This paper studies the potential of a cryptocurrency to become a medium of exchange. We use evidence from a natural … experiment: In September 2021, El Salvador became the first country in the world to make bitcoin legal tender, and all economic … agents were required to accept bitcoin for all payments. The Salvadorean government also launched an app, "Chivo Wallet …

evidence from Bitcoin mining supports our model predictions. The economic insights inform many other blockchain protocols as …

demand rather than discounting cashflows as in standard valuation models. Endogenous platform adoption builds upon user …

We analyze the Bitcoin protocol for electronic peer-to-peer payments and the operations that support the "blockchain … reward to mining. The endogenous level of computational difficulty built into the Bitcoin protocol does not mitigate this …

demand, the size of the price change, and the degree of frictions. The degree of frictions is measured by the utility losses … labor supply elasticity of 0.33 on the intensive margin and 0.25 on the extensive margin after accounting for frictions …

Econometric estimates of the responsiveness of health-related consumer demand to higher prices are often key … ingredients for policy analysis. Drawing on several examples, especially that of cigarette demand, we review the potential … advantages and challenges of synthesizing econometric evidence on the price-responsiveness of consumer demand. We argue that the …

From its inception, demand estimation has faced the problem of "many prices." This paper provides estimators of average … demand and associated bounds on exact consumer surplus when there are many prices in cross-section or panel data. For cross … "zeros problem" of demand. For panel data we provide bias corrected, ridge regularized estimators of average coefficients and …