Token-based platform finance *

• 成果类型: Article
• 署名作者: Cong, Lin William; Li, Ye; Wang, Neng
• 署名单位: Cornell University; University System of Ohio; Ohio State University; Columbia University; National Bureau of Economic Research
• 刊物名称: JOURNAL OF FINANCIAL ECONOMICS
• ISSN/ISSBN: 0304-405X
• DOI: 10.1016/j.jfineco.2021.10.002
• 发表日期: 2022
• 页码: 972-991
• 关键词: blockchain; Cryptocurrency; Dynamic corporate financing; durable goods; Gig economy; Optimal token supply; time inconsistency; Token; coin offering

摘要

We develop a dynamic model of a platform economy where tokens serve as a means of payment among platform users and are issued to finance investment in platform productivity. Tokens are optimally rewarded to platform owners when token supply (normalized by productivity) is low and burnt to boost franchise value when the normalized supply is high. Although token price is determined in a liquid market, the platform's financial constraint generates an endogenous token issuance cost that causes underinvestment through the conflict of interest between insiders (owners) and outsiders (users). Blockchain technology mitigates underinvestment by addressing the owners' time inconsistency problem.(c) 2021 Elsevier B.V. All rights reserved.