| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w27222 |
| 来源ID | Working Paper 27222 |
| Tokenomics: Dynamic Adoption and Valuation | |
| Lin William Cong; Ye Li; Neng Wang | |
| 发表日期 | 2020-05-25 |
| 出版年 | 2020 |
| 语种 | 英语 |
| 摘要 | We develop a dynamic asset-pricing model of cryptocurrencies/tokens that allow users to conduct peer-to-peer transactions on digital platforms. The equilibrium value of tokens is determined by aggregating heterogeneous users' transactional demand rather than discounting cashflows as in standard valuation models. Endogenous platform adoption builds upon user network externality and exhibits an S-curve — it starts slow, becomes volatile, and eventually tapers off. Introducing tokens lowers users' transaction costs on the platform by allowing users to capitalize on platform growth. The resulting intertemporal feedback between user adoption and token price accelerates adoption and dampens user-base volatility. |
| 主题 | Macroeconomics ; Money and Interest Rates ; Financial Economics ; Portfolio Selection and Asset Pricing ; Industrial Organization ; Industry Studies |
| URL | https://www.nber.org/papers/w27222 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/584894 |
| 推荐引用方式 GB/T 7714 | Lin William Cong,Ye Li,Neng Wang. Tokenomics: Dynamic Adoption and Valuation. 2020. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w27222.pdf（1127KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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