geographic location for inter-State conflict. The main predictions of the theory are that conflict tends to be more likely when …

We develop a dynamic theory of resource wars and study the conditions under which such wars can be prevented. The … our theory. We show that a key parameter determining the incentives for war is the elasticity of demand. Our first result …

damage. As expected, when the environmental damage from mining is known, the socially optimal timing will depend on the … mining until better information arrives. We show conditions under which it is optimal to postpone the mining decision … marginal mine owner is completely indifferent between mining immediately and at any point in the future. Thus, for our problem …

The rise of centralized mining pools for risk sharing does not necessarily undermine the decentralization required for … disproportionately fewer miners, and thus grow more slowly. Instead, mining pools as a financial innovation escalate the arms race among … evidence from Bitcoin mining supports our model predictions. The economic insights inform many other blockchain protocols as …