Neil Gandal

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In this paper, we examine how software vulnerabilities affect firms that sell software and consumers that purchase software. In particular, we model three decisions of the firm: (I) an upfront investment in the quality of the software to reduce potential vulnerabilities, (II) a policy decision whether to announce vulnerabilities, (III) and a price for the(More)
Software security is a major concern for vendors, consumers, and regulators since attackers that exploit vulnerabilities can cause substantial damages. When vulnerabilities are discovered after the software has been sold to consumers, the firms face a dilemma. A policy of disclosing vulnerabilities and issuing updates protects only the consumers who install(More)
† Views presented in this paper are those of authors, and do not represent Bank of Canada's position. Abstract: We analyze how network effects affect competition in the nascent cryptocurrency market. We do so by examining early dynamics of exchange rates among different cryptocurrencies. While Bitcoin essentially dominates this market, our data suggest no(More)
The issue of market-based versus mandated standards has been addressed in many settings. In most settings in which network effects are present, compatibility across platforms has been a key determinant of the success or failure of a particular technology. In the case of wireless telecommunications, however, interconnection and the availability of the(More)
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