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‘Smart Contracts’, ‘Granular Norms’ and Non-Discrimination “智能合约”、“细粒度规范”和非歧视
Pub Date : 2020-10-02 DOI: 10.2139/ssrn.3703862
V. Zeno-Zencovich
The article challenges the current definitions of "smart contract" which present as a "contract" what is simply an automated form of its performance. And points out that they are "smart" only from the economic point of view of one side of the transaction, which takes advantage of its informational advantage. "Granular norms", instead, are quite common in advanced capitalist markets but increasingly raise concerns about their possible collision with the principle of non-discrimination, especially in the case of consumer goods and services.
这篇文章挑战了当前“智能合约”的定义,即“合约”只是其性能的自动形式。并指出他们只是从交易一方的经济角度来看是“聪明的”,这利用了它的信息优势。相反,“细粒度规范”在发达资本主义市场相当普遍,但人们越来越担心它们可能与非歧视原则发生冲突,尤其是在消费品和服务方面。
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引用次数: 2
Public Value and Platform Governance 公共价值与平台治理
Pub Date : 2020-09-30 DOI: 10.2139/ssrn.3741641
M. Mazzucato, J. Entsminger, R. Kattel
The market size and strength of the major digital platform companies have invited international concern about how such firms should best be regulated to serve the interests of wider society, with a particular emphasis on the need for new anti-trust legislation. Using a normative innovation systems approach, this paper investigates how current anti-trust models may insufficiently address the value-extracting features of existing data-intensive and platform-oriented industry behavior and business models. To do so, we employ the concept of economic rents to investigate how digital platforms create and extract value. Two forms of rent are elaborated: ‘network monopoly rents’ and ‘algorithmic rents’. By identifying such rents more precisely, policymakers and researchers can better direct regulatory investigations, as well as broader industrial and innovation policy approaches, to shape the features of platform-driven digital markets.
主要数字平台公司的市场规模和实力引起了国际社会的关注,即如何最好地监管这些公司,以服务于更广泛的社会利益,特别强调需要制定新的反垄断立法。本文采用规范的创新系统方法,研究了当前的反垄断模型如何不足以解决现有数据密集型和平台导向的行业行为和商业模式的价值提取特征。为此,我们采用经济租金的概念来研究数字平台如何创造和提取价值。本文阐述了两种形式的租金:“网络垄断租金”和“算法租金”。通过更精确地识别这些租金,政策制定者和研究人员可以更好地指导监管调查,以及更广泛的产业和创新政策方法,以塑造平台驱动的数字市场的特征。
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引用次数: 6
Complexity-Robust Regulation Complexity-Robust监管
Pub Date : 2020-09-27 DOI: 10.2139/ssrn.3700499
P. Østbye
Complex systems are characterized by complex interactions among agents and emergence of complex phenomena that are more or less surprising ex-ante. These emergent phenomena entail harm to individuals and pose risks to the system as such — so-called systemic risk. Complexity poses challenges to regulation. Complex interaction is a challenge for determining causal responsibility and an adequate allocation of legal liabilities, and surprise is a challenge for designing ex-ante regulations to avoid emergent phenomena when they are harmful. This paper explores principles for complexity-robust regulations that proactively can address complexity. Complexity-robust regulation entails complexity-robust legal duties, complexity-robust liability for joint activity, complexity-robust causal concepts, and complexity-robust enforcement. The principles of complexity-robust regulation outlined in this paper can be used in combination and independently.
