We develop a theory of blockchain governance. In our model, the proof-of-work system, which is the most common set of rules for validating transactions in blockchains, creates an industrial ecosystem with specialized suppliers of goods and services. We analyze the two-way interactions between...

Road congestion and air pollution are key challenges for quality of life in urban settings. This research leverages highly disaggregated crowdsourced data from Latin America to study the effect of road congestion on levels of carbon monoxide, nitrogen dioxide, and particulate matter in four of...

"This paper demonstrates that levels of entrepreneurship can be greatly affected by the general policy environment. Using a state-level panel, we estimate the effects of several policy variables on rates of entrepreneurship and find that bankruptcy exemptions, corporate tax rates, and the level...