Energy transition cannot be realized without realizing factors and linkages that cause higher-order phenomena to exist in macroeconomic systems (such as business cycles). Existing studies have been unsuccessful in explaining the real-world higher-order behavior and have not explained how...

We investigate the role that transaction fees play in the Bitcoin blockchain's evolution from a mining-based structure to a market-based ecology. We develop a game-theoretic model to explain the factors leading to the emergence of transactions fees, as well as to explain the strategic behavior...

Blockchain-based cryptocurrencies prioritize transactions based on their fees, creating a unique kind of fee market. Empirically, this market has failed to yield stable equilibria with predictable prices for desired levels of service. We argue that this is due to the absence of a dominant...