is far from being...

Pay-as-you-go (pay-go or cash) and pay-as-you-use (pay-use or debt) are two mechanisms to finance capital projects. While pay-go faces multiple constraints, pay-use smoothes outlays, stabilizes tax rates, and improves inter-generational equity. Thus, pay-use has dominated infrastructure...

We offer a detailed examination of a broad class of 2 x 2 matrix games as a first step toward considering measures of resource distribution and efficiency of outcomes. In the present essay, only noncooperative equilibria and entropic outcomes are considered, and a crude measure of efficiency...

Deep reinforcement learning (DRL) has opened up many unprecedented opportunities in revolutionizing the digital marketing field. In this study, we designed a DRL-based personalized targeting strategy. We show that it can address four important challenges in this area. 1) Sequential-decisions:...