• Publications
  • Influence
The Blockchain Folk Theorem
This work model the proof-of-work blockchain protocol as a stochastic game and analyse the equilibrium strategies of rational, strategic miners, identifying negative externalities implying that equilibrium investment in computing capacity is excessive.
Equilibrium Bitcoin Pricing
We offer an overlapping generations equilibrium model of cryptocurrency pricing and confront it to new data on bitcoin transactional benefits and costs. The model emphasizes that the fundamental
Timing of Orders, Order Aggressiveness and the Order Book at the Paris Bourse
We offer a statistical model of the order flow and estimate it using high frequency data from the Paris Bourse. Our model jointly explains the duration between two consecutive orders and the relative
Imperfect Competition in Financial Markets: An Empirical Study of Island and Nasdaq
The empirical strategy takes advantage of the difference between the pricing grids used on Island and Nasdaq, as well as of the decline in the Nasdaq tick, to suggest that perfect competition cannot be taken for granted on transparent open limit order books with a very thin pricing grid.
Equilibrium Discovery and Preopening Mechanisms in an Experimental Market
We experimentally analyze how to design preopening mechanisms facilitating coordination on high equilibrium liquidity and gains from trade. We allow a call auction to be preceded by a preopening or
Imperfect Competition in Financial Markets
The competition between Island and Nasdaq at the beginning of the century offers a natural laboratory to study competition between and within trading platforms and its consequences for liquidity
Short Sales Constraints, Liquidity and Price Discovery: An Empirical Analysis on the Paris Bourse
In the Paris Bourse some stocks are traded on a spot basis, while others are traded on a monthly settlement basis. The latter are likely to be less subject to leverage and short sales constraints. We
Blockchains, Coordination, and Forks
It is highlighted that the game induced by the blockchain proof-of-work protocol generates several equilibria that were present in the recent hard forks that occurred on Bitcoin.
The Prince Project and its Applications
The current status of the three application domains which were selected to demonstrate the applicability and usefulness of CLP are described, which deal with industrial systems engineering, medium term banking planning and jobshop scheduling as well as multiple plants global planning in the chemical industry.