Charles Bertucci, Louis Bertucci, J. Lasry, P. Lions
We propose a homogenous setting for analyzing the production industry of Bitcoin. Miners are assumed to be well diversified and to form a continuum due to free entry. We introduce the notion of real hashrate which is the actual hashrate deflated by the rate of technological progress assumed to be constant, and we show that this is the right measure to consider in such an analysis. In equilibrium, the revenue per unit of real hashrate follows a mean reverting process even with an unbounded reward process. Using the bitcoin blockchain data, we show that our parsimonious model explains well variations in the real hashrate. We provide a quantitative analysis of the R&D investment of mining hardware manufacturers. We show that, in the long run, R&D expenses, as well as the blockchain security and the bitcoin energy consumption, is proportional to the total miners reward (i.e. the bitcoin price).
{"title":"Economic Modelling of the Bitcoin Mining Industry","authors":"Charles Bertucci, Louis Bertucci, J. Lasry, P. Lions","doi":"10.2139/ssrn.3907822","DOIUrl":"https://doi.org/10.2139/ssrn.3907822","url":null,"abstract":"We propose a homogenous setting for analyzing the production industry of Bitcoin. Miners are assumed to be well diversified and to form a continuum due to free entry. We introduce the notion of real hashrate which is the actual hashrate deflated by the rate of technological progress assumed to be constant, and we show that this is the right measure to consider in such an analysis. In equilibrium, the revenue per unit of real hashrate follows a mean reverting process even with an unbounded reward process. Using the bitcoin blockchain data, we show that our parsimonious model explains well variations in the real hashrate. We provide a quantitative analysis of the R&D investment of mining hardware manufacturers. We show that, in the long run, R&D expenses, as well as the blockchain security and the bitcoin energy consumption, is proportional to the total miners reward (i.e. the bitcoin price).","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"32 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2021-08-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128273820","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
A blockchain is an institutional technology—a protocol—that allows for economic coordination between agents separated by boundaries of possible mistrust. Blockchains are not the only technology in history to have these characteristics. The paper looks at the role of the diplomatic protocol at the very beginning of human civilisation in the ancient near east. These two protocols—diplomatic and blockchain—have significant similarities. They were created to address to similar economic problems using similar mechanisms: a permanent record of past dealings, public and ritualistic verification of transactions, and game-theoretic mechanisms of reciprocity. The development of the diplomatic protocol allowed for the creation of the first international community and facilitated patterns of peaceful trade and exchange. Some questions about a generalised ‘protocol economics’ are drawn.
{"title":"What Diplomacy in the Ancient near East Can Tell Us about Blockchain Technology","authors":"C. Berg","doi":"10.2139/ssrn.3016649","DOIUrl":"https://doi.org/10.2139/ssrn.3016649","url":null,"abstract":"A blockchain is an institutional technology—a protocol—that allows for economic coordination between agents separated by boundaries of possible mistrust. Blockchains are not the only technology in history to have these characteristics. The paper looks at the role of the diplomatic protocol at the very beginning of human civilisation in the ancient near east. These two protocols—diplomatic and blockchain—have significant similarities. They were created to address to similar economic problems using similar mechanisms: a permanent record of past dealings, public and ritualistic verification of transactions, and game-theoretic mechanisms of reciprocity. The development of the diplomatic protocol allowed for the creation of the first international community and facilitated patterns of peaceful trade and exchange. Some questions about a generalised ‘protocol economics’ are drawn.","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2017-08-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130323503","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Over the past 11 months of 2014, some measures designed to reform the network of scientifi c research institutes formerly subordinated to the Russian Academy of Sciences were elaborated, a number of conflict-triggering decisions were made, and several new development priorities were put forth. The most alarming prospect in this connection is the possibility of the existing scientifi c research institutions being restructured prior to an assessment of their actual performance level. The most active representatives of the scientific research community responded to these developments by promoting greater independence of research departments and laboratories within the existing institutes – that is, adopting the same strategy that had been practiced in the early 1990s, at the time of rapid and fundamentally destructive developments in the fi eld of science. Those of them who are more passive have also been resorting to the widespread practice of the early 1990s – they look for jobs in foreign countries. Over the fi rst 8 months of 2014, the outflow of human resources from this country exceeded that recorded for every full year over the last one-and-a-half decade.
