Experiment participants in a social dilemma game choose cooperation over defection, even though neither is more beneficial. High levels of cooperation cannot be explained by favorable labels for actions, collusion, k-level reasoning, quantal response behavior, or misplaced optimism about others'...

This paper empirically explores the early development of insurance projects in the decentralized finance (DeFi) industry, which is based on disruptive technologies like blockchain and smart contracts. A brief history of DeFi is narrated stressing four risks of DeFi (volatility risk, cyberattack...

This paper examines the long-term relationship between economic growth and inequality in the UK using an endogenous growth model with heterogeneous agents. The model links entrepreneurial incentives to individual wealth, showing how wealth distribution endogenously influences growth. Estimation...

Alcohol consumption among older adults has been drawing public health interest due to the rising use of alcohol in the growing elderly population. This paper adds to the understanding of alcohol consumption in later life by investigating the impact of a specific life event: the transition to an...

We implement a quantitative empirical test of the fiscal theory of the price level (FTPL) model via indirect inference, comparing it to a standard New Keynesian model. The FTPL alternative creates a serious instability problem because it triggers a 'doom loop'in which inflation pushes up...

We build a model to study the interaction between default risk, policy changes, and financial frictions within a monetary union. The model features a centralised central bank and decentralised fiscal authorities. Countries have different reputations for fiscal stability, modelled as different...

This paper presents a competitive search model focusing on the impact of asymmetric information on credit markets. We show that limited entry by lenders results in endogenous credit rationing, which, in turn, plays a key role in managing adverse selection and prevents the credit market from...

This paper demonstrates that green-labeling forms an integral part of financial investment vehicles. We use data from the EU green bond market to show that green labels reduce the required yields on bonds (the "greenium") in the long run, with the effect being more pronounced when labels are...

To understand the slow adoption of blockchain technology by organisations, we conduct a systematic literature review of adoption factors using a mixed-methods approach. Using thematic analysis, 880 factors are identified and grouped into 29 themes, which offer a comprehensive overview of the...

We propose a high-frequency digital economy index by combining official white papers and big data. It aims to resolve the discrepancy between the new economic reality and old economic indicators used by decision-makers and policymakers. We have demonstrated a significant effect due to keyword...