Token-based platform finance
نویسندگان
چکیده
We develop a dynamic model of platform economy where tokens serve as means payment among users and are issued to finance investment in productivity. Tokens optimally rewarded owners when token supply (normalized by productivity) is low burnt boost franchise value the normalized high. Although price determined liquid market, platform’s financial constraint generates an endogenous issuance cost that causes underinvestment through conflict interest between insiders (owners) outsiders (users). Blockchain technology mitigates addressing owners’ time inconsistency problem.
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ژورنال
عنوان ژورنال: Journal of Financial Economics
سال: 2022
ISSN: ['1879-2774', '0304-405X']
DOI: https://doi.org/10.1016/j.jfineco.2021.10.002