复杂系统的特点是主体之间复杂的相互作用,以及事先或多或少令人惊讶的复杂现象的出现。这些突现现象既会给个人带来伤害,也会给系统带来风险,即所谓的系统性风险。复杂性给监管带来了挑战。复杂的相互作用是确定因果责任和适当分配法律责任的挑战,而意外是设计事前规则以避免有害的突发现象的挑战。本文探讨了复杂性的原则——能够主动解决复杂性的稳健法规。复杂稳健的法规需要复杂稳健的法律责任、复杂稳健的联合活动责任、复杂稳健的因果概念和复杂稳健的执行。本文提出的复杂鲁棒调节原理既可以组合使用,也可以单独使用。
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引用次数: 0
Social Media Socialism: People’s Tech and Decolonization for a Global Society in Crisis 社会媒体社会主义:危机中的全球社会的人民技术和非殖民化
Pub Date : 2020-09-10 DOI: 10.2139/ssrn.3695356
Michael Kwet
Recent proposals by the neo-Brandeisian School of antitrust seek to ameliorate harms to society created by social media monopolies. While this initiative sounds great on paper, their solutions are inadequate, as they leave the proprietary, profit-seeking structure of social media networking intact. As a result, the neo-Brandeisian framework fails to cope with the harms of Big Social Media networks, such as privacy harms, user manipulation, the amplification of sensational content, the problems of online advertising, digital colonialism, and environmental degradation. This Article argues that social media socialism based on a democratic commons should replace Big Social Media networks. It suggests an interlocking set of tools to decentralize social networks, including network interoperability, data portability, data decentralization, a fully Free and Open Source Software stack, and socialist legal solutions. The guiding framework is based on a People’s Tech model that places ownership and control of social media directly into the hands of the global public. It proposes solutions to (1) force interoperability, data portability, data decentralization, and a Free and Open Source Software stack on social media providers; (2) put rules in place to prevent new business practices that concentrate wealth and power; (3) abolish or amend laws inconsistent with social media socialism; (4) pass strong privacy laws; (5) subsidize the social media commons through a Digital Tech New Deal; (6) form regulatory bodies to regulate social media; (7) formulate solutions jointly with the international community within a decolonial framework designed for global equality, reparations, and environmental sustainability. The Article begins by outlining the harms produced by social media monopolies. Next, it provides a socialist critique of neo-Brandeisian philosophy and its proposals to fix social media. Following that, it explains how commons-based social media decentralization works -- including its history, philosophy, and core components -- using the Fediverse and LibreSocial as case examples. The final section outlines a People's Tech model for social media socialism and addresses possible challenges.
新布兰代斯反垄断学派(new brandeisian School of antitrust)最近提出的建议,试图减轻社交媒体垄断对社会造成的危害。虽然这一举措在纸面上听起来很棒,但他们的解决方案是不够的,因为他们没有改变社交媒体网络的专有、逐利结构。因此,新布兰代斯框架无法应对大型社交媒体网络的危害,如隐私损害、用户操纵、煽情内容的放大、在线广告问题、数字殖民主义和环境恶化。本文认为,基于民主公地的社交媒体社会主义应该取代大型社交媒体网络。它提出了一套相互关联的工具来分散社交网络,包括网络互操作性,数据可移植性,数据去中心化,完全免费和开源软件堆栈,以及社会主义法律解决方案。该指导框架基于“人民科技”模式,将社交媒体的所有权和控制权直接交到全球公众手中。它提出了以下解决方案:(1)在社交媒体提供商上强制互操作性,数据可移植性,数据去中心化以及免费和开源软件堆栈;(2)制定规则,防止财富和权力集中的新商业行为;(3)废除或修改与社交媒体社会主义不符的法律;(4)制定强有力的隐私法;(5)通过数字技术新政补贴社交媒体公地;(6)组建监管机构,对社交媒体进行监管;(7)在旨在实现全球平等、赔偿和环境可持续性的非殖民化框架内,与国际社会共同制定解决办法。文章首先概述了社交媒体垄断带来的危害。接下来,它对新布兰代斯哲学及其修复社交媒体的建议进行了社会主义批判。接下来,它解释了基于公共的社交媒体去中心化是如何工作的——包括它的历史、哲学和核心组件——使用Fediverse和LibreSocial作为案例。最后一部分概述了社会媒体社会主义的人民科技模式,并解决了可能面临的挑战。
