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Optimality of Winner-Take-All Contests: The Role of Attitudes Toward Risk
(Private Enterprise Research Center, Texas A&M University, 2019-12-16)
It has been established in the literature that, under the assumption of risk-neutral contestants, it is usually optimal for an effort maximizing contest organizer with a fixed prize budget to award everything to a single ...
Inter-Jurisdiction Migration and the Fiscal Policies of Local Governments
(Private Enterprise Research Center, Texas A&M University, 2019-02-04)
In this paper, authors Darong Dai, Dennis W. Jansen and Liqun Liu analyze the effects of migration on the fiscal policies of local governments. Because of the possibility of migrating to another jurisdiction later in life, ...
Staying the Course or Rolling the Dice: Time Horizon’s Effect on the Propensity to Take Risk
(Private Enterprise Research Center, Texas A&M University, 2019-02-06)
Is the old adage that states that the young take more risk than the old correct? In PERC Working Paper 1902, authors Liqun Liu, Andrew J. Rettenmaier and Thomas R. Saving investigate this conventional wisdom in the context ...
Optimal Regional Insurance Provision: Do Federal Transfers Complement Local Debt?
(Private Enterprise Research Center, Texas A&M University, 2019-11-01)
Intergovernmental grants implemented by the central government of a federal fiscal system are justified on the grounds that they internalize interregional spillovers generated by local public goods provision or ...
Optimal Interregional Redistribution and Local Borrowing Rules under Migration and Asymmetric Information
(Private Enterprise Research Center, Texas A&M University, 2019-09-16)
Assuming two types of regions that differ only in the discount rate, Huber and Runkel (2008) show that optimal federal redistribution is from impatient to patient regions, and optimal local public debt is higher in impatient ...
Why Do Asian Students Study Harder? Implications of a Model of Academic Competition
(Private Enterprise Research Center, Texas A&M University, 2019-08-28)
Popularized by the OECD’s PISA rankings of a few dozen countries/regions according to the test results of their 15 year olds, Asian students’ impressive academic achievements are now well known. Each of the top five ...