This paper studies the investment decision by a monopolistic internet service provider (ISP) in different regulatory environments. We consider that the ISP could technically provide separate quality upgrades to two vertically differentiated content providers (CPs); therefore, it could...

We analyze real economic consequences of financing with (mispriced) utility tokens that give access to consumption utility and are traded on a secondary market. Projects can be financed by equity or by selling tokens. In a baseline analysis, efficient projects prefer equity, while inefficient...

We analyze the economic consequences of financing with utility tokens that give access to consumption utility and are traded on a secondary market. Projects can be financed by selling equity or tokens. In a baseline analysis, efficient projects prefer equity, while inefficient projects prefer...