We present a theory of how advertising can break a lock-in by distorting beliefs about market shares in markets with network externalities. On the background of the availability heuristic we assume that people learn about market shares by observing product adoption of others, but are not able to...

Supporting ecological innovations and economic activities which lead to environmental protection is one of the important challenges to decision-makers. The above is related to the problem of specification of mechanisms resulting in introducing ecological innovations to the economy. The original...

The modern economy is characterized by use changes. They appear very quickly and unexpectedly. This is a situation which impedes the functioning of companies and it is a challenge for the people managing them. They have to meet new challenges and adapt to changing competitive conditions, which...

We propose a model which uses the Bitcoin/US dollar exchange rate to predict the computing power of the Bitcoin network. We show that free entry places an upper-bound on mining revenues and we devise a structural framework to measure its value. Calibrating the model’s parameters allows us to...