Blockchain technology provides decentralized consensus and potentially enlarges the
contracting space through smart contracts. Meanwhile, generating decentralized consensus …

We develop a dynamic asset pricing model of cryptocurrencies/tokens that allow users to
conduct peer-to-peer transactions on digital platforms. The equilibrium price of tokens is …

We develop a dynamic model of a platform economy where tokens serve as a means of
payment among platform users and are issued to finance investment in platform productivity. …

We study credit allocation across firms and its real effects during China’s economic stimulus
plan of 2009–2010. We match confidential loan-level data from the nineteen largest …

The rise of centralized mining pools for risk sharing does not necessarily undermine the
decentralization required for blockchains: because of miners’ cross-pool diversification and pool …

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 …

We build an endogenous growth model with consumer-generated data as a new key factor
for knowledge accumulation. Consumers balance between providing data for profit and …

We introduce economic research on blockchains and its recent advances. In particular, we
highlight the (i) unifying concepts on blockchain as a decentralized consensus and its core …

We directly optimize the objectives of portfolio management via deep reinforcement learning---an
alternative to conventional supervised-learning paradigms that routinely entail first-…

We present the first systematic approach to detect fake transactions on cryptocurrency
exchanges by exploiting robust statistical and behavioral regularities associated with authentic …