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| ai.viXra.org > Economics and Finance > 2607 |
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[2] ai.viXra.org:2607.0019 [pdf] submitted on 2026-07-09 19:40:54
Authors: Felix Reichel
Comments: 79 Pages.
This paper studies the determinants (and economics) of free-riding in the swimming stage of massstart triathlon. The theoretical framework builds upon non-discriminatory Tullock contests, modeling triathlon as a simplified two-stage game with quadratic effort costs, and extends to n-player and asymmetric settings in which drafting multiplicatively reduces heterogeneous effective marginal costs.Empirically, I construct an event-study measure of free-riding based on relative rank changes across the two stages to capture free-riding propagation, centered on the exceptional 2020 season, during which non-drafting rules were enforced due to the COVID-19 pandemic.Causal identification combines pooled OLS (POLS) with athlete and event fixed effects (FE), as well as a regression discontinuity design (RDD) exploiting COVID-19 policy—induced rule changes—specifically, individually staggered starts—that mechanically reduced drafting potential and, consequently, its utilization. Additionally the economic analysis chapter uses elasticity, production frontier, and conditional quantile methods to primarily examine group-size effects.The results show that: (i) free-riding was substantially positive prior to 2020, collapsed during the 2020 season, and only partially recovered thereafter; (ii) the drafting effects are stronger for weaker swimmers and athletes in deeper drafting positions, with modest gender differences; and (iii) age heterogeneity is pronounced, with middle-aged and older cohorts benefiting the most, suggesting that athlete experience plays a vital role in efficiently utilizing free-riding gains. However, this latter finding may also be significantly confounded by compositional changes in athletes’ body characteristics over time.
Category: Economics and Finance
[1] ai.viXra.org:2607.0008 [pdf] submitted on 2026-07-04 23:32:35
Authors: Ujjwal Singh
Comments: 14 Pages.
Central Bank Digital Currencies, or CBDCs, are becoming one of the biggest topics in global finance. Many central banks argue that CBDCs can help bring millions of unbanked people into the formal financial system. But there is also a serious concern: if too many people move their money from commercial banks into CBDCs, itcould weaken the banking system. This paper looks at both sides of that argument by studying three countries that have already launched CBDCs: the Bahamas with its Sand Dollar, Nigeria with the eNaira, and China with the Digital Yuan. Using data from the IMF, the BIS, the World Bank, and individual central bank reports, the paper evaluates each case based on four things: how much the CBDC helped with financial inclusion, howwidely it was adopted, what impact it had on banks, and what design choices shaped the outcome. The findings show that all three CBDCs made some progress on inclusion, but none of them caused the banking instability that economists worriedabout. The main reason is simple: none of them were adopted at a large enough scale to seriously threaten commercial banks. The paper argues that the tension between financial inclusion and banking stability is not a fixed problem. It is a design problem. With the right choices, both goals can be pursued at the same time.
Category: Economics and Finance