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As asteroid mining moves toward reality, the high bar to entering the business may limit participation and increase inequality, reducing or eliminating any benefit gained by marginalized people or developing nations. Consideration of…
Today, information technology (IT) has become a key element in economic development and a backbone of knowledge-based economies in terms of operations, quality delivery of services and productivity of services. Therefore, taking advantage…
Heinsohn and Steiger's "Eigentum, Zins und Geld" (1996) proposes the property premium as the foundational determinant of interest, replacing time preference. This paper examines whether the replacement succeeds. It does not. The two…
In this paper we provide an exhaustive survey of the current state of the mathematics of filtration enlargement and an interpretation of the key results of the literature from the viewpoint of mathematical finance. The emphasis is on…
By means of laboratory experiment I examine the relation between fairness judgments made `behind the veil of ignorance' and actual behavior in a model situation of income inequality. As the evidence shows, when material self-interest is at…
Bitcoin has demonstrated there are many security improvements applicable to normal currency. As the human race expands and we colonize other planets, we have to consider how we are going to extend integral parts of of society, and that…
We investigate the consequences of legal rulings on the conduct of monetary policy. Several unconventional monetary policy measures of the European Central Bank have come under scrutiny before national courts and the European Court of…
The purpose of this paper is to review the concept of cryptocurrencies in our economy. First, Bitcoin and alternative cryptocurrencies' histories are analyzed. We then study the implementation of Bitcoin in the airline and real estate…
This paper argues that, insofar as we doubt the bivalence of the Continuum Hypothesis or the truth of the Axiom of Choice, we should also doubt the consistency of third-order arithmetic, both the classical and intuitionistic versions.…
Recent developments in the global liberalization of equity and currency markets, coupled to advances in trading technologies, are making markets increasingly interdependent. This increased fluidity raises questions about the stability of…
This article addresses some of the most contentious issues related to privacy in electronic payment systems, particularly the current zeitgeist of proposed solutions for central bank digital currency.
Prediction markets suffer from reduced liquidity and price accuracy for long-horizon events due to the opportunity cost of committed capital. Recently, major platforms have introduced interest-bearing positions to mitigate this…
This paper presents a new rationale for a self-interested economic elite voluntarily extending property rights. When agents make endogenous investment decisions, there is a commitment problem. Ex-post, the elite face strong incentives to…
We consider a discounted reward control problem in continuous time stochastic environment where the discount rate might be an unbounded function of the control process. We provide a set of general assumptions to ensure that there exists a…
We explore the role that random arbitrage opportunities play in hedging financial derivatives. We extend the asymptotic pricing theory presented by Fedotov and Panayides [Stochastic arbitrage return and its implication for option pricing,…
Over the last 70 years, we, humans, have created an economic market where attention is being captured and turned into money thanks to advertising. During the last two decades, leveraging research in psychology, sociology, neuroscience and…
Crypto-currencies like Bitcoins are relatively recent phenomena on the online Internet landscape and an emerging force in the financial sector. While not conforming to traditional institutional practices, they are gaining increasing…
Most companies' new business practices are based on customer data. These practices have raised privacy concerns because of the associated risks. Privacy laws require companies to gain customer consent before using their information, which…
The instability of the financial system as experienced in recent years and in previous periods is often linked to credit defaults, i.e., to the failure of obligors to make promised payments. Given the large number of credit contracts, this…
The existence of forbidden patterns, i.e., certain missing sequences in a given time series, is a recently proposed instrument of potential application in the study of time series. Forbidden patterns are related to the permutation entropy,…