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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
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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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Prediction, Judgment and Complexity : A Theory of Decision Making and Artificial Intelligence
Agrawal, Ajay K. - 2018
. In this paper, we explore the consequences of improved prediction in decision-making. To do so, we adapt existing models … of decision-making under uncertainty to account for the process of determining payoffs. We label this process of … on whether the improvements in prediction enable automated decision-making. We discuss the implications of improved …
Persistent link: https://www.econbiz.de/10012929013
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Cognitive Economics
Kimball, Miles S. - 2015
Welfare Economics. A key theme of Cognitive Economics is finite cognition (often misleadingly called “bounded rationality …
Persistent link: https://www.econbiz.de/10013030618
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Numeracy, Financial Literacy, and Financial Decision-Making
Lusardi, Annamaria - 2012
Financial decisions, be they related to asset building or debt management, require the capacity to do calculations, including some complex ones. But how numerate are individuals, in particular when it comes to calculations related to financial decisions? Studies and surveys implemented in both...
Persistent link: https://www.econbiz.de/10013110939
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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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Digital Currencies, Decentralized Ledgers, and the Future of Central Banking
Raskin, Max - 2016
Central banking in an age of digital currencies is a fast-developing topic in monetary economics. Algorithmic digital currencies such as bitcoin appear to be viable competitors to central bank fiat currency, and their presence in the marketplace may pressure central banks to pursue tighter...
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