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We study consensus in a protocol capturing in a simplified manner the major features of the majority of Proof of Stake blockchains. A committee is formed; one member proposes a block; and the others can check its validity and vote for it. Blocks with a majority of votes are produced. When an invalid block is produced, the stakes of the members who voted for it are "slashed." Profit-maximizing members interact with adversaries seeking to disrupt consensus. When slashing is limited, free-riding and moral-hazard lead to invalid blocks in equilibrium. We propose a protocol modification producing only valid blocks in equilibrium. Authors have furnished an Internet Appendix , which is available on the Oxford University Press Web site next to the link to the final published paper online. [ABSTRACT FROM AUTHOR]

Purpose: Explore the effects of competition policy on an important competitive dimension of digital platforms, namely quality. Design/methodology/approach: The deterrence effect of competition policy should induce firms to compete on merits, with lower prices and higher quality for consumers. Deterrence, or the inducement not to infringe competition law, may depend on the harshness of penalties and/or the likelihood of conviction. We use competition policy indicators that are associated with these deterrence dimensions, allowing for non-linearities and interactions of the indicators. We use a unique data survey of digital gig platform users, that covers at least two dozen platforms and more than 50 countries. Quality is measured using multidimensional indicators of the level of satisfaction of platform users with different platform services. We control for platform user and country characteristics, including other regulatory indicators such as labor laws, to recover different effects. Findings: Results suggest that competition policy is relevant for differences in product quality across platforms and countries. Important non-linearities are uncovered, where substantive rules of competition policy interact with competition authority power. The effects depend on either level of the indicators, suggesting that deterrence effects depend upon a combination of both law in the books and competition policy practice. Practical implications: The estimates suggest a need to balance both dimension of deterrence, namely, strictness and effectiveness to expand the effects of competition policy on competition. Originality/value: This is the first paper that explores the effect of competition policy on non-price or non-margin competition dimension. It is the first to study the effect on a sample of digital platforms. It contributes to the literature of deterrence effects of competition policy. [ABSTRACT FROM AUTHOR]

Purpose/Objective: This research aims to ensure that the technologies that promote the digital tourism economy play an important role in its development in the near future, and students will have an open attitude towards digitisation, artificial intelligence (AI), robotisation, and gamification in tourism. Design/Methodology/Approach: A survey questionnaire collected primary data. Simple random sampling was used, and the sample size was 40 students. The questionnaire was distributed via email in March 2024. Data obtained from the questionnaire were analysed based on correlations. Findings: AI usage in the education system for tourism students should be to personalise the learning process as much as possible, provide personalised learning paths according to student's strengths and weaknesses, and adapt learning materials to the characteristics of students while maintaining the quality of education and the principles of integration into the educational system. Significance/Implications/Conclusions: Intelligent IT systems fully support people's needs and intuitively respond to their problems. However, creating such support requires long hours of work and programming. Indeed, the challenge of providing AI that can intelligently interact with humans remains significant. Rephrasing requests to obtain specific and accurate answers is unnecessary. Limitations: Students' attitudes towards AI are not always positive, as attested by their attitudes towards AI in tourism in the research analysis carried out in the chapter. This could lead to limited perspectives on AI in education. Future Research: Specific strategies implemented by companies to offer customers virtual guided tours, allowing them to visualise a place before they get there. [ABSTRACT FROM AUTHOR]

Purpose: This paper investigates how Europe's fast fashion industry's sustainability efforts correlate with socio-economic well-being, focusing on the Human Development Index (HDI), Sustainable Development Goals, and textile waste. Design/Methodology/Approach: Applying Principal Component, Regression, and Spatial Analysis, the study examines cross-European data to identify relationships between development indices and textile waste. Findings: There is a strong link between adherence to Sustainable Development Goals and higher living standards, but the impact of textile waste on well-being is minimal. Research Limitations/Implications: Limitations refer to excluding other socio-economic factors and a narrow metric focus, which may obscure the broader effects of textile waste. Practical Implications: Results advocate for sustainable waste management policies, which were crucial during the European energy crisis, to foster eco-friendly practices in the fashion industry. Social Implications: The study emphasises the need for a circular economy shift in fast fashion, which is vital for environmental sustainability and societal health. Originality/Value: This research enriches the sustainability narrative by correlating it with socio-economic health in European contexts, providing a unique industry perspective. Plain Language Summary: Exploring the connection between sustainability in Europe's fashion industry and quality of life, our study finds that eco-friendly policies match higher living standards. However, fashion waste's direct effect could be much better. Amidst an energy crisis (Kent, 2022), our insights press for greener practices in fashion, underscoring the necessity for a circular economy to support environmental and social well-being. [ABSTRACT FROM AUTHOR]

