By design, the Bitcoin protocol has a low throughput. The Lightning Network (LN) is a layer-two solution built to increase throughput by cryptographically securing commitments to transactions and only occasionally converting cumulative balances into on-chain transactions. LN channels enable...

Uncertainty shocks propagate within the network of Chinese institutions. While uncertainty can have both positive or negative impact, the propagation focuses on "bad" uncertainty, which is propagated largely from institution with a large market value. Yet both "bad" and "good" uncertainty...

I propose a model of the cryptocurrency market wherein a set of heterogeneous investors with different methods of communication rely on a social network to speculate and update their beliefs about the fundamental value of a cryptocurrency. This model indicates that the beliefs of stubborn...

I provide evidence that U.S. firms in more corrupt areas have lower investment expenditure than firms in less corrupt areas. A one standard deviation increase in corruption rate is associated with a 8.6% decline in a firm's investment from the median. Firms with a high degree of geographical...

The use of social contacts in the labor market is widespread. This paper investigates the impact of personal connections on hiring probabilities and re-employment outcomes of displaced workers in Portugal. We rely on rich matched employer-employee data to define personal connections that arise...

A group of agents each exert effort to produce a joint output, with the complementarities between their efforts represented by a (weighted) network. Under equity compensation, a principal motivates the agents to work by giving them shares of the output. We describe the optimal equity allocation....

This paper proposes new centrality measures to characterise the ‘key class’, whose removal results in maximal reduction in the network activity, when agents in a network are sorted into role-equivalent classes. The notion of role-equivalence is defined through the graph-theoretical concept...

The paper summarizes key findings from the literature on how distance, relationships and ethnic ties influence knowledge flows, and describes a model that relates emigration and the diaspora to knowledge flows. It recaps a key study that reports evidence of a link from the diaspora and knowledge...

The technical report will introduce an application to deal with the massive drones' or hydrones departures, navigation, fly, and landing in different destinations. We propose the highway routes system (DHR-System) that depends on the interconnectivity between G5, modern hardware internet system...

In a simple model of distance-based utility, we show that core-periphery networks violate pairwise stability but often satisfy horizon-$K$ farsighted stability [Herings et al. 2019] for small enough $K$. Our results hold despite the fact that agents are identical and preferences violate...