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econ.GN2026
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…
econ.GN2026
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…