Showing 1 - 10 of 307
Persistent link: https://www.econbiz.de/10011802917
We consider an economy where production generates externalities, which can be reduced by additional firm level expenditures. This requires fi rms to raise outside financing, leading to deadweight loss due to a standard agency problem vis-à-vis outside investors. Policy is constrained as fi rms...
Persistent link: https://www.econbiz.de/10013058806
Persistent link: https://www.econbiz.de/10011300332
Persistent link: https://www.econbiz.de/10001427820
Persistent link: https://www.econbiz.de/10001237011
Persistent link: https://www.econbiz.de/10001764749
Persistent link: https://www.econbiz.de/10001774547
Persistent link: https://www.econbiz.de/10000662242
Persistent link: https://www.econbiz.de/10001717987
Elected representatives have little incentive to pursue the interests of those electing them once they are elected. This well-known principle-agent problem leads, in a variety of theories of government, to nonoptimally large levels of government expenditure. An implication is that budgetary...
Persistent link: https://www.econbiz.de/10013132440