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The Economic Limits of Bitcoin and the Blockchain
Budish, Eric B. - 2018
, 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 …
Persistent link: https://www.econbiz.de/10012916609
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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
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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 … out a blockchain trilemma: no ledger can satisfy all three properties simultaneously. A centralized record-keeper extracts …
Persistent link: https://www.econbiz.de/10012906268
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Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Raskin, Max - 2016
may pressure central banks to pursue tighter monetary policy. More interestingly, the blockchain technology behind digital …
Persistent link: https://www.econbiz.de/10012992627
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Can Currency Competition Work?
Fernández-Villaverde, Jesús - 2016
Can competition among privately issued fiat currencies such as Bitcoin or Ethereum work? Only sometimes. To show this, we build a model of competition among privately issued fiat currencies. We modify the current workhorse of monetary economics, the Lagos-Wright environment, by including...
Persistent link: https://www.econbiz.de/10012994909
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Artificial Intelligence and Consumer Privacy
Jin, Ginger Zhe - 2018
Thanks to big data, artificial intelligence (AI) has spurred exciting innovations. In the meantime, AI and big data are reshaping the risk in consumer privacy and data security. In this essay, I first define the nature of the problem and then present a few facts about the ongoing risk. The bulk...
Persistent link: https://www.econbiz.de/10012928998
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Securing Their Future? Entry and Survival in the Information Security Industry
Arora, Ashish - 2014
In this paper we study how the existence of a functioning market for technology differentially conditions the entry strategy and survival of different types of entrants, and the role of scale, marketing ability and technical assets. Markets for technology facilitate entry of firms that lack...
Persistent link: https://www.econbiz.de/10012751727
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Network-Mediated Knowledge Spillovers : A Cross-Country Comparative Analysis of Information Security Innovations
Branstetter, Lee - 2017
A large and growing literature has used patent and patent citation data to measure knowledge spillovers across inventions and organizations, but relatively few papers in this literature have explicitly considered the collaboration networks formed by inventors as a mechanism for shaping and...
Persistent link: https://www.econbiz.de/10012947658
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Nonrivalry and the Economics of Data
Jones, Charles I. - 2019
Data is nonrival: a person's location history, medical records, and driving data can be used by any number of firms simultaneously. Nonrivalry leads to increasing returns and implies an important role for market structure and property rights. Who should own data? What restrictions should apply...
Persistent link: https://www.econbiz.de/10012862856
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Monetary Policy as Financial-Stability Regulation
Stein, Jeremy C. - 2011
This paper develops a model that speaks to the goals and methods of financial-stability policies. There are three main points. First, from a normative perspective, the model defines the fundamental market failure to be addressed, namely that unregulated private money creation can lead to an...
Persistent link: https://www.econbiz.de/10013128276