A note on ambiguity, network adoption and crypto pricing

IF 7.4 2区经济学 Q1 BUSINESS, FINANCE

Finance Research Letters Pub Date : 2025-05-12 DOI:10.1016/j.frl.2025.107500

Zhuyi Shen , Shibo Wang , Jinqiang Yang , Siqi Zhao

引用次数: 0

Abstract

We develop a tractable dynamic asset pricing model for cryptocurrencies that addresses users’ concerns about model uncertainty. Our paper provides a closed-form solution to token pricing, yielding homothetic and homogeneous robust decisions. A key insight is that the rate of robust adoption may either increase or decrease relative to tokenless economy, depending on the trade-off between the token-appreciation effect and user ambiguity aversion. Compared with the numerical analysis in Shen et al. (2023), we tractably demonstrate the adverse impact of ambiguity on optimal token holdings and the token price through two primary mechanisms: users’ robust decisions and the user base.

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关于模糊性、网络采用和加密定价的说明

我们为加密货币开发了一个易于处理的动态资产定价模型，解决了用户对模型不确定性的担忧。我们的论文提供了一个封闭形式的代币定价解决方案，产生同质和同质的鲁棒决策。一个关键的见解是，相对于无代币经济，强劲采用率可能会增加或减少，这取决于代币增值效应和用户歧义厌恶之间的权衡。与Shen等人（2023）的数值分析相比，我们通过两种主要机制（用户的稳健决策和用户基础）可追溯地证明了模糊性对最优代币持有量和代币价格的不利影响。

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

Finance Research Letters BUSINESS, FINANCE-

CiteScore

11.10

自引率

14.40%

发文量

863

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