This paper analyses fiscal autonomy in Germany. First, it provides an overview of fiscal autonomy. What is novel in this paper compared to previous studies is the development of a fiscal autonomy coefficient for the states, based on communal data. The basic intention in the empirical part is to...

Important implications of the expected utility hypothesis and risk aversion are that if agents have the same probability belief, then consumption plans in every efficient allocation of resources under uncertainty are comonotone with the aggregate endowment, and if their beliefs are concordant,...

This paper describes briefly the different forms of equalization, principally focusing on the distinction between revenue equalization versus cost equalization. In addition, some international country case studies from Australia, Canada, Germany, and Switzerland are presented. Based on these...

We study the question of implementing Arrow-Debreu equilibrium allocations in infinite-time economy under uncertainty by sequential trading of infinitely-lived securities. The crucial aspect of implementation is the choice of feasibility constraints on agents' portfolio strategies. The main...