political transaction costs, can nevertheless be beneficial and that it is not necessarily the case that a division of power … does entail high transaction costs. The analysis expands the framework of Buchanan and Tullock (1962). Constitutionalism is …

opportunistically. The federal problem of credit assignment exposes a weakness in the political safeguards theory to protect federalism …. Theories of electoral and political safeguards of federalism suggest that the political process protects federalism …'s boundaries. This article develops a theory distinguishing risk-seeking and risk-avoiding political behavior and applies its …

vertical-federalism context. Indeed, at the margins between state and federal authority, executive and legislative authority …-of-powers analyses in the federalism literature, this new wave of bargaining-literate scholarship emphasizes the usefulness and …

federalism". Basic ideas and some insights of this theory are discussed with regard to the appropriate "federal" allocation of … competencies it is argued that traditional economic theories of federalism should be complemented by contract-theoretic and … transaction-cost-political approaches. There has been some progress in recent years in developing such a "new economic theory of …