The sharing economy has experienced significant growth over the past decade. This phenomenon has introduced a new way of consuming services and goods. Nevertheless, while its benefits have been extensively studied, there is a limited understanding of its implications across various sectors.

The debate about competition concerns in the digital economy cumulated in the adoption of new legislation, Section 19a GWB in Germany and the Digital Markets Act at the EU level. At around the same time, a new term gained prevalence in the competition law discourse—the 'ecosystem'. Often, it is not quite clear, what is meant by it or what the economics behind it are. In this article, I look to the strategic management literature, whose scholars have developed a coherent ecosystem concept. I will explain the economic benefits of the ecosystem structure and the essential role governance plays in it. From the economics of the ecosystem, several insights can be won for competition law. These insights will be applied to the new legislation in the second part. It will be analysed to what extent the DMA and Section 19a GWB are based on the ecosystem concept, whether they identify the problematic actors as addressees, and whether they capture the restrictive conduct. Although both legislative responses do not build on the ecosystem concept, they do not completely fail to address the right issues. Their neglect of the concept, though, could lead to serious enforcement failures. [ABSTRACT FROM AUTHOR]

This paper proposes a stylized, dynamic model to address the issue of sorting online. There are two large homogeneous groups of individuals. Everyone must choose between two online platforms, one of which has superior amenities (akin to having superior local public goods). Each individual enjoys interacting online with those from their own group but dislikes being on the same platform as those in the other group. Unlike a Tiebout model of residential sorting, both platforms have unlimited capacity so there are no constraints on cross-platform migration. It is clear how each group would like to sort themselves but, in the presence of the other type, only the two segregated outcomes are guaranteed to be equilibria. Integration on a platform can be supported in equilibrium as long as the platform is sufficiently desirable. If online integration of the two communities is a desired social outcome, then the optimal policy is clear: make the preferred platform even more desirable. Revitalizing the inferior platform will never lead to integration and even increases the likelihood of segregation. Finally, integration is more elastic in response to an increase in platform amenities than to reductions in intolerance. [ABSTRACT FROM AUTHOR]

AbstractThis study aims to explore the impact of physical attractiveness on employment, with a focus on the Chinese labor market. It seeks to understand how physical appearance influences not only the likelihood of employment but also the quality of employment in terms of income, social insurance, and job satisfaction. Utilizing data from the 2020 China Family Panel Studies, this research employs multiple linear regression models to analyze the relationship between physical attractiveness and employment. The study pays particular attention to variables such as industry type, age, and education level, and considers the indirect effects of physical appearance on non-cognitive abilities like comprehension, language expression, and interpersonal skills. The results indicate that physical attractiveness significantly and positively influences the likelihood of employment, especially in the service industry. This effect varies with age and education levels. In terms of employment quality, attractive individuals are likely to experience higher income, better social insurance, and greater job satisfaction. This research contributes to the existing literature by providing empirical evidence from the Chinese context, a relatively underexplored area in this field. It offers a comprehensive view of how physical attractiveness affects both the likelihood and quality of employment, highlighting its importance in non-cognitive skill development. The study’s findings have broad implications for employees, employers, and policymakers, particularly in terms of understanding the societal and economic impacts of physical appearance. [ABSTRACT FROM AUTHOR]

The five largest firms by market capitalization, Alphabet, Amazon, Apple, Meta, and Microsoft have massively acquired companies during the last decades, mainly but not exclusively young tech startups. Interestingly, most of the acquired products are discontinued post-acquisition. In this paper, we have collected data on the acquisitions of the big techs for a period of 7 years spanning from 2015 to 2021 and we analyze the evolution of the acquired firms' products post-acquisition. To analyze the decision to continue or not a product post-acquisition, we classify acquisition in four categories: products that are still offered under their initial brand name, products integrated in the acquirer's ecosystem, products that are no longer available and products that are killed by the acquirer. We use these classifications to provide detailed information and statistics on the discontinuation decision of the acquiring firm and we run Probit estimation to explain their determinants. [ABSTRACT FROM AUTHOR]

