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来源类型 | Discussion paper |
规范类型 | 论文 |
来源ID | DP12322 |
DP12322 Monopoly Without a Monopolist: An Economic Analysis of the Bitcoin Payment System | |
Gur Huberman; Jacob Leshno; Ciamac C. Moallemi | |
发表日期 | 2017-09-21 |
出版年 | 2017 |
语种 | 英语 |
摘要 | Owned by nobody and controlled by an almost immutable protocol the Bitcoin payment system is a platform with two main constituencies: users and profit seeking miners who maintain the system’s infrastructure. The paper seeks to understand the economics of the system: How does the system raise revenue to pay for its infrastructure? How are usage fees determined? How much infrastructure is deployed? What are the implications of changing parameters in the protocol? A simplified economic model that captures the system's properties answers these questions. Transaction fees and infrastructure level are determined in an equilibrium of a congestion queueing game derived from the system's limited throughput. The system eliminates dead-weight loss from monopoly, but introduces other inefficiencies and requires congestion to raise revenue and fund infrastructure. We explore the future potential of such systems and provide design suggestions. |
主题 | Financial Economics |
关键词 | Bitcoin Blockchain Queueing Two-sided markets Market design Cryptocurrency |
URL | https://cepr.org/publications/dp12322 |
来源智库 | Centre for Economic Policy Research (United Kingdom) |
资源类型 | 智库出版物 |
条目标识符 | http://119.78.100.153/handle/2XGU8XDN/541132 |
推荐引用方式 GB/T 7714 | Gur Huberman,Jacob Leshno,Ciamac C. Moallemi. DP12322 Monopoly Without a Monopolist: An Economic Analysis of the Bitcoin Payment System. 2017. |
条目包含的文件 | 条目无相关文件。 |
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