7 papers
Delegation Rights: Property, Agency, and Investment Incentives in the Age of AI Agents
Yukun Zhang, Kemu Xu
AI agents increasingly operate inside digital accounts by exercising privileges that users already hold, raising a new control question: whether an existing account entitlement mus…
Generative AI as a Non-Convex Supply Shock: Market Bifurcation and Welfare Analysis
Yukun Zhang, Tianyang Zhang
The diffusion of Generative AI (GenAI) constitutes a supply shock of a fundamentally different nature: while marginal production costs approach zero, content generation creates con…
The Economics of Digital Intelligence Capital: Endogenous Depreciation and the Structural Jevons Paradox
Yukun Zhang, Tianyang Zhang
This paper develops a micro-founded economic theory of the AI industry by modeling large language models as a distinct asset class-Digital Intelligence Capital-characterized by dat…
The Impact of Generative AI on Content Platforms: A Two-Sided Market Analysis with Multi-Dimensional Quality Heterogeneity
Yukun Zhang, Tianyang Zhang
This paper presents a unified computational framework to examine how generative AI (GenAI) reshapes welfare, inequality, and diversity in content platform economies. By integrating…
The Economics of Information Pollution in the Age of AI: General Equilibrium, Welfare, and Policy Design
Yukun Zhang, Tianyang Zhang
The advent of Large Language Models (LLMs) represents a fundamental shock to the economics of information production. By asymmetrically collapsing the marginal cost of generating l…
Beyond Private or Public: Large Language Models as Quasi-Public Goods in the AI Economy
Yukun Zhang, TianYang Zhang
This paper conceptualizes Large Language Models (LLMs) as a form of mixed public goods within digital infrastructure, analyzing their economic properties through a comprehensive th…