Jacklin (1987) shows that if ex-post retrading is allowed, the optimal risk-sharing contract in the Diamond-Dybvig (1983) model is unraveled because of the free-riding incentives. I construct a retrading model with a contract the offer of which depends on the proportion of insured agents, to...

Can introducing Central Bank Digital Currency (CBDC) improve social welfare? We construct a dual currency model to study whether introducing CBDC with a recordkeeping technology can reduce tax evasion incentives in cash transactions, and further achieve a better allocation than in a cash-only...

This study investigates the economic implications of blockchain-based academic journals, proposed by the recent computer science literature, in which authors and referees are individually incentivized. We construct a model in which the journal publishes qualified papers under two types of...