This paper connects the return to entrepreneurship and firm growth decisions in a dynamic investment model with limited access to external financing. When additional assets can effectively relieve financing constraints, the entrepreneur values dollar return more than its face value for firm...

I examine the possibility of information-based trading in a multiperiod consumption setting. I develop a necessary and sufficient condition for trade to occur. Intertemporal substitution introduces a desire to correlate current consumption with future aggregate shocks. When agents have...

We introduce dynamic incentives into distributed systems via formally incorporating (decentralized) suppliers/users' reputation. Reputation aligns contributors’ incentives with platform welfare and makes myopic service providers internalize their long-term impacts. Starting with Proof-of-Stake...

Blockchain technology provides decentralized consensus and potentially enlarges the contracting space using smart contracts with tamper-proofness and algorithmic executions. Meanwhile, generating decentralized consensus entails distributing information which necessarily alters the informational...

Blockchain technology provides decentralized consensus and potentially enlarges the contracting space through smart contracts with tamper-proofness and algorithmic executions. Meanwhile, generating decentralized consensus entails distributing information that necessarily alters the informational...