3 papers
econ.TH2026
Ecosystem Competition and Cross-Market Subsidization: A Dynamic Theory of Platform Pricing
Liang Chen
Platform giants in China have operated with persistently compressed margins in highly concentrated markets for much of the past decade, despite market shares exceeding 60\% in core…
cs.IT2025
A Law of Emergence: Maximum Causal Power at the Mesoscale
Liang Chen
Complex systems universally exhibit emergence, where macroscopic dynamics arise from local interactions, but a predictive law governing this process has been absent. We establish a…
cs.CR2025
A Game-Theoretic Foundation for Bitcoin's Price: A Security-Utility Equilibrium
Liang Chen
This paper introduces a structural game-theoretic model to value decentralized digital assets like Bitcoin. Instead of relying on speculative beliefs, it frames the asset's price w…