Futures market efficiency has been one of the most researched topics for a number of years.The huge amount of results produced, highly dependent on the econometric techniquesadopted and on the time period analysed, are often conflicting: for a given market, someauthors find evidence of...

This paper examines a public choice model of fiscal illusion in the demand for localgovernment goods applied to local government expenditures in Britain. Data for twofiscal years, 1991/92 and 1993/9, are used reflecting two very different local taxregimes – the Community Charge in 1991/92 and...