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Luyao Zhang

Assistant Professor of Economics at Duke Kunshan University
DKU Faculty

Selected Publications


”Centralized or Decentralized?”: Concerns and Value Judgments of Stakeholders in the Non-Fungible Tokens (NFTs) Market

Journal Article Proceedings of the ACM on Human-Computer Interaction · April 23, 2024 Non-fungible tokens (NFTs) are decentralized digital tokens to represent the unique ownership of items. Recently, NFTs have been gaining popularity and at the same time bringing up issues, such as scams, racism, and sexism. Decentralization, a key attribut ... Full text Cite

Educational Game on Cryptocurrency Investment: Using Microeconomic Decision-Making to Understand Macroeconomics Principles

Journal Article Eastern Economic Journal · April 1, 2023 Gamification is an effective strategy for motivating and engaging users, which is grounded in business, marketing, and management by designing games in nongame contexts. Gamifying education, which consists of the design and study of educational games, is a ... Full text Cite

BRIDGING LEVEL-K TO NASH EQUILIBRIUM

Journal Article Review of Economics and Statistics · November 14, 2022 Featured Publication We introduce NLK, a model that connects the Nash equilibrium (NE) and level-k. It allows a player in a game to believe that her opponent may be either less or as sophisticated as she is, a view supported in psychol-ogy. We apply NLK to data from five publi ... Full text Cite

Empirical Analysis of EIP-1559: Transaction Fees, Waiting Times, and Consensus Security

Conference Proceedings of the ACM Conference on Computer and Communications Security · November 7, 2022 A transaction fee mechanism (TFM) is an essential component of a blockchain protocol. However, a systematic evaluation of the real-world impact of TFMs is still absent. Using rich data from the Ethereum blockchain, the mempool, and exchanges, we study the ... Full text Cite

”Centralized or Decentralized?”: Concerns and Value Judgments of Stakeholders in the Non-Fungible Tokens (NFTs) Market

Journal Article Proceedings of the ACM on Human-Computer Interaction · April 23, 2024 Non-fungible tokens (NFTs) are decentralized digital tokens to represent the unique ownership of items. Recently, NFTs have been gaining popularity and at the same time bringing up issues, such as scams, racism, and sexism. Decentralization, a key attribut ... Full text Cite

Educational Game on Cryptocurrency Investment: Using Microeconomic Decision-Making to Understand Macroeconomics Principles

Journal Article Eastern Economic Journal · April 1, 2023 Gamification is an effective strategy for motivating and engaging users, which is grounded in business, marketing, and management by designing games in nongame contexts. Gamifying education, which consists of the design and study of educational games, is a ... Full text Cite

BRIDGING LEVEL-K TO NASH EQUILIBRIUM

Journal Article Review of Economics and Statistics · November 14, 2022 Featured Publication We introduce NLK, a model that connects the Nash equilibrium (NE) and level-k. It allows a player in a game to believe that her opponent may be either less or as sophisticated as she is, a view supported in psychol-ogy. We apply NLK to data from five publi ... Full text Cite

Empirical Analysis of EIP-1559: Transaction Fees, Waiting Times, and Consensus Security

Conference Proceedings of the ACM Conference on Computer and Communications Security · November 7, 2022 A transaction fee mechanism (TFM) is an essential component of a blockchain protocol. However, a systematic evaluation of the real-world impact of TFMs is still absent. Using rich data from the Ethereum blockchain, the mempool, and exchanges, we study the ... Full text Cite

What are people talking about in #Backlivesmatter and #Stopasianhate? Exploring and categorizing twitter topics emerging in online social movements through the latent dirichlet allocation model

Conference AIES 2022 - Proceedings of the 2022 AAAI/ACM Conference on AI, Ethics, and Society · July 26, 2022 Minority groups have been using social media to organize social movements that create profound social impacts. Black Lives Matter (BLM) and Stop Asian Hate (SAH) are two successful social movements that have spread on Twitter that promote protests and acti ... Full text Cite

Deciphering Bitcoin Blockchain Data by Cohort Analysis.

Journal Article Scientific data · April 2022 Bitcoin is a peer-to-peer electronic payment system that has rapidly grown in popularity in recent years. Usually, the complete history of Bitcoin blockchain data must be queried to acquire variables with economic meaning. This task has recently become inc ... Full text Cite

Cryptocurrency Valuation: An Explainable AI Approach

Preprint · January 30, 2022 Featured Publication Full text Link to item Cite

Innovate on the Internet Computer

Book · January 1, 2022 Featured Publication Full text Link to item Cite

Individualism Versus Collectivism and the Early-Stage Transmission of COVID-19.

Journal Article Social indicators research · January 2022 We propose a perspective based on the individualism versus collectivism (IC) cultural distinction to understand the diverging early-stage transmission outcomes of COVID-19 between countries. Since individualism values personal freedom, people in such cultu ... Full text Cite

A Data Science Pipeline for Algorithmic Trading: A Comparative Study of Applications for Finance and Cryptoeconomics

Conference Proceedings - 2022 IEEE International Conference on Blockchain, Blockchain 2022 · January 1, 2022 Recent advances in Artificial Intelligence (AI) have made algorithmic trading play a central role in finance. However, current research and applications are disconnected information islands. We propose a generally applicable pipeline for designing, program ... Full text Cite

Towards a dynamic model of the industrial upgrading with global value chains

Journal Article World Economy · September 1, 2021 Featured Publication This research constructs a simple dynamic model to illustrate the micro-mechanism of industrial upgrading along the global value chains. Our model predicts that as firms move up from downstream to upstream stages, (a) there is higher profitability if and o ... Full text Cite

Optimal Algorithmic Monetary Policy

Preprint · April 16, 2021 Featured Publication Link to item Cite

Deciphering Bitcoin Blockchain Data by Cohort Analysis

Preprint · February 27, 2021 Featured Publication Link to item Cite

Taking the pulse of COVID-19: a spatiotemporal perspective

Journal Article International Journal of Digital Earth · October 2, 2020 Featured Publication The sudden outbreak of the Coronavirus disease (COVID-19) swept across the world in early 2020, triggering the lockdowns of several billion people across many countries, including China, Spain, India, the U.K., Italy, France, Germany, Brazil, Russia, and t ... Full text Cite

Building an Open Resources Repository for COVID-19 Research

Journal Article Data and Information Management · July 9, 2020 Featured Publication AbstractThe COVID-19 outbreak is a global pandemic declared by the World Health Organization, with rapidly increasing cases in most countries. A wide range of research is urgently needed for understanding the COVID-19 pande ... Full text Cite

Spatiotemporal patterns of COVID-19 impact on human activities and environment in Mainland China using nighttime light and air quality data

Journal Article Remote Sensing · May 1, 2020 Featured Publication The sudden outbreak of the COVID-19 pandemic has brought drastic changes to people's daily lives, work, and the surrounding environment. Investigations into these changes are very important for decision makers to implement policies on economic loss assessm ... Full text Cite

Bounded Rationality and Mechanism Design

Thesis Dissertation · December 8, 2018 Featured Publication Mechanism Design Theory, introduced by 2007 Nobel laureates Hurwicz, Maskin, and Myerson, has guided economic institutions worldwide to achieve desirable goals in allocating scarce resources. However, most of the literature on Mechanism Design Theory that ... Link to item Cite

Bounded rationality and robust mechanism design: An axiomatic approach

Journal Article American Economic Review · May 1, 2017 Featured Publication Full text Cite