When is record-keeping better arranged through a blockchain than through a traditional centralized intermediary? The … out a blockchain trilemma: no ledger can satisfy all three properties simultaneously. A centralized record-keeper extracts … must, therefore, provide static incentives for correctness through computationally expensive proof-of-work algorithms and …

We build on economic theory to discuss how blockchain technology can shape innovation and competition in digital …

, these two equations imply that (3) the recurring, “flow”, payments to miners for running the blockchain must be large … versus stock) if both (i) the mining technology used to run the blockchain is both scarce and non-repurposable, and (ii) any … majority attack is a “sabotage” in that it causes a collapse in the economic value of the blockchain; however, reliance on non …

of the asset to fraud, on the frequency of trade, and on the current and future prices of the asset. In equilibrium, the …

To what extent does "false science" impact the rate and direction of scientific change? We examine the impact of more …. This citation penalty is more severe when the associated retracted article involves fraud or misconduct, relative to cases …