{"title":"Restructuring of the Scientific Research Institutes Formerly Subordinated to the Russian Academy of Sciencies: An Assesment of Change","authors":"I. Dezhina","doi":"10.2139/SSRN.2545020","DOIUrl":"https://doi.org/10.2139/SSRN.2545020","url":null,"abstract":"Over the past 11 months of 2014, some measures designed to reform the network of scientifi c research institutes formerly subordinated to the Russian Academy of Sciences were elaborated, a number of conflict-triggering decisions were made, and several new development priorities were put forth. The most alarming prospect in this connection is the possibility of the existing scientifi c research institutions being restructured prior to an assessment of their actual performance level. The most active representatives of the scientific research community responded to these developments by promoting greater independence of research departments and laboratories within the existing institutes – that is, adopting the same strategy that had been practiced in the early 1990s, at the time of rapid and fundamentally destructive developments in the fi eld of science. Those of them who are more passive have also been resorting to the widespread practice of the early 1990s – they look for jobs in foreign countries. Over the fi rst 8 months of 2014, the outflow of human resources from this country exceeded that recorded for every full year over the last one-and-a-half decade.","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-01-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"116872748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The performance assessment system for scientifi c research organizations, which is currently being developed in Russia, has become an integral part of the ongoing reform in this country’s scientific research complex The assessment principles and criteria are determined by the RF Government’s Decree issued in November 2013; the opinion poll among the directors of research institutes was conducted by the Federal Agency for Research Organizations in April and May 2014. This gave rise to a new wave of debate concerning the parameters to be applied in the assessment. An analysis of the main trends in this debate shows that the issue as to the purposes of the assessment has been overlooked.
{"title":"Development of a Performance Assessment System for Scientific Research Organisations, as a Part of the Ongoing Rapid Reform","authors":"I. Dezhina","doi":"10.2139/SSRN.2458415","DOIUrl":"https://doi.org/10.2139/SSRN.2458415","url":null,"abstract":"The performance assessment system for scientifi c research organizations, which is currently being developed in Russia, has become an integral part of the ongoing reform in this country’s scientific research complex The assessment principles and criteria are determined by the RF Government’s Decree issued in November 2013; the opinion poll among the directors of research institutes was conducted by the Federal Agency for Research Organizations in April and May 2014. This gave rise to a new wave of debate concerning the parameters to be applied in the assessment. An analysis of the main trends in this debate shows that the issue as to the purposes of the assessment has been overlooked.","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"11 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2014-06-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122255058","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2013-10-29DOI: 10.4337/9781781951828.00017
Giuseppe Criaco, T. Minola, Christian Serarols, Apurav Yash Bhatiya
The main objective of this chapter is to critically embrace the heterogeneity of university-based companies, to describe the peculiarity of their founding team (as a form of resource transferred from the university) and to analyze differences in performance among different typologies of university-based companies.
{"title":"Companies Spun Out of Universities: Different Typologies for Different Performance Patterns","authors":"Giuseppe Criaco, T. Minola, Christian Serarols, Apurav Yash Bhatiya","doi":"10.4337/9781781951828.00017","DOIUrl":"https://doi.org/10.4337/9781781951828.00017","url":null,"abstract":"The main objective of this chapter is to critically embrace the heterogeneity of university-based companies, to describe the peculiarity of their founding team (as a form of resource transferred from the university) and to analyze differences in performance among different typologies of university-based companies.","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2013-10-29","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132763667","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
This paper examines gender differences in the participation of university life science faculty in commercial science. Based on theory and field interviews, we develop hypotheses regarding how scientists’ productivity, co-authorship networks, and institutional affiliations have different effects on whether male and female faculty become “academic entrepreneurs”. We then statistically examine this framework in a national sample of 6,000 life scientists whose careers span more than 20 years. We find sharp gender differences in participation in for-profit ventures, which we measure as the likelihood of joining the scientific advisory board (SAB) of a biotechnology firm. Compared to men, women life scientists are much less likely to advise for-profit biotechnology companies. We also identify factors that contour this gender difference, including scientists’ co-authorship network structure and the level of support for commercial science at their universities. Surprisingly, we find that the (conditional) gender gap is largest among faculty members at the highest status institutions.