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引用次数: 1
[Los Contratos Inteligentes en el Sistema Financiero y la Regulación Realmente Responsiva][Smart Contracts and Really Responsive Regulation] En proceso de publicación Libro Mercados Financieros y Nuevas Tecnologías- Universidad Externado de Colombia [金融系统中的智能合约和真正响应式监管][智能合约和真正响应式监管]正在出版《金融市场和新技术》一书-哥伦比亚Externado大学
Pub Date : 2020-09-01 DOI: 10.2139/ssrn.3684831
Ligia Catherine Arias-Barrera
Spanish Abstract: El estudio de los contratos inteligentes en el sistema financiero ha captado la atención de la industria, los reguladores y de la academia. Existen discusiones relacionadas con la aproximación para regularlos. Mientras que algunos defienden el uso de principios por su estructura amplia, mayor flexibilidad y capacidad de adaptación, otros por el contrario urgen por una estrategia más estricta guiada por reglas . Este trabajo entiende que más allá de la estructura de reglas o principios, la estrategia de regulación que se adopte debe recordar y acentuar criterios fundamentales en la evolución de las normas jurídicas como regula iuris. Esto es, una progresiva disminución de su visión como un mandamiento (imperare) y el correlativo aumento de su expresión de permisión (permettere) . Con esta base debatiremos el rol que la regulación realmente responsiva puede tener como instrumento de intervención y control en el uso del cambiante panorama de los contratos inteligentes adoptados en el sistema financiero. Para desarrollar este argumento y verificar su utilidad el capítulo se divide en tres secciones. La primera destinada a introducir el contexto de origen y desarrollo de la regulación realmente responsiva por Baldwin y Black, así como a identificar las oportunidades y limitaciones asociadas a su implementación. La segunda parte explorará los conceptos fundamentales de los contratos inteligentes en el sistema financiero, tomando como punto de referencia las cláusulas del Loan Máster Agreement para discutir cuáles son más o menos fácilmente automatizables y anticipar algunas limitaciones. La tercera sección, por su parte, se enfoca en identificar cómo los elementos de la regulación realmente responsiva pueden contribuir a mitigar las limitaciones del diseño e implementación de los contratos inteligentes. En particular, su utilidad para mitigar y controlar los efectos negativos de la asimetría de información y posible ambigüedad de los contratos inteligentes.]

English Abstract: The study of smart contracts in the financial system has captured the attention of industry, regulators, and academia. There are discussions related to the approach to regulate them. While some defend the use of principles because of their broad structure, greater flexibility and adaptability, others instead urge a stricter rule-guided strategy. This work understands that beyond the structure of rules or principles, the regulatory strategy adopted must remember and emphasize fundamental criteria in the evolution of legal norms such as regula iuris. That is, a progressive decrease in its vision as a commandment (imperare) and the corresponding increase in its expression of permission (permettere). On this basis, we will discuss the role that truly responsive regulation can have as an instrument of intervention and control in the use of the changing landscape of smart contracts adopted in the financial system. To develop this argument the chapt
