作者：Hochman, O; Pines, D; Thisse, JF
作者单位：Ben-Gurion University of the Negev; Tel Aviv University; heSam Universite; Universite Pantheon-Sorbonne; Institut Polytechnique de Paris; Ecole des Ponts ParisTech
摘要：We show that space matters in designing the optimal provision of local public goods (LPG's). Geography imposes a particular institutional structure of local governments due to the overlapping of market areas associated with different LPG's, The optimum can be decentralized through local governments that have jurisdiction over market areas of all LPG types. This implies that the appropriate suppliers of LPG's are metropolitan governments which finance them through user charges and land rent. in...
作者：Madrigal, V; Smith, SD
作者单位：University System of Georgia; Georgia State University; Federal Reserve System - USA; Federal Reserve Bank - Atlanta
摘要：We investigate the structure of preferences and uncertainty that guarantees that prices are fully revealing even though asset markers are incomplete and there are more sources of uncertainty than assets in the economy. A sufficient condition for fully revealing prices is that investors have preferences of the (possibly state-dependent) linear-risk-tolerance class. Finally, we discuss how our result allows one to extend certain existing literature on demand aggregation, welfare analysis, and th...
