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Arbitrage and Mean-Variance Analysis on Large Asset Markets
Chamberlain, Gary - 2010
We examine the implications of arbitrage in a market with many assets. The absence of arbitrage opportunities implies …' result. Hence only a principal components analysis is needed to test the arbitrage pricing theory. Our eigenvalue conditional …
Persistent link: https://www.econbiz.de/10012762599
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Arbitrage, Factor Structure, and Mean-Variance Analysis on Large Asset Markets
Chamberlain, Gary - 2010
We examine the implications of arbitrage in a market with many assets. The absence of arbitrage opportunities implies …
Persistent link: https://www.econbiz.de/10012763049
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Central Bank Digital Currency : Central Banking for All?
Fernández-Villaverde, Jesús - 2020
The introduction of a central bank digital currency (CBDC) allows the central bank to engage in large-scale intermediation by competing with private financial intermediaries for deposits. Yet, since a central bank is not an investment expert, it cannot invest in long-term projects itself, but...
Persistent link: https://www.econbiz.de/10012841420
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The Digital Privacy Paradox : Small Money, Small Costs, Small Talk
Athey, Susan - 2017
'Notice and Choice' has been a mainstay of policies designed to safeguard consumer privacy. This paper investigates distortions in consumer behavior when faced with notice and choice which may limit the ability of consumers to safeguard their privacy using field experiment data from the MIT...
Persistent link: https://www.econbiz.de/10012954461
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Blockchain Economics
Abadi, Joseph - 2018
When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The ideal qualities of any record-keeping system are (i) correctness, (ii) decentralization, and (iii) cost efficiency. We point out a blockchain trilemma: no ledger can satisfy all...
Persistent link: https://www.econbiz.de/10012906268
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Decentralized Mining in Centralized Pools
Cong, Lin William - 2019
evidence from Bitcoin mining supports our model predictions. The economic insights inform many other blockchain protocols as …
Persistent link: https://www.econbiz.de/10012891776
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From Commodity to Fiat and Now to Crypto : What Does History Tell Us?
Eichengreen, Barry - 2019
Over time, there has been a tendency for political jurisdictions and residents to converge on a single currency. Monopoly over seigniorage is a source of political power and a valuable lifeline when sovereignty is threatened. Moreover a uniform currency, insofar as it is free of counterparty and...
Persistent link: https://www.econbiz.de/10012895472
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Some Simple Economics of the Blockchain
Catalini, Christian - 2016
We build on economic theory to discuss how blockchain technology can shape innovation and competition in digital platforms. We identify two key costs affected by the technology: the cost of verification and the cost of networking. The cost of verification relates to the ability to cheaply verify...
Persistent link: https://www.econbiz.de/10012977267
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Some Simple Bitcoin Economics
Schilling, Linda - 2018
) and another intrinsically worthless medium of exchange, not controlled by a central bank, such as Bitcoin. Agents can … inflation target, while Bitcoin mining is decentralized via proof-of-work. We analyze Bitcoin price evolution and interaction … between the Bitcoin price and monetary policy which targets the Dollar. We obtain a fundamental pricing equation, which in its …
Persistent link: https://www.econbiz.de/10012922218
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Initial Coin Offerings and the Value of Crypto Tokens
Catalini, Christian - 2018
This paper explores how entrepreneurs can use initial coin offerings — whereby they issue crypto tokens and commit to only accept those tokens as payment for their products — to fund venture start-up costs. We show that the ICO mechanism allows entrepreneurs to generate buyer competition for...
Persistent link: https://www.econbiz.de/10012924464