G2TT
来源类型Discussion paper
规范类型论文
来源IDDP12322
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
URLhttps://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.
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