Building trust is a major challenge in digital crowdfunding environments. The existing information asymmetries between fund-seeking entrepreneurs and potential investors require the implementation of signaling strategies between both economic agents in order to generate trust and incentivize investment. This study performs a qualitative comparative analysis (QCA) to explore the interplay of visual content and social networks as information cues signaling trust. The data are sourced from Startupxplore, a Spanish equity crowdfunding platform. Configurational analysis reveals a certain degree of substitutability between traditional visual cues (images, videos) and reporting presence in social networks (Instagram, Facebook, Twitter). The results show different information disclosure strategies using traditional visual cues and social networks that lead to crowdfunding success and overfunding: substitute, mixed and unique strategies. The originality of this research lies in identifying such strategies using a configurational approach that addresses the causal complexity behind success and overfunding phenomena in equity crowdfunding, and in targeting visual cues and social networks presence as signals. This entails theoretical contributions to signaling theory in digital financial environments as well as managerial implications for entrepreneurial fundraising. [ABSTRACT FROM AUTHOR]

This study addresses the fragmented understanding of the relationship between digital transformation (DT) and innovation by proposing a multi-level framework that integrates diverse disciplinary perspectives. This framework provides deep insight into how DT influences innovation. A systematic literature review was conducted, and based on the findings, a research agenda was outlined as a roadmap to guide future studies. This research contributes to the strategic change and innovation literature by providing a multi-level framework explaining how DT-driven structural change affects innovation, considering various contingencies such as market dynamics, technological advancements, and organizational capacities. Additionally, this study contributes to the innovation and strategic information systems domain by demonstrating that DT's role as a strategic asset for achieving innovation should align with firm capabilities, structural characteristics, and environmental and external dynamics.

The field of MLOps (Machine Learning Operations), which focuses on effectively managing and operationalizing ML workflows, has grown because of the advancements in machine learning (ML). The goal of this study is to examine and contrast the difficulties encountered in the implementation of MLOps in enterprises with those encountered in DevOps. An SLR (Systematic Literature Review) is the first step in the research process to find the issues raised in the literature. The results of this study are based on qualitative content analysis using grounded theory and semi-structured interviews with 12 ML practitioners from different sectors. Organisational, technical, operational, and business problems are the four distinct aspects of challenges for MLOps that our study highlights. These challenges are further defined by eleven different themes. Our research indicates that while some issues, such as data and model complexity, are unique to MLOps, others are shared by DevOps and MLOps as well. The report offers suggestions for further research and summarises the difficulties.

This study investigates the impact of Chinese smallholders’ adoption of Information and Communication Technologies—the use of smartphones and computers connected to the internet—on their commercial orientation, land, and labor productivity. Commercial orientation is the share of farm output for sales in the market. We used a control function approach and a selectivity-corrected model. The study uses national survey data from rural sample households, the China Household Database, and the China Household Finance Survey and Research Center. Findings reveal that the adoption of information and communication technologies by Chinese farmers increased the commercial orientation of farming. Furthermore, adopting information and communication technologies increases land and labor productivity by about 21.3 % and 28.2 %, respectively. Farm households’ commercial orientation improved labor productivity by about 35.9 %. Heterogeneity indicates that the adoption of information and communication technologies has a more significant effect on improving productivity for young household heads and small farmers. Policymakers should establish information and communication technologies training programs, develop digital infrastructure, and promote smallholder commercial production to increase agricultural productivity.

