Early crowdfunding platforms were based on a premise of disintermediation from professional investors, and relied on the "wisdom of the crowd" to screen high quality projects. This becomes problematic when equity is involved, as the degree of asymmetric information between entrepreneurs looking...

Markets with asymmetric information will often employ third-party certification labels to distinguish between higher and lower quality transactions, yet little is known about the effects of certification policies on the evolution of markets. How does the stringency in quality certification...

Artificial intelligence (AI) is surpassing human performance in a growing number of domains. However, there is limited evidence of its economic effects. Using data from a digital platform, we study a key application of AI: machine translation. We find that the introduction of a machine...