We model an influencer economy in which brand owners and sellers depend on influencers to attract consumers while competing in both influencer and product markets. As technologies governing marketing outreach improve, the equilibrium features non-monotonicities in influencer market...

We provide the first model of an influencer economy in which brand owners and sellers depend on influencers to attract consumers while competing in both influencer and product markets. As technologies governing marketing outreach improve, the equilibrium features non-monotonicities in influencer...

We develop a dynamic model of platform economy where tokens derive value by facilitating transactions among users and the platform conducts optimal token-supply policy. Token supply increases when new tokens are issued to finance platform growth and to reward platform owners. Token supply...

The rise of centralized mining pools for risk sharing does not necessarily undermine the decentralization required for permissionless blockchains: Each individual miner's cross-pool diversification and endogenous fees charged by pools generally sustain decentralization, because larger pools...

We develop a dynamic asset-pricing model of cryptocurrencies/tokens that allow users to conduct peer-to-peer transactions on digital platforms. The equilibrium value of tokens is determined by aggregating heterogeneous users' transactional demand rather than discounting cashflows as in standard...

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...

The rise of centralized mining pools for risk sharing does not necessarily undermine the decentralization required for permissionless blockchains: Each individual miner's cross-pool diversification and endogenous fees charged by pools generally sustain decentralization, because larger pools...

While the advent of cryptocurrencies and digital assets holds promise for improving and disrupting financial systems by offering cheap, quick, and secure transfer of value, it also opens up new payment channels for cybercrimes. A prerequisite to solving a problem is understanding the nature of...

We introduce a general framework for analyzing large-scale text-based data, combining the strengths of neural-network language processing and generative statistical modeling. Our methodology generates textual factors by (i) representing texts using vector word embedding, (ii) clustering words...