Mobile banking applications (apps) have become crucial in maintaining financial services accessibility during the COVID-19 pandemic. This study leverages the Unified Theory of Acceptance and Use of Technology (UTAUT) to examine Malaysian millennials' behavioral intentions toward mobile banking app adoption, aiming to aid banks in developing targeted strategies to expand their user base. Data collection was conducted from October 2020 to February 2021 during the peak of the COVID-19 pandemic. A survey was administered to 270 respondents using convenience and snowball sampling methods. The Sequential Least Square method was used for the analysis. Our findings reveal that performance expectancy, effort expectancy, trust, and personal innovativeness significantly influence mobile banking app adoption intentions, whereas social influence and facilitating conditions do not. Demographic factors also modulate these relationships to varying degrees. These insights contribute to theoretical discussions on technology adoption and offer practical guidance for banks looking to enhance their digital service offerings in a post-pandemic landscape. This study underscores the shifts in consumer behavior triggered by the pandemic and highlights the ongoing potential for digital banking growth in Malaysia.

Energy efficiency is crucial for achieving a balance between economic growth and sustainable development. As carbon-neutral targets continue to gain momentum, green investments are becoming increasingly important. Therefore, it is critical to investigate the relationship between green investment and energy efficiency. This paper aims to fill a gap in the macroeconomic literature by using a generalized method of moments (GMM) technique based on panel data from 30 provinces in China from 2006 to 2019. The econometric results indicate that green investment is positively associated with energy efficiency. Additionally, green investment indirectly promotes energy efficiency by fostering technology innovation and research and development (R&D) intensity. The results also suggest that more advanced digital development is linked to improvements in energy efficiency. Furthermore, regions characterized by higher levels of digital economy exhibit a more pronounced contribution of green investment to energy efficiency. Based on these findings, this paper provides valuable insights for Chinese policymakers on green investment and low-carbon development. [ABSTRACT FROM AUTHOR]

The European Union (EU) Digital Markets Act (DMA) aims to increase competition and fairness in the EU digital markets by reducing entry barriers and ensuring a better distribution of value generated by digital platforms. The DMA is enforced by the European Commission, which has become a fully-fledged 'federal' regulator for the first time. The DMA is part of a broader EU regulatory framework for digital platforms, and it aims to achieve principles of a Declaration on Digital Rights and Principles, including increasing user choice and promoting fair competition and innovation. The DMA imposes obligations on the biggest digital platforms, known as gatekeepers, to increase transparency, prohibit anti-competitive practices, reduce entry barriers, and open up platforms and data. The DMA does not break up the biggest platforms but aims to create competition while preserving network and ecosystem effects. The implementation of the DMA will lead to changes in technical architecture, market dynamics, and social norms, and it presents an opportunity to regain some of the early promises of the internet. [Extracted from the article]

The article examines the Data Act (DA) recently implemented in the European Union (EU) and its impact on data access and sharing rights in the Internet of Things (IoT) industry. The DA aims to address governance issues surrounding IoT data, particularly the control held by manufacturers, which can hinder competition and innovation. While the DA introduces mandatory data access and sharing rights for IoT device users, there are concerns about their effectiveness. The article also highlights provisions in the DA that may favor manufacturers and have anti-competitive effects. Overall, the article suggests that while the DA acknowledges the flaws in the current system, it still grants significant control to manufacturers over IoT data. The author argues that more needs to be done to empower consumers and protect competition and innovation in relation to IoT devices and data. [Extracted from the article]

This study examines the influence of digital capabilities in sculpting entrepreneurial orientation (EO) and enhancing metaverse entrepreneurial performance (MEP). Grounded in the theoretical frameworks of the resource-based view (RBV) and dynamic capability theory (DCT), this research explains the mechanisms through which three facets of digital capabilities (infrastructure, business spanning, and proactive stance) cultivate an ecosystem conducive to entrepreneurial expansion and efficacy within the metaverse. Based on a data set of 403 metaverse entrepreneurs, a multifaceted analytical approach is applied. Partial least squares structural equation modeling (PLS-SEM) is used to assess latent variable relationships. Importance-performance map analysis (IPMA) is used to evaluate the performance and importance of various constructs. Fuzzy-set qualitative comparative analysis (fsQCA) is used to identify complex causal relationships. Collectively, these techniques enable the examination of the interplay among digital capabilities, EO, and MEP. The empirical findings show the positive impact of digital capabilities on EO and MEP, with EO mediating this relationship. These results underscore the need for metaverse entrepreneurs to improve their digital capabilities and EO to achieve enhanced performance within this dynamic entrepreneurial ecosystem.