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Technological Progress and Rent Seeking
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DOI：10.1093/rfs/hhae031.png)
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We model firms' allocation of resources across surplus-creating (ie, productive) and surplus-appropriating (ie, rent-seeking) activities. Our model predicts that industry-wide technological advancements, such as recent progress in data collection and processing, induce a disproportionate and socially inefficient reallocation of resources toward surplus-appropriating activities. As technology improves, firms rely more on appropriation to obtain their profits, thereby endogenously reducing the impact of technological progress on economic progress and inflating the price of the resources used for both types of activities. Our theoretical insights shed light on the rise of high-frequency trading.
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5.4
论文数:
2.8K
被引数:
3.0W
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引用论文
The Flash Crash: High-Frequency Trading in an Electronic Market闪电崩盘: 电子市场中的高频交易.png)
JOURNAL OF FINANCE
OAAI
JOURNAL OF FINANCEIF9.5
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