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The Economic Limits of Bitcoin and the Blockchain

Budish, Eric B. - 2018

The amount of computational power devoted to anonymous, decentralized blockchains such as Bitcoin's must simultaneously satisfy two conditions in equilibrium: (1) a zero-profit condition among miners, who engage in a rent-seeking competition for the prize associated with adding the next block to...

Persistent link: https://www.econbiz.de/10012916609

Cybersecurity Risk

Florackis, Chris; Louca, Christodoulos; Michaely, Roni; … - 2022

Using textual analysis and comparing cybersecurity-risk disclosures of firms that were hacked to others that were not, we propose a novel firm-level measure of cybersecurity risk for all US-listed firms. We then examine whether cybersecurity risk is priced in the cross-section of stock returns....

Persistent link: https://www.econbiz.de/10014258639

Enhancing the Efficacy of Teacher Incentives Through Loss Aversion : A Field Experiment

Fryer, Roland G. - 2012

this paper, we demonstrate that exploiting the power of loss aversion--teachers are paid in advance and asked to give back … arm, identical to the loss aversion treatment but implemented in the standard fashion, yields smaller and statistically … insignificant results. This suggests it is loss aversion, rather than other features of the design or population sampled, that leads …

Persistent link: https://www.econbiz.de/10013103529

On the Persistent Financial Losses of U.S. Airlines : A Preliminary Exploration

Borenstein, Severin - 2011

U.S. airlines have lost nearly $60 billion (2009 dollars) in domestic markets since deregulation, most of it in the last decade. More than 30 years after domestic airline markets were deregulated, the dismal financial record is a puzzle that challenges the economics of deregulation. I examine...

Persistent link: https://www.econbiz.de/10013130786

Understanding U.S. Corporate Tax Losses

Altshuler, Rosanne - 2010

Recent data present a puzzle: the ratio of corporate tax losses to positive income was much higher around 2001 than in earlier recessions. Using a comprehensive 1982-2005 sample of U.S. corporation tax returns, we explore a variety of potential explanations for this surge in tax losses, taking...

Persistent link: https://www.econbiz.de/10012758277

Can Myopic Loss Aversion Explain the Equity Premium Puzzle? Evidence from a Natural Field Experiment with Professional Traders

Larson, Francis - 2016

combining myopia and loss aversion. Complementing the behavioral theory is evidence from laboratory experiments, which provide … strong empirical support consistent with myopic loss aversion (MLA). Yet, whether, and to what extent, such preferences …

Persistent link: https://www.econbiz.de/10012983660

Inequality Aversion, Populism, and the Backlash Against Globalization

Pastor, Lubos - 2018

Motivated by the recent rise of populism in western democracies, we develop a tractable equilibrium model in which a populist backlash emerges endogenously in a strong economy. In the model, voters dislike inequality, especially the high consumption of "elites." Economic growth exacerbates...

Persistent link: https://www.econbiz.de/10012912539

The Real Exchange Rate and Fiscal Policy During the Gold Standard Periodevidence from the United States and Great Britain

Kaminsky, Graciela - 2010

We study the determinants of the dollar/pound real exchange rate from 1879 to 1914 focusing on the role of fiscal policy. We present a simple dynamic model of the real exchange rate to frame our analysis. The econometric results are based upon the decomposition of the sources of the innovation...

Persistent link: https://www.econbiz.de/10013138854

Childhood Health and Differences in Late-Life Health Outcomes between England and the United States

Banks, James W. - 2011

In this paper we examine the link between retrospectively reported measures of childhood health and the prevalence of various major and minor diseases at older ages. Our analysis is based on comparable retrospective questionnaires placed in the Health and Retirement Study and the English...

Persistent link: https://www.econbiz.de/10013124540

International Trade and Finance Under the Two Hegemons : Complementaries in the United Kingdom 1870-1913 and the United States 1920-30

Taylor, Alan M. - 2007

Do international trade and finance flow together? In theory, trade and finance can be substitutes or complements, so the matter must be resolved empirically. We study trade and financial flows from the United Kingdom from 1870 to 1913 and the United States in the interwar years. Trade and...

Persistent link: https://www.econbiz.de/10012778305

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