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 … disproportionately fewer miners, and thus grow more slowly. Instead, mining pools as a financial innovation escalate the arms race among …

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 … disproportionately fewer miners, and thus grow more slowly. Instead, mining pools as a financial innovation escalate the arms race among …

-agent framework, it analyzes two alternative policy-decision schemes - "decentralization" and "centralization" - when "knowledge … explaining variation in the degree of decentralization across countries. Within a two-sided incomplete information principal … government levels. It is shown that, depending on which level of policy decision-making controls the degree of decentralization …

implications of three different fiscal regimes for capital accumulation and aggregate national welfare. Full centralization of … is similar across regions. When regional differences exist but are not too large, the partial centralization regime is … composition. Only when the differences are sufficiently large does full decentralization become the optimal regime. National …

example of a "delegation-scheme." Conversely, project aid represents a more "centralized" type of aid. According to the theory … ́information is more relevant (centralization). The empirical analysis confirms that the importance of donors ́private information …