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 …

response. In this paper, we explore the effect that competition for residents induced by fiscal decentralization has on 'waste … an additional advantage of fiscal decentralization …

of centralization stressed in the existing literature disappear, suggesting that the case for decentralization must be … driven by political economy considerations. Our political economy analysis assumes that under decentralization public goods …

-best allocation and show efficiency can be implemented with decentralization using head taxes. We calibrate the model and compare … decentralization and property taxation are large, dissipating most if not all the potential welfare gains that efficient … decentralization could achieve. In property tax equilibrium centralization is frequently more efficient! An externality in community …

city inhabitants, and lower levels of military spending by ruling elites, as predicted by the theory …

regulations; states with this responsibility are referred to as "authorized'' or having "primacy.'' Although such decentralization …