Some consumption opportunities, e.g. medical treatments, are both indivisible and only valuable in particular states of nature. The existence of such state-dependent indivisible consumption opportunities influences a person's risk attitudes. In general, people are not risk averse anymore even if...

This paper analyzes the relationships between the degree of decentralization of public policy and the emergence of horizontal strategic interactions. We analyze the structural funds allocation process in determining how the structure of governance of cohesion policy a ects the development of...