We model platform competition with network effects, infrastructure investment, and data collection and sharing, thereby providing a unifying framework to evaluate data-related regulation and antitrust policies. Data feedback improves service quality but may concentrate market power. Dispersed...

We model the dynamic global competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs) among multiple countries, whereby a country's fiscal strength and currency strength are mutually reinforcing. The rise of cryptocurrencies hurts stronger fiat...

We model the dynamic global competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs) among multiple countries, whereby a country's fiscal strength and currency strength are mutually reinforcing. The rise of cryptocurrencies hurts stronger fiat...

We model platform competition with endogenous data generation, collection, and sharing, thereby providing a unifying framework to evaluate data-related regulation and antitrust policies. Data are jointly produced from users' economic activities and platforms' investments in data infrastructure....

We model the dynamic global competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs) in which the strength of a country and of its currency are mutually reinforcing. The rise of cryptocurrencies hurts stronger fiat currencies, but can benefit...

Stablecoins rise to meet the demand for safe assets in decentralized finance. Stablecoin issuers transform risky reserve assets into tokens of stable values, deploying a variety of tactics. To address the questions on the viability of stablecoins, regulations, and the initiatives led by large...

In a dynamic principal-agent model, the principal, financing the project, cannot observe project failure and the agent, developing the project, can hide or fake failure. Punishments for completion delays, excessive rewards for success, and occasional rewards for failure provide incentives for...

How much of a loan should a lender dynamically retain and how does retention affect loan performance? We address these questions in a dynamic agency model in which a lender originates loans that it can sell to investors. The lender reduces default risk through screening at origination and...