摘要:金融系统中智能合约的研究引起了业界、监管机构和学术界的关注。关于监管它们的方法有一些讨论。一些人主张使用原则,因为它们具有广泛的结构、更大的灵活性和适应性,而另一些人则敦促采取更严格的、以规则为导向的战略。本文认为,除了规则或原则的结构之外,所采用的监管策略必须记住并强调法律规范演变中的基本标准,如《法律规范》。也就是说,他作为命令(imperare)的视觉逐渐减少,而相应增加的授权表达(permettere)。在此基础上,我们将讨论真正响应式监管作为一种干预和控制工具,在金融系统中采用的智能合约不断变化的格局中所能发挥的作用。为了发展这一论点并验证其有效性,本章分为三个部分。第一个旨在介绍鲍德温和布莱克的真正响应性监管的起源和发展背景,并确定与实施相关的机会和限制。第二部分将探讨金融系统中智能合约的基本概念,以贷款主协议的条款为参考点,讨论哪些条款或多或少容易自动化,并预测一些限制。第三部分侧重于确定真正响应式监管的元素如何有助于减轻智能合约设计和实现的限制。特别是,它在减轻和控制信息不对称的负面影响和智能合约可能的模糊性方面的有用性。] English Abstract: The study of smart contracts in The financial system, has暴力The注意of industry regulator,和学院。目前正在讨论如何规范这些问题。一些国家主张使用原则,因为它们的结构广泛,具有更大的灵活性和适应性,而另一些国家则敦促采取严格的以规则为指导的战略。本文认为,除了规则或原则的结构之外,所采用的监管战略还必须记住并强调法律规范(如法律规范)演变中的基本标准。也就是说,它作为命令(imperare)的观念逐渐减少,相应的是它表达许可(permettere)的观念增加。在此基础上,我们将讨论真正的响应性监管作为一种干预和控制工具在利用金融系统中采用的智能合约不断变化的格局方面所能发挥的作用。为了进一步阐述这一论点,本章分为三个部分。第一次会议的目的是介绍鲍德温和布莱克提出的真正响应性条例的起源和发展背景,并确定其实施的机遇和局限性。第二部分将探讨金融系统中智能合约的基本概念,以贷款主协议的条款为参考点,讨论哪些条款更容易自动执行,哪些条款不容易自动执行,并预期一些限制。第三节的重点是确定真正响应性监管的要素如何有助于减轻智能合约设计和实施的限制。特别是,它在减轻和控制信息不对称的负面影响和智能合约潜在的模模性方面的用途。
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引用次数: 0
On the Shareholder-versus Stakeholder-Firm Debate 关于股东与利益相关者与公司之争
Pub Date : 2020-08-25 DOI: 10.2139/ssrn.3680968
Camelia Bejan
When externalities are present, is the inclusion of the affected stakeholders in the firm's decision process a better solution than government regulation? Magill, Quinzii, and Rochet (2015) argue that it is, and propose an objective for the stakeholder corporation as well as a market mechanism to implement it. This paper shows that: (1) within the framework of Magill, Quinzii, and Rochet's (2015) model, the shareholder-oriented firm and the government can implement the same outcome even when the government does not know the firm's costs; (2) outside that framework, the proposed stakeholder objective fails to address the inefficiency. The results help garner more insight into the difficulties and limitations of embedding the stakeholder corporation into a general equilibrium model.
当外部性存在时,将受影响的利益相关者纳入公司决策过程是否比政府监管更好?Magill, Quinzii, and Rochet(2015)认为是,并提出了利益相关者公司的目标以及实现这一目标的市场机制。本文表明:(1)在Magill, Quinzii, and Rochet(2015)模型框架下,即使政府不知道企业的成本,股东导向的企业和政府也可以实现相同的结果;(2)在该框架之外,提议的利益相关者目标未能解决效率低下问题。研究结果有助于深入了解将利益相关者公司嵌入一般均衡模型的困难和局限性。
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引用次数: 0
Organizational Form and Trade Liberalization: Plant-Level Evidence 组织形式与贸易自由化:植物层面的证据
Pub Date : 2020-08-25 DOI: 10.2139/ssrn.2702516
John (Jianqiu) Bai
This paper studies how firms’ internal organization shapes the impact of international trade. Using establishment-level data from the U.S. Census and a difference-in-difference specification, I find that, relative to standalone firms, conglomerates are more likely to restructure after trade liberalization episodes, focusing on their core competency and improving firm productivity and product market performance. Adjustments through the extensive margin account for the majority of the productivity growth differential between conglomerates and standalones experiencing trade shocks. Aggregate industry productivity remains relatively unchanged in industries dominated by conglomerates’ core business but decreases significantly in others. My findings suggest that firms’ internal organization has important consequences on the effects of trade policies. This paper was accepted by Gustavo Manso, finance.
