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Waelbroeck, Patrick - 2018

The blockchain is a technology that goes beyond timestamping, bitcoin and secure financial transactions. The … development of an ecosystem around smart connected objects will probably not happen without the blockchain (in one form or another …). The blockchain opens the door to the liquification of the physical world, to the economy of real-time micro …

Persistent link: https://www.econbiz.de/10011794645

Why Bitcoin and Ethereum differ in transaction costs : a theory of blockchain fee policies

Ndiaye, Abdoulaye - 2024

conflict between the blockchain designer and validators with monopoly power in choosing between price-setting and quantity …

Persistent link: https://www.econbiz.de/10015046289

The firm as a pool of factor complementarities

Lindbeck, Assar; Snower, Dennis J. - 2003

Persistent link: https://www.econbiz.de/10009763532

Fiscal rules and the opportunistic behaviour of the incumbent politician : evidence from Italian municipalities

Bartolini, David; Santolini, Raffaella - 2009

Previous studies on electoral competition show that fiscal variables are manipulated by incumbent politicians in order to be re-elected. This phenomenon has been addressed by the literature on electoral budget cycle and, in a decentralised economy, by the literature on yardstick competition. Our...

Persistent link: https://www.econbiz.de/10003824978

Co-investment, uncertainty, and opportunism : ex-ante and ex-post remedies

Bourreau, Marc; Cambini, Carlo; Hörnig, Steffen; … - 2020

In this paper, we study the impact of co-investment by incumbents and entrants on the roll-out of network infrastructures under demand uncertainty. We show that if entrants can wait to coinvest until demand is realized, the incumbents' investment incentives are reduced and total coverage can be...

Persistent link: https://www.econbiz.de/10012158158

Embedded supervision : how to build regulation into decentralised finance

Auer, Raphael A. - 2022

with blockchain-enabled credibility based on economic consensus. The key results set out the conditions under which the …

Persistent link: https://www.econbiz.de/10013206072

The microeconomics of cryptocurrencies

Hałaburda, Hanna; Haeringer, Guillaume; Gans, Joshua; … - 2021

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...

Persistent link: https://www.econbiz.de/10012418426

Rise of the central bank digital currencies : drivers, approaches and technologies

Auer, Raphael A.; Cornelli, Giulio; Frost, Jon - 2020

Central bank digital currencies (CBDCs) are receiving more attention than ever before. Yet the motivations for issuance vary across countries, as do the policy approaches and technical designs. We investigate the economic and institutional drivers of CBDC development and take stock of design...

Persistent link: https://www.econbiz.de/10012306593

An equilibrium model of the market for Bitcoin mining

Prat, Julien; Walter, Benjamin - 2018

We propose a model which uses the Bitcoin/US dollar exchange rate to predict the computing power of the Bitcoin network. We show that free entry places an upper-bound on mining revenues and we devise a structural framework to measure its value. Calibrating the model's parameters allows us to...

Persistent link: https://www.econbiz.de/10011789223

Value creation by ad-funded platforms

Langus, Gregor; Lipatov, Vilen - 2022

We identify features of interactions on online platforms that make an ad-funded business model attractive for the platform, but also for consumers. We then show that ad-funded platforms heavily rely on data for their ability to create value for their users. Formally, we show that data...

Persistent link: https://www.econbiz.de/10012801504