Laffont, Jean-Jacques; Pouyet, Jérome - Dipartimento di Scienze Economiche, Facoltà di Economia - 2000
countries. Under decentralization each activity is regulated independently and the contracts offered to the firm suffer from two … countries, each regulator does not fully internalize the effect of his regulation on the firm's rent and contracts tend to be … too low-powered. When the activities of the firm are suf- ficiently substitutable we show that decentralization always …