本文研究了企业内部组织对国际贸易影响的影响。利用来自美国人口普查的企业层面数据和差异规格,我发现,相对于独立企业,在贸易自由化事件发生后,企业集团更有可能进行重组,重点关注其核心竞争力,提高企业生产率和产品市场绩效。在经历贸易冲击的大企业和独立企业之间,通过广泛保证金进行的调整是生产率增长差异的主要原因。在以企业集团核心业务为主导的行业中,总产业生产率保持相对不变,但在其他行业则显著下降。我的研究结果表明,企业的内部组织对贸易政策的效果有重要影响。这篇论文被金融学的Gustavo Manso接受。
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引用次数: 7
Predatory Pricing and the Flaws in Brandesian Economics Challenging Recoupment Theory 掠夺性定价与挑战补偿理论的布兰德经济学缺陷
Pub Date : 2020-08-19 DOI: 10.2139/ssrn.3676799
John R. Fortin
The technology industry has seen rapid growth over the last few decades and many populists and reformers seek to reign in this growth with amendments to various antitrust regulatory structures. This paper continues my previous analysis of these general reforms while specifically analyzing predatory price discrimination and recoupment theory. Brandesian economists wish to swing the antitrust sword to protect small businesses against big corporations. Advocates look at the policy of bigness and claim that permitting its existence must be incorrect and that the courts should counteract bigness with antitrust litigation results shaped not based on economics and consumer welfare but on policy concerns.

The critic of the current antitrust system that provides the most relevant and thorough critique of the current system is Yale’s Lina Kahn in her student note Amazon’s Antitrust Paradox. While her note raises several concerns with Amazon’s business strategy, she specifically targets the structural dominance of Amazon through an alleged predatory price discrimination scheme aimed at undercutting competition and establishing its monopoly in the ebook marketplace. Kahn analyzes Amazon’s growing market dominance along with the alleged difficulties in reigning in its market power through modern day antitrust authority. Most striking, is Khan contention that the Apple v. United States case should have examined Amazon’s role in why the book publishers developed a price fixing and exclusionary scheme against Amazon.

These arguments, while in theory may seem particularly compelling for reformists who are troubled by the rise of big tech; are in fact flawed. As I advocate below, claiming predatory price discrimination as a theory of harm is illogical as a practical matter and opening up this theory would be cumbersome on courts, would lead to perverse results, and would not increase consumer welfare.
在过去的几十年里,科技行业经历了快速增长,许多民粹主义者和改革者试图通过修改各种反垄断监管结构来控制这种增长。本文在分析掠夺性价格歧视和补偿理论的同时,继续我之前对这些一般性改革的分析。布兰德学派的经济学家希望挥舞反垄断之剑,保护小企业对抗大公司。提倡者关注“大”政策,并声称允许其存在一定是不正确的,法院应该用反垄断诉讼的结果来抵消“大”,而不是基于经济和消费者福利,而是基于政策考虑。耶鲁大学的莉娜·卡恩在她的学生笔记《亚马逊的反垄断悖论》中对现行的反垄断制度提出了最贴切、最彻底的批评。虽然她的报告对亚马逊的商业战略提出了一些担忧,但她特别针对亚马逊的结构性主导地位,即所谓的掠夺性价格歧视计划,旨在削弱竞争,建立亚马逊在电子书市场的垄断地位。卡恩分析了亚马逊日益增长的市场主导地位,以及通过现代反垄断机构控制其市场力量的所谓困难。最引人注目的是,汗认为,苹果诉美国案应该审查亚马逊在图书出版商制定针对亚马逊的价格操纵和排他性计划中的作用。这些观点,虽然在理论上对那些被大型科技公司的崛起所困扰的改革派来说似乎特别有说服力;都是有缺陷的。正如我在下面所主张的那样,将掠夺性价格歧视作为一种伤害理论,从实践上讲是不合逻辑的,开放这一理论在法庭上会很麻烦,会导致不正当的结果,也不会增加消费者的福利。
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引用次数: 0
Should ASEAN Antitrust Laws Emulate European Competition Policy? 东盟反垄断法应仿效欧洲竞争政策吗?
