Owned by nobody and controlled by an almost immutable protocol the Bitcoin payment system is a platform with two main constituencies: users and profit seeking miners who maintain the system's infrastructure. The paper seeks to understand the economics of the system: How does the system raise...

We analyze the levelized cost of electricity (LCOE) for three different fuel cycles: a Once-Through Cycle, in which the spent fuel is sent for disposal after one use in a reactor, a Twice-Through Cycle, in which the spent fuel is recycled for a second use in a light water reactor after which the...

Research exploring the behavioral dimensions that drive travel (Carrel, Ekambaram, Gaker, Sengupta, & Walker, 2012; Dugundji & Walker, 2005; Jariyasunant et al., 2015) has shown that social and psychological forces often play a role equal to price and economic levers (Ariely, 2008; Heyman & Ariely, 2004; Lin &...

This paper concerns the operation of competition in the presence of a high rate of innovation and increasing returns. Given free competition there is likely to exist, in this case, a tendency towards what may be called "dynamic equilibrium", a tendency, that is to say, for the rate of investment...

One of the most basic principles in economics is that competitive pressure promotes efficiency. However, this pressure can also have a dark side because it makes firms reluctant to act on private information that is unpopular with consumers. As a result, firms that possess superior information...

This chapter explains the logic of structural econometric models and compares them to other types of econometric models. We provide a framework researchers can use to develop and evaluate structural econometric models. This framework pays particular attention to describing different sources of...