{"title":"From Bench to Board: Gender Differences in University Scientists’ Participation in Commercial Science","authors":"Waverly W. Ding, Fiona E. Murray, Toby E. Stuart","doi":"10.2139/ssrn.1658475","DOIUrl":"https://doi.org/10.2139/ssrn.1658475","url":null,"abstract":"This paper examines gender differences in the participation of university life science faculty in commercial science. Based on theory and field interviews, we develop hypotheses regarding how scientists’ productivity, co-authorship networks, and institutional affiliations have different effects on whether male and female faculty become “academic entrepreneurs”. We then statistically examine this framework in a national sample of 6,000 life scientists whose careers span more than 20 years. We find sharp gender differences in participation in for-profit ventures, which we measure as the likelihood of joining the scientific advisory board (SAB) of a biotechnology firm. Compared to men, women life scientists are much less likely to advise for-profit biotechnology companies. We also identify factors that contour this gender difference, including scientists’ co-authorship network structure and the level of support for commercial science at their universities. Surprisingly, we find that the (conditional) gender gap is largest among faculty members at the highest status institutions.","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"21 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2010-08-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"125269249","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Pub Date : 2000-10-01DOI: 10.1257/000282802760015649
Lee G. Branstetter, Mariko Sakakibara
We examine the impact of a large number of Japanese government-sponsored research consortia on the research productivity of participating firms by measuring their patenting in the targeted technologies before, during, and after participation. Consistent with the theoretical predictions of Katz (1986) and others, we find consortium outcomes are positively associated with the level of potential R&D spillovers within the consortium and (weakly) negatively associated with the degree of product market competition among consortium members. Furthermore, our evidence suggests that consortia are most effective when they focus on basic research.
{"title":"When Do Research Consortia Work Well and Why? Evidence from Japanese Panel Data","authors":"Lee G. Branstetter, Mariko Sakakibara","doi":"10.1257/000282802760015649","DOIUrl":"https://doi.org/10.1257/000282802760015649","url":null,"abstract":"We examine the impact of a large number of Japanese government-sponsored research consortia on the research productivity of participating firms by measuring their patenting in the targeted technologies before, during, and after participation. Consistent with the theoretical predictions of Katz (1986) and others, we find consortium outcomes are positively associated with the level of potential R&D spillovers within the consortium and (weakly) negatively associated with the degree of product market competition among consortium members. Furthermore, our evidence suggests that consortia are most effective when they focus on basic research.","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"44 39","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2000-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"113993566","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
The period prior to the U.S. civil War saw the introduction and rapid diffusion of the railroad. It was also the Free Banking Era (1838-1863) during which some states allowed relatively free entry into banking. Banks in all states issued distinct private monies, called bank notes, which circulated at discounts from face value in secondary markets at locations away from the issuing bank. This paper proposes a pricing model for bank notes, and then, using a newly discovered data set of monthly bank note prices for all banks in North America, studies the secondary market for privately issued bank notes during the American Free Banking Era, 1838-1859. To test the model, the durations and costs of trips from Philadelphia to other locations are constructed from pre-Civil War travelers' guides in order to measure improvements resulting from the diffusion of the railroad during this period. The results suggest that the note market accurately priced risk. Systematic wildcat banking was not possible. The transportation costs of note redemption explain only part of bank note discount variation. Bank default risk was differentially priced and such risk premia varied cyclically.
{"title":"The Enforceability of Private Money Contracts, Market Efficiency, and Technological Change","authors":"Gary B. Gorton","doi":"10.3386/W3645","DOIUrl":"https://doi.org/10.3386/W3645","url":null,"abstract":"The period prior to the U.S. civil War saw the introduction and rapid diffusion of the railroad. It was also the Free Banking Era (1838-1863) during which some states allowed relatively free entry into banking. Banks in all states issued distinct private monies, called bank notes, which circulated at discounts from face value in secondary markets at locations away from the issuing bank. This paper proposes a pricing model for bank notes, and then, using a newly discovered data set of monthly bank note prices for all banks in North America, studies the secondary market for privately issued bank notes during the American Free Banking Era, 1838-1859. To test the model, the durations and costs of trips from Philadelphia to other locations are constructed from pre-Civil War travelers' guides in order to measure improvements resulting from the diffusion of the railroad during this period. The results suggest that the note market accurately priced risk. Systematic wildcat banking was not possible. The transportation costs of note redemption explain only part of bank note discount variation. Bank default risk was differentially priced and such risk premia varied cyclically.","PeriodicalId":382748,"journal":{"name":"IRPN: Innovation & Institutional Economics (Topic)","volume":"54 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1991-03-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126993934","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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