Similar Search Results

Decentralized Mining in Centralized Pools

Cong, Lin William - 2019

The rise of centralized mining pools for risk sharing does not necessarily undermine the decentralization required for … decentralization, because larger pools better internalize their externality on global hash rates, charge higher fees, attract …

Persistent link: https://www.econbiz.de/10012891776

Centralization, Fiscal Federalism and Private School Attendance

Nechyba, Thomas J. - 2021

attendance. In particular, the common perception that centralization of public school finance will necessarily lead to greater … centralization involves an extreme equalization of the kind observed in California. Furthermore, if centralization occurs through … schools in centralizing states imply that general public school quality does not drop as a result of such centralization …

Persistent link: https://www.econbiz.de/10013230372

Experimentation in Federal Systems

Callander, Steven - 2013

We present a model where heterogeneous districts choose both whether to experiment and the policies to experiment with. Since districts learn from each other, the first-best requires that policy experiments converge so that innovations are useful also for neighbors. However, the equilibrium...

Persistent link: https://www.econbiz.de/10013073557

Inefficiencies from Metropolitan Political and Fiscal Decentralization : Failures of Tiebout Competition

Calabrese, Stephen - 2011

decentralization could achieve. In property tax equilibrium centralization is frequently more efficient! An externality in community …-best allocation and show efficiency can be implemented with decentralization using head taxes. We calibrate the model and compare … decentralization and property taxation are large, dissipating most if not all the potential welfare gains that efficient …

Persistent link: https://www.econbiz.de/10013121991

Expenditure Competition

Gordon, Roger H.; Wilson, John D. - 2021

response. In this paper, we explore the effect that competition for residents induced by fiscal decentralization has on 'waste … an additional advantage of fiscal decentralization …

Persistent link: https://www.econbiz.de/10013227493

Differences of Opinion and International Equity Markets

Dumas, Bernard - 2011

We develop an international financial market model in which domestic and foreign residents differ in their beliefs about the information content in public signals. We determine how informational advantages by domestic investors in the interpretation of home public signals impact equity markets....

Persistent link: https://www.econbiz.de/10013130709

Incentives, Information, and Organizational Design

Stiglitz, Joseph E. - 2021

virtues of the market economy do not lie so much in the vision of competition and decentralization embodied in the Arrow … as contests (Nalebuff-Stiglitz, Lazear-Rosen) and decentralization as a structure of decision making, in environments in …

Persistent link: https://www.econbiz.de/10013215336

Channeling Domestic Savings into Productive Investment Under Asymmetric Information : The Essential Role of Foreign Direct Investment

Razin, Asaf - 2014

Foreign direct investment (FDI) is observed to be a predominant form of capital flows to low and middle income countries with insufficiently developed capital markets. This paper analyzes the problem of channeling domestic savings into productive investment in the presence of asymmetric...

Persistent link: https://www.econbiz.de/10012752887

Competition and the Ratchet Effect

Charness, Gary - 2010

In labor markets, the ratchet effect refers to a situation where workers subject to performance pay choose to restrict their output, because they rationally anticipate that firms will respond to higher output levels by raising output requirements or cutting pay. We model this effect as a...

Persistent link: https://www.econbiz.de/10013138400

Social Insurance, Information Revelation, and Lack of Commitment

Golosov, Mikhail - 2014

We study the optimal provision of insurance against unobservable idiosyncratic shocks in a setting in which a benevolent government cannot commit. A continuum of agents and the government play an infinitely repeated game. Actions of the government are constrained only by the threat of reverting...

Persistent link: https://www.econbiz.de/10013044626