We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the …-take-all effect is dominant early in the market. During this period, when Bitcoin becomes more valuable against the U.S. dollar, it … later period are consistent with the use of cryptocurrencies as financial assets (popularized by Bitcoin), and not …

debate: What are energy price shocks and where do they come from? How responsive is energy demand to changes in energy prices … differentiate between the effects of demand and supply shocks in energy markets, when answering these questions. …

the elasticity of innovation, as measured by the number of new chemical entities appearing on the market for a given … additional new chemical entity. An elasticity substantially and significantly below one-half is also a plausible implication of …

observed in major patent offices. We provide the first panel-based evidence suggesting that fees affect the demand for patents … in three major patent offices (EPO, USPTO and JPO), with a price elasticity of about -0.4 (similar to that of the … residential demand for oil or water). The laxity of fee policies adopted by patent offices over the past 25 years therefore …

(EPC). We provide a first empirical evidence showing that the fee elasticity of the demand for priority applications is …

This paper provides evidence that learning about demand is an important driver of firms' dynamics. We present a simple … model with Bayesian learning in which firms are uncertain about their idiosyncratic demand parameter in each of the markets … their beliefs following a new demand shock, the younger they are. To test this learning mechanism, we make use of a specific …