Anton Badev
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Long-Run Equilibrium in the Market of Mobile Services in the USA Open
We develop an empirical model of the market for mobile services in the USA based on providers’ response functions. Guided by a duopoly model, we obtain our empirical response functions from an approximation of quarterly response data on sm…
Interconnected DeFi: Ripple Effects from the Terra Collapse Open
The emerging world of decentralized finance (DeFi), facilitated by smart contracts operating on blockchain networks, has been notable both for its rapid growth and the high-profile collapses of several of its largest participants. In this …
View article: Fedwire Funds Service: Payments, Balances, and Available Liquidity
Fedwire Funds Service: Payments, Balances, and Available Liquidity Open
We analyze the universe of payments settled through the Fedwire Funds Service--the primary U.S. real-time gross settlement service operated by the Federal Reserve--for the period January 2004 to December 2020. We report on trends in paymen…
Nash Equilibria on (Un)Stable Networks Open
In response to a change, individuals may choose to follow the responses of their friends or, alternatively, to change their friends. To model these decisions, consider a game where players choose their behaviors and friendships. In equilib…
Discrete Games in Endogenous Networks: Equilibria and Policy Open
In games of friendship links and behaviors, I propose $k$-player Nash stability---a family of equilibria, indexed by a measure of robustness given by the number of permitted link changes, which is (ordinally and cardinally) ranked in a pro…
Distributed Ledger Technology in Payments, Clearing, and Settlement Open
Digital innovations in finance, loosely known as fintech, have garnered a great deal of attention across the financial industry. Distributed ledger technology (DLT) is one such innovation that has been cited as a means of transforming paym…