Lin William Cong (ε’ζž—)

Lin William Cong (ε’ζž—)

Institution

Cornell University

PhD Year

2014

Email

will.cong@cornell.edu

FTG Membership

Member

Website

http://www.linwilliamcong.com

Featured Work

Nov 21, 2024

Lin William Cong (ε’ζž—), Douglas Xu | Working Paper No. 00133-01

The Rise of Factor Investing: Asset Market Implications and "Passive" Security Design

We model financial innovations such as Exchange-Traded Funds, smart beta products, and many index-based vehicles as composite securities (CSs) that facilitate trading the common factors in assets' liquidation values. Through...


Nov 21, 2024

Lin William Cong (ε’ζž—), Qing Chang,Longtian Zhang,Liyong Wang | Working Paper No. 00135-01

Production, Trade, and Cross-Border Data Flows

We build a tractable general equilibrium model to analyze the effects of cross-border data flows and pre-existing development gaps in data economies on each country's production and international trade. Raw...


Nov 21, 2024

Lin William Cong (ε’ζž—), Xiaohong Huang,Siguang Li,Jian Ni | Working Paper No. 00143-00

Cournot Competition, Informational Feedback, and Real Efficiency

We revisit the relationship between firm competition and real efficiency in a novel setting with informational feedback from financial markets. While intensified competition can decrease market concentration in production, it...


Nov 21, 2024

Lin William Cong (ε’ζž—), Yuanyu Qu,Guojun Wang | Working Paper No. 00144-00

Blockchain for Environmental Monitoring: Theory and Empirical Evidence from China

We present the first piece of empirical evidence on blockchain adoption for environmental monitoring. Using a staggered difference-in-difference (DID) framework, we find that the concentrations of SO2, NO2, CO in...


Dec 30, 2023

Lin William Cong (ε’ζž—), Zhiheng He,Ke Tang | Working Paper No. 00134-00

The Tokenomics of Staking

Blockchain-based platforms and decentralized finance prominently features ``staking'': Besides offering a convenience yield for transactions as digital media of exchange, tokens are frequently staked for base-layer consensus generation or for...


Dec 30, 2023

Lin William Cong (ε’ζž—) | Working Paper No. 00136-00

Market Integration, Risk-Taking, and Income Inequality

A pandemic or nationalism can dial back global integration as much as advancements in IT and transportation spur it. We study a parsimonious general equilibrium model of occupational choice, risk-taking,...


May 22, 2023

Lin William Cong (ε’ζž—), Siguang Li | Working Paper No. 00101-00

A Model of Influencer Economy

With the rise of social media and streaming platforms, firms and brand-owners increasingly depend on influencers to attract consumers, who care about both common product quality and consumer-influencer interaction. Sellers...


Nov 28, 2022

Lin William Cong (ε’ζž—) | Working Paper No. 00088-00

Antitrust, Regulation, and User Union in the Era of Digital Platforms and Big Data

We model platform competition with endogenous data generation, collection, and sharing, thereby providing a unifying framework to evaluate data-related regulation and antitrust policies. Data are jointly produced from users' economic...


Nov 28, 2022

Lin William Cong (ε’ζž—) | Working Paper No. 00089-00

The Coming Battle of Digital Currencies

We model the dynamic competition among national fiat currencies, cryptocurrencies, and Central Bank Digital Currencies (CBDCs), whereby countries strategically digitize their currency and launch CBDC in response to competition from...


Jan 1, 2022

Lin William Cong (ε’ζž—), Ye Li, Neng Wang | Working Paper No. 00176-00

Token-based Platform Finance

We develop a dynamic model of platform economy where tokens serve as a means of payments among platform users and are issued to finance investment in platform productivity. Tokens are...


Jan 1, 2021

Lin William Cong (ε’ζž—), Ye Li, Neng Wang | Working Paper No. 00175-00

Tokenomics: Dynamic Adoption and Valuation

We develop a dynamic asset pricing model of cryptocurrencies/tokens that allows users to conduct peer-to-peer transactions on digital platforms. The equilibrium value of tokens is determined by aggregating heterogeneous users'...