主  題:Initial Coin Offerings and Platform Building首次代幣發(fā)行和平臺(tái)建設(shè)

內(nèi)容簡(jiǎn)介:In a typical initial coin offering (ICO), an entrepreneur pre-sells digital tokens which will later serve as the medium of exchange on a peer-to-peer platform. We present a model rationalizing ICOs for launching such platforms: By transparently distributing tokens before the platform operation begins, an ICO overcomes later coordination failures during platform operation, induced by a cross-side network effect between transaction counterparties. Furthermore, a critical-mass requirement that arises from an endogenous same-side network effect during the ICO rationalizes several empirical patterns observed in ICO structures. Our model provides guidance for both regulators and practitioners to discern economically valuable ICOs.

報(bào)告人:李家蓀      助理教授

時(shí)  間:2018-12-21    14:30

地  點(diǎn):位育樓117

舉辦單位:金融學(xué)院  科研部  經(jīng)濟(jì)與金融研究院