Since its launch in 2009 much has been written about Bitcoin, cryptocurrencies and blockchains. While the discussions initially took place mostly on blogs and other popular media, we now are witnessing the emergence of a growing body of rigorous academic research on these topics. By the nature...

We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining the changes over time in exchange rate data among cryptocurrencies. Specifically, we look at two aspects: (1) competition among different currencies, and (2) competition among exchanges...

We consider dynamic competition among platforms in a market with network externalities. A platform that dominated the market in the previous period becomes "focal" in the current period, in that agents play the equilibrium in which they adopt the focal platform whenever such equilibrium exists....

Platform-specific digital tokens are becoming increasingly common with the proliferation of initial coin offerings (ICOs). In addition to a novel financing mechanism, such tokens can help address the coordination problem that is common in network adoption. We develop a model to investigate the...

A major result in the study of two-sided platforms is the strategic interdependence between the two sides of the same platform, leading to the implication that a platform can maximize its total profits by subsidizing one of its sides. We show that this result largely depends on assuming that at...

In the context of interwar Poland, we find that Jews tended to be more literate than non-Jews, but show that this finding is driven by a composition effect. In particular, most Jews lived in cities and most non-Jews lived in rural areas, and people in cities were more educated than people in...