In the United States, many employees can save for retirement by participating in Defined Contribution Plans (DCPs). We propose a tractable framework for calculating the employee’s subjective value of the participation option. The framework allows us to separate multiple benefits of...

In the United States, many employees can save for retirement by participating in Defined Contribution Plans (DCPs). We propose a tractable framework for calculating the employee’s subjective value of the participation option. The framework allows us to separate multiple benefits of...

We propose a dynamic industry equilibrium model for Bitcoin electricity consumption in a general framework, including Bitcoin miners’ optimal entry and exit with technology innovation. By adopting average operating costs as an approximation to the true operating costs, we overcome the...