جدایی ناپذیری سرمایه و رقابت مالیاتی: آیا هنگامی که برخی از ظرفیت های کسب و کارها خالی است مناطق زیادی از کسب و کار وجود دارد؟

In this paper, we propose a model where local jurisdictions must engage a development cost before competing for hosting a firm with uncertain preferences among possible sites. We first show that even an optimizing central planner managing all the jurisdictions develops more sites than there are plants to host. Doing so, he diversifies his supply and has a higher probability of hosting the firm. Then, we show that, if every jurisdiction is managed by a local government, there are more developed sites than with the central planner, which implies excess supply.