Simon Porcher Université Paris Dauphine   Université Paris Dauphine PSL 1 place du Maréchal de Lattre de Tassigny Paris, 75016 France   simon.porcher@dauphine.psl.eu             JEL Areas: L5 : Regulation and Industrial Policy: General H5 : National Government Expenditures and Related Policies National Government Expenditures and Related Policies: General