Redeemable Platform Currencies
【Author】 Rogoff, Kenneth; You, Yang
【Source】REVIEW OF ECONOMIC STUDIES
【影响因子】7.833
【Abstract】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.
【Keywords】Digital currencies; Platforms; Tokens; Initial coin offering; E42; G23; L51
【发表时间】
【收录时间】2022-07-17
【文献类型】实证性文章
【主题类别】
区块链治理-市场治理-数字货币
【DOI】 10.1093/restud/rdac028
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