The Itô formula was extended recently by Dupire (2009) to functionals of paths of continuous semimartingales, and by Cont and Fournié (2010) to functionals of paths of RCLL semimartingales. In contrast to the traditional formula that applies to functions of the current value of a process,...

Platforms compete intensively to attract users. Monetary subsidies are commonly used to incentivize users’ adoption, but such subsidies are expensive. In this paper, we study the impacts of token incentives, an alternative incentive approach, in the competition of two decentralized exchange...

This study examined the influence of managerial ability on corporate innovation performance. Our findings suggest that higher levels of managerial ability significantly enhance an enterprise's innovation performance, while managerial risk taking has the potential to not only inhibit the...

To explain the relationship between income inequality and economic growth, we develop a computational model of endogenous growth by taking the effects of fixed government expenditure into account. With such a model, a non-linear relationship between level of income inequality and economic growth...