Impact of government’s support policy on decision-making of platform participants under ESG

IF 3.8 3区经济学 Q1 BUSINESS, FINANCE

North American Journal of Economics and Finance Pub Date : 2024-10-24 DOI:10.1016/j.najef.2024.102303

Renzhong Li , Chen Fei , Weiyin Fei

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引用次数: 0

Abstract

Blockchain-based token platform economy is a new branch of digital platform economics. Constructing a continuous time dynamic model of token platform economy, this paper analyzes what kind of ESG policy is appropriate for the government, meanwhile the token platform participants (developers, users and speculators) make optimal investments and decisions under ESG policy. Simulation result shows neutral ESG policy is optimal. Based on the given neutral ESG policy, we have done the research on ESG investment and decision strategies for platform participants. Our research shows that the tokens selling rate and efforts of green platform (ESG score greater than 0) developers are lower than the ones of brown platform (ESG score less than 0). Consequently, when developers’ token retention is about half of the initial amount, users should invest more brown tokens. Speculators should invest brown tokens for developers’ high token retention. Green token investments of speculators and users are needed in other cases. Next, the impact of the government’s three ESG policies on the maturity or termination of the platform also been analyzed. An important conclusion occurred: the government’s aggressive or conservative ESG policy cannot make the development of the green platform better; Therefore, we suggest a neutral ESG policy which means that the government could adopt high tax incentive and high tax burden on the green and brown platform while it is not necessary to implement the extra subsidy and punishment policy on the green and brown platform.

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政府支持政策对 ESG 平台参与者决策的影响

基于区块链的代币平台经济是数字平台经济学的一个新分支。本文构建了代币平台经济的连续时间动态模型，分析了政府应采取何种ESG政策，同时代币平台参与者（开发者、用户和投机者）在ESG政策下做出最优投资和决策。仿真结果表明，中性 ESG 政策是最优的。基于给定的中性 ESG 政策，我们对平台参与者的 ESG 投资和决策策略进行了研究。研究表明，绿色平台（ESG 得分大于 0）开发者的代币销售率和努力程度低于棕色平台（ESG 得分小于 0）。因此，当开发者的代币留存率约为初始金额的一半时，用户应投资更多棕色代币。投机者应该投资棕色代币，因为开发者的代币留存率高。在其他情况下，投机者和用户需要投资绿色代币。接下来，还分析了政府的三项 ESG 政策对平台成熟或终止的影响。因此，我们建议采用中性的 ESG 政策，即政府可以对绿色和棕色平台采取高税收激励和高税收负担政策，而没有必要对绿色和棕色平台实施额外的补贴和惩罚政策。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

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来源期刊

North American Journal of Economics and Finance Multiple-

CiteScore

7.30

自引率

8.30%

发文量

168

期刊介绍： The focus of the North-American Journal of Economics and Finance is on the economics of integration of goods, services, financial markets, at both regional and global levels with the role of economic policy in that process playing an important role. Both theoretical and empirical papers are welcome. Empirical and policy-related papers that rely on data and the experiences of countries outside North America are also welcome. Papers should offer concrete lessons about the ongoing process of globalization, or policy implications about how governments, domestic or international institutions, can improve the coordination of their activities. Empirical analysis should be capable of replication. Authors of accepted papers will be encouraged to supply data and computer programs.