Pub Date : 2020-08-16 DOI: 10.2139/ssrn.3709730
Geoffrey A. Manne, Dirk Auer, Sam Bowman
Recent years have seen the Association of Southeast Asian Nations (ASEAN) members embark upon various initiatives that seek to harmonize their competition regimes. These ongoing efforts to modernize and harmonize ASEAN competition laws take place amid a longstanding effort by both the European Union (EU) and the United States (US) to export their respective competition laws throughout the world. This raises a critical question: should the ASEAN countries attempt to mimic the competition regimes of other developed nations, notably those that are in force in the EU and the US? And, if so, which one of these regimes should they draw more inspiration from? This paper seeks to dispel the myth that the European model of competition enforcement would necessarily provide a superior blueprint. To the contrary, it shows that the evolutionary, common-law-like regime that has emerged in the US has many strengths that are often overlooked by contemporary competition policy scholarship, and which might provide a particularly good fit for the economic and political realities of the ASEAN member states. The paper proceeds as follows. Section  2 analyzes the high-level differences between the American and European approaches to competition policy. Section  3 shows that the US and Europe also differ substantially in terms of the conduct that may constitute an infringement of competition law — the EU system being significantly more restrictive. Section  4 turns to the thorny problem of digital platforms, in particular, and argues that while the European model might more readily facilitate intervention against digital platforms, the resulting cases may be detrimental to consumers and the economy more broadly. Section  5 posits that reducing economic concentration — sometimes cited as a byproduct of European-style competition enforcement — should not be a self-standing goal of antitrust policy. Finally, Section  6 argues that many of the economic and political characteristics of the ASEAN economy cut in favor of using the US model of competition enforcement as a blueprint for further development and harmonization of ASEAN competition law.
近年来,东南亚国家联盟(ASEAN)成员国采取了各种旨在协调其竞争制度的倡议。这些正在进行的使东盟竞争法现代化和协调的努力是在欧洲联盟(EU)和美国(US)长期努力向全世界输出各自的竞争法的背景下进行的。这就提出了一个关键问题:东盟国家是否应该尝试模仿其他发达国家的竞争机制,尤其是欧盟和美国实施的竞争机制?如果是这样,他们应该从哪一个政权那里获得更多的灵感?本文试图消除欧洲竞争执法模式必然提供优越蓝图的神话。相反,它表明,在美国出现的渐进的、类似普通法的制度有许多优势,而这些优势往往被当代竞争政策学者所忽视,而且它可能特别适合东盟成员国的经济和政治现实。本文的工作如下。第二节分析了美国和欧洲在竞争政策方面的高层差异。第3节表明,美国和欧洲在可能构成违反竞争法的行为方面也存在很大差异——欧盟制度的限制要严格得多。第四节转向棘手的数字平台问题,并特别指出,尽管欧洲模式可能更容易促进对数字平台的干预,但由此产生的案件可能对消费者和更广泛的经济有害。第5节假定,降低经济集中度——有时被认为是欧洲式竞争执法的副产品——不应成为反垄断政策的独立目标。最后,第6节认为,东盟经济的许多经济和政治特征有利于使用美国的竞争执法模式作为东盟竞争法进一步发展和协调的蓝图。
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引用次数: 1
Measuring the Market Power of Firms and their Strategies 衡量企业的市场力量及其战略
Pub Date : 2020-08-14 DOI: 10.2139/ssrn.3679514
Ramamohan Rao
It is well known that firms utilize non-price strategies to distinguish their products from those of rivals. However, there is no specification of the market power that such choices provide the firm let alone their integration to the firm level. This note provides a chronological rendering of such efforts being attempted in recent literature.
众所周知,企业利用非价格策略来使自己的产品区别于竞争对手的产品。然而,对于这些选择为企业提供的市场力量并没有具体说明,更不用说将它们整合到企业层面了。本说明按时间顺序提供了最近文献中正在尝试的这种努力。
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引用次数: 0
期刊
ERN: Regulation (IO) (Topic)
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