PRICE AND INCOME DISTORTIONS UNDER SEPARATE SPENDING AND TAXING DECISIONS
成果类型：
Article
署名作者：
HOLSEY, CM
刊物名称：
JOURNAL OF PUBLIC ECONOMICS
ISSN/ISSBN：
0047-2727
DOI：
10.1016/0047-2727(93)90062-X
发表日期：
1993
页码：
93-114
关键词：
摘要：
This paper analyzes the extent to which intergovernmental grants create a discrepancy between the local voter's actual and perceived budget constraints. The model is innovative in that it introduces grant illusion due to income misperceptions, theoretically distinguishes illusion caused by income distortions from illusion caused by price distortions, and separately tests for the magnitude of each. Empirical analysis identifies both price and income misperceptions as significant determinants of voter behavior. These unbiased estimates reveal that previous research has misspecified the budget constraint, resulting in overestimation of the stimulative effects of intergovernmental grants on local expenditure.
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