Digital currency and privacy
构建了一个货币模型，研究私营公司发行数字货币并用支付数据推测消费者偏好，发现高通胀会抑制发行，且市场力量可能导致支付数据的社会效率使用无法实现。
We develop a monetary model in which a private company issues digital currency and uses payment data to estimate consumers' preferences. Sellers purchase preference information to produce goods that better match consumers' preferences. A monopoly arises in the digital currency industry, and digital currency is not issued if the inflation rate is sufficiently high. Due to reinforcing interactions between the value of preference information and trade volume, multiple equilibria (with and without digital currency) can exist, depending on market structures for monetary exchanges. When left to market forces alone, socially efficient uses of payment data may not occur.