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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]

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]

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.

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.

Entrepreneurship has the potential to stimulate employment, diversify and increase income, and foster shared prosperity. Rural farm families have harnessed the advantages of digital technologies like the internet by using them for input acquisition, new technologies, production methods, advertising and marketing, income diversification (farm and off-farm work), and entrepreneurial choices. Farm families work off-farm by engaging in self-employment and creating their off-farm businesses (entrepreneurship). This study analyzes farmers’ Internet usage in terms of entrepreneurial decisions using the 2018 China Family Panel Studies survey. The results show that Internet usage significantly promotes farmers’ entrepreneurial choice, and the estimated effects are robust. The mechanism analysis reveals that Internet usage mainly affects farmers’ entrepreneurial choices through financial capital, social networks, and risk preference attitudes. Finally, heterogeneity analysis indicates that Internet usage encourages entrepreneurial choices among farmers with higher education or family income.

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]

Using annual data from 1970 to 2020, this study examines the effects of economic leadership, information and communication technology (ICT) infrastructure, and financial development on long-term economic growth in Malaysia. To accomplish this, we employ the Kapetanios multiple breaks unit root test and the Saikkonen-Lütkepohl (SL) test for cointegration with breaks. We add to the body of knowledge on this topic by exploring the direct and indirect (moderating) effects of economic leadership and financial development on the ICT-growth nexus. We discover that poor leadership impedes economic advancement in Malaysia and that the expansion of the financial sector tends to enhance the growth-improving effects of ICT. Moreover, the effects of both financial and ICT developments on growth are contingent upon Malaysia’s economic leadership. As such, Malaysia should encourage competent economic leadership, financial development, and a comprehensive ICT infrastructure network to boost its long-term economic growth. [ABSTRACT FROM AUTHOR]

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.