Redeemable Platform Currencies
成果类型：
Article
署名作者：
Rogoff, Kenneth; You, Yang
署名单位：
Harvard University; University of Hong Kong
刊物名称：
REVIEW OF ECONOMIC STUDIES
ISSN/ISSBN：
0034-6527
DOI：
10.1093/restud/rdac028
发表日期：
2023
页码：
975-1008
关键词：
摘要：
Can massive online retailers such as Amazon and Alibaba issue digital tokens that potentially compete with bank debit accounts? There is a long history of trading stamps and loyalty points, but new technologies are poised to sharply raise the significance of redeemable assets as a store of value. Here, we develop a simple stylized model of redeemable tokens that can be used to study sales and pricing strategies for issuing tokens, including ICOs. Our central finding is that platforms can potentially earn higher revenues by making tokens non-tradable unless they can generate a sufficiently high outside-platform convenience yield.
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