the findings can be related to an incumbency externality effect and to the theory of voter preferences for divided …

externalities appear along the lifecycle. In a simple model, we show that it may be efficient to subsidize innovative firms in their … early stages or to protect mature firms from competition to appropriate these externalities. However, non …-benevolent politicians may not choose efficient policies. Real-world examples indicate that politicians tend to concentrate on externalities …

federation, we show that vertical fiscal externalities can be the major determinant of the welfare change following environmental … externalities -- state governments can reduce greenhouse gas emissions by over 20 percent without any net cost to themselves …

demand by reducing negative externalities. We apply the framework to the database of Kee et al. (2009) and derive ad valorem …