Product market competition with crypto tokens and smart contracts

• 成果类型: Article
• 署名作者: Chod, Jiri; Lyandres, Evgeny
• 署名单位: Boston College; Tel Aviv University
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2023.04.011
• 发表日期: 2023
• 页码: 73-91
• 关键词: Crypto tokens; Smart contracts; Product market competition; switching costs

摘要

This paper models benefits of quoting output price in units of crypto token under duopolistic product market competition with switching costs. Pricing output in tokens pro-vides a firm with a de facto second-mover advantage, raising its equilibrium profit. In ad-dition, the firm can further increase its equilibrium profit by committing via a smart con-tract to the number of tokens sold. By focusing on utility tokens used at the product mar-ket competition stage, the paper highlights potential benefits of issuing crypto tokens that extend beyond the advantages of issuing security tokens at the venture financing stage. (c) 2023 Elsevier B.V. All rights reserved.