实用代币是对竞争的承诺

IF 7.6 1区经济学 Q1 BUSINESS, FINANCE

Journal of Finance Pub Date : 2024-10-10 DOI:10.1111/jofi.13389

ITAY GOLDSTEIN, DEEKSHA GUPTA, RUSLAN SVERCHKOV

{"title":"实用代币是对竞争的承诺","authors":"ITAY GOLDSTEIN, DEEKSHA GUPTA, RUSLAN SVERCHKOV","doi":"10.1111/jofi.13389","DOIUrl":null,"url":null,"abstract":"<p>We show that utility tokens can limit the rent-seeking activities of two-sided platforms with market power while preserving efficiency gains due to network effects. We model platforms where buyers and sellers can meet to exchange services. Tokens serve as the sole medium of exchange on a platform and can be traded in a secondary market. Tokenizing a platform commits a firm to give up monopolistic rents associated with the control of the platform, leading to long-run competitive prices. We show how the threat of entrants can incentivize developers to tokenize and discuss cases where regulation is needed to enforce tokenization.</p>","PeriodicalId":15753,"journal":{"name":"Journal of Finance","volume":"79 6","pages":"4197-4246"},"PeriodicalIF":7.6000,"publicationDate":"2024-10-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13389","citationCount":"0","resultStr":"{\"title\":\"Utility Tokens as a Commitment to Competition\",\"authors\":\"ITAY GOLDSTEIN, DEEKSHA GUPTA, RUSLAN SVERCHKOV\",\"doi\":\"10.1111/jofi.13389\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<p>We show that utility tokens can limit the rent-seeking activities of two-sided platforms with market power while preserving efficiency gains due to network effects. We model platforms where buyers and sellers can meet to exchange services. Tokens serve as the sole medium of exchange on a platform and can be traded in a secondary market. Tokenizing a platform commits a firm to give up monopolistic rents associated with the control of the platform, leading to long-run competitive prices. We show how the threat of entrants can incentivize developers to tokenize and discuss cases where regulation is needed to enforce tokenization.</p>\",\"PeriodicalId\":15753,\"journal\":{\"name\":\"Journal of Finance\",\"volume\":\"79 6\",\"pages\":\"4197-4246\"},\"PeriodicalIF\":7.6000,\"publicationDate\":\"2024-10-10\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"https://onlinelibrary.wiley.com/doi/epdf/10.1111/jofi.13389\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Finance\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://onlinelibrary.wiley.com/doi/10.1111/jofi.13389\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Finance","FirstCategoryId":"96","ListUrlMain":"https://onlinelibrary.wiley.com/doi/10.1111/jofi.13389","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}

引用次数: 0

摘要

我们的研究表明，效用代币可以限制具有市场力量的双面平台的寻租活动，同时保留网络效应带来的效率收益。我们建立了一个平台模型，在这个平台上，买卖双方可以见面交换服务。代币是平台上唯一的交换媒介，可以在二级市场上交易。平台代币化意味着企业放弃与平台控制权相关的垄断租金，从而导致长期竞争价格。我们展示了进入者的威胁如何激励开发者进行代币化，并讨论了需要监管来强制代币化的情况。

本文章由计算机程序翻译，如有差异，请以英文原文为准。

Utility Tokens as a Commitment to Competition

查看原文本刊更多论文

Utility Tokens as a Commitment to Competition

We show that utility tokens can limit the rent-seeking activities of two-sided platforms with market power while preserving efficiency gains due to network effects. We model platforms where buyers and sellers can meet to exchange services. Tokens serve as the sole medium of exchange on a platform and can be traded in a secondary market. Tokenizing a platform commits a firm to give up monopolistic rents associated with the control of the platform, leading to long-run competitive prices. We show how the threat of entrants can incentivize developers to tokenize and discuss cases where regulation is needed to enforce tokenization.

求助全文

通过发布文献求助，成功后即可免费获取论文全文。去求助

来源期刊

Journal of Finance Multiple-

CiteScore

12.90

自引率

2.50%

发文量

期刊介绍： The Journal of Finance is a renowned publication that disseminates cutting-edge research across all major fields of financial inquiry. Widely regarded as the most cited academic journal in finance, each issue reaches over 8,000 academics, finance professionals, libraries, government entities, and financial institutions worldwide. Published bi-monthly, the journal serves as the official publication of The American Finance Association, the premier academic organization dedicated to advancing knowledge and understanding in financial economics. Join us in exploring the forefront of